Vacant Flex Space with
New
For Sale
$795,000
12821 Captial Street, Oak Park, MI 48237
COMMERCIAL - Oak Park, MI
Property Size3,575 SF
Lot Size0.50 Acres
Price / SF$209.21
Days on Market3
Property Features for 12821 Captial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Fence Owned
Fencing
Fenced
Subdivision
Ridgewood Estates Add
Lot features
Bus Service Near Site, Cleared
Standard status
Active
APN
Tax ID25-32-177-006
Size
3,800 SF
Lot size
0.50 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Roof type
Rubber
Listing Agency:
Realcom Realty,Inc
(586) 296-8471
Listed By:
Marie Bashi
(586) 909-4111
Added: Aug 11
Last Checked: Aug 13 at 1:06PM
MLS# 50218165
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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 property includes a substantial inventory of goods, equipment, and supplies, including two semi-trailers of electrical supplies, a van, bucket truck, Bobcat high-low, tools, and a communication/security tower. Building systems include 2 AC units, 2 furnaces, a Generac generator, central air, forced-air heating, public water, and a rubber roof.
Located at 12821 Captial Street in Oak Park, the property offers access to I-75 and I-696 for travel throughout Metro Detroit and surrounding communities. The site is fenced, adding a defined boundary for the office, warehouse, and equipment components.
Located at 12821 Captial Street in Oak Park, the property offers access to I-75 and I-696 for travel throughout Metro Detroit and surrounding communities. The site is fenced, adding a defined boundary for the office, warehouse, and equipment components.
Key Highlights
- Vacant flex property with office and warehouse areas
- Substantial equipment and supply inventory included in the sale
- 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
4.94%
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 4.94%
Second Best
Warehouse
$326.6K
$285.8K – $381.0K
NOI $22,862 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$819.6K
$717.2K – $956.2K
NOI $57,374 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
464
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- 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
- Fantastic Fruits LLC — 20449 Schaefer Hwy, Detroit, MI 48221
Frequently Asked Questions
What type of property is this?
Flex space - Vacant office and warehouse configuration includes substantial equipment, supplies, and a fenced site.
Where is this flex space located?
The property is located at 12821 Captial Street Oak Park, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Vacant flex property with office and warehouse areas; Substantial equipment and supply inventory included in the sale; Constructed in 1955 with periodic renovations
