Flex Building with Warehouse
For Sale
$590,000
12821 Capital St, Oak Park, MI 48237
Vacant office and warehouse property with flexible commercial space, included equipment, and access to I-75 and I-696.
Property Size3,800 SF
Price / SF$155.26
Days on Market57
Property Features for 12821 Capital St
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Commercial
Building Details
Year Built
1955
Listing Agency:
Realcom Realty,Inc
Listed By:
Marie Bashi
(586) 296-8471
Source:
Vmrealestatemichigan
Added: Jul 19
Changed: Sep 12
Last Checked: Sep 13 at 11:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realcom Realty,Inc
Investment Insights
Based on property information with market context.
This vacant flex property combines office and warehouse areas within a commercial building constructed in 1955 and renovated periodically. The sale includes a 0.43-acre site along with an adjacent 0.21-acre parcel, providing additional land associated with the property. Building systems include 2 AC units, 2 furnaces, and a Generac generator.
Included personal property and equipment comprise two semi-trailers containing electrical supplies, a van, bucket truck, Bobcat high-low, tools, and a communication/security tower. The property also provides access to I-75 and I-696, connecting it with Metro Detroit and surrounding communities. The space is currently vacant and offers a combination of office, warehouse, land, and equipment components.
Included personal property and equipment comprise two semi-trailers containing electrical supplies, a van, bucket truck, Bobcat high-low, tools, and a communication/security tower. The property also provides access to I-75 and I-696, connecting it with Metro Detroit and surrounding communities. The space is currently vacant and offers a combination of office, warehouse, land, and equipment components.
Key Highlights
- Vacant flex property with office and warehouse areas
- 0.43‑acre site plus adjacent 0.21‑acre parcel included
- Constructed in 1955 with periodic renovations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,303
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$786,060
$786.1K
Cap Rate 7%
$561,471
$561.5K
Cap Rate 9%
$436,700
$436.7K
Market Conditions
NOI Build-Up for 3,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.4K $18.00/SF
− Vacancy
−$7.9K −$2.09/SF
EGI
$60.5K $15.91/SF
− OpEx
−$21.2K −$5.57/SF
NOI
$39.3K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$786,060
Cap Rate 7%
$561,471
Cap Rate 9%
$436,700
Alternative Uses
Best Use
Flex RnD
$561.5K
$491.3K – $655.1K
NOI $39,303 @ 7.0% cap · market cap 6.66%
Second Best
Warehouse
$326.6K
$285.8K – $381.0K
NOI $22,862 @ 7.0% cap · market cap 3.87%
Theoretical Best
Specialty Retail
$819.6K
$717.2K – $956.2K
NOI $57,374 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- Fantastic Fruits LLC — 20449 Schaefer Hwy, Detroit, MI 48221
- Corporate Express Catering — 13305 Capital St Suite 600, Oak Park, MI 48237
- Touch of Class Catering — 10612 W Nine Mile Rd, Oak Park, MI 48237
Frequently Asked Questions
What type of property is this?
Flex space - Vacant office and warehouse property with flexible commercial space, included equipment, and access to I-75 and I-696.
Where is this flex space located?
The property is located at 12821 Capital St Oak Park, MI.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Vacant flex property with office and warehouse areas; 0.43‑acre site plus adjacent 0.21‑acre parcel included; Constructed in 1955 with periodic renovations
