Well-Maintained Industrial
For Sale
$969,000
24580 N Industrial Dr, Farmington Hills, MI 48335
User industrial building with a new roof, 17' ceiling height, and a large showroom with upstairs office.
Property Size5,892 SF
Price / SF$164.46
Days on Market121
Property Features for 24580 N Industrial Dr
General Information
Standard status
Active
Size
5,892 SF
Class
C
Property subtype
Industrial
Building Details
Building Size
5,892 SF
Year Built
1995
Listing Agency:
Thomas A. Duke Company
Listed By:
Andrew Goble
(248) 884-2304
Source:
Thomasduke
Added: May 8
Changed: Sep 5
Last Checked: Sep 5 at 4:34AM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This well-maintained user industrial building offers approximately 5,892 SF of versatile space with a large showroom and an upstairs office area. The property includes ceiling heights ranging from 17' clear to 20', along with a 14' overhead door sized for efficient receiving and operations. The building has been kept clean and in good condition, including a new roof installed in 2024.
Located on N Industrial Dr in Farmington Hills, the property’s warehouse, showroom, and office configuration is designed to support businesses needing both working space and customer-facing presentation.
The interior layout features clear height for warehouse use, with an overhead door for access and a dedicated showroom plus upstairs office for day-to-day administrative needs.
Located on N Industrial Dr in Farmington Hills, the property’s warehouse, showroom, and office configuration is designed to support businesses needing both working space and customer-facing presentation.
The interior layout features clear height for warehouse use, with an overhead door for access and a dedicated showroom plus upstairs office for day-to-day administrative needs.
Key Highlights
- 5,892 SF user industrial building available for lease
- New roof installed in 2024
- 17' clear ceiling height (also listed as 20' ceiling height)
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
$35,448
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
3.66%
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%
$708,960
$709.0K
Cap Rate 7%
$506,400
$506.4K
Cap Rate 9%
$393,867
$393.9K
Market Conditions
NOI Build-Up for 5,892 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
$43.3K $7.35/SF
− Vacancy
−$1.6K −$0.27/SF
EGI
$41.7K $7.08/SF
− OpEx
−$6.3K −$1.06/SF
NOI
$35.4K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
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%
$708,960
Cap Rate 7%
$506,400
Cap Rate 9%
$393,867
Alternative Uses
Best Use
Warehouse
$506.4K
$443.1K – $590.8K
NOI $35,448 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$289.8K
$253.5K – $338.1K
NOI $20,283 @ 7.0% cap · market cap 2.09%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,960 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48335, MI
25,618
Population
11,964
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
7.2 sq mi
ZIP Area
3,558
Density / Sq Mi
$96,359
Median Household Income
$66,646
Median Earnings
$1,451
Median Rent
$366,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Corrigan Moving Systems — 23923 Research Dr, Farmington Hills, MI 48335
- Extra Space Storage — 38875 Grand River Ave, Farmington, MI 48335
- Carbon Yard LLC — 37085 Grand River Ave Ste 133, Farmington, MI 48335
- Artpack Services Inc. — 24650 Crestview, Farmington Hills, MI 48335
- iStorage — 24500 Sinacola, Farmington Hills, MI 48335
Frequently Asked Questions
What type of property is this?
Warehouse - User industrial building with a new roof, 17' ceiling height, and a large showroom with upstairs office.
Where is this warehouse located?
The property is located at 24580 N Industrial Dr Farmington Hills, MI.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: 5,892 SF user industrial building available for lease; New roof installed in 2024; 17' clear ceiling height (also listed as 20' ceiling height)
