Multi-Unit Warehouse Flex
For Sale
$1,250,000
4938 Dewitt Rd, Canton, MI 48188
Four flex-style warehouse units feature private offices, 100% HVAC, and 18' clear warehouse heights.
Property Size8,000 SF
Price / SF$156.25
Days on Market860
Property Features for 4938 Dewitt Rd
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Industrial
Zoning
GI
Occupancy
25%
Additional Details
Highway Access
Yes
Clear Height
18 ft
Amenities
private offices
reception areas
bathrooms
kitchen
heavy mezzanines
new back doors
new man doors
Building Details
Building Size
8,000 SF
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
ROC Real Estate
Listed By:
Terrance W. Bixler · License #6501240114
(734) 355-6030
Source:
Cpix.resimplifi
Added: May 1, 2024
Changed: Sep 4
Last Checked: Sep 6 at 4:04AM
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 ROC Real Estate
Investment Insights
Based on property information with market context.
The property is a four-unit flex-style warehouse building offering 2,000 square foot units. Each unit includes 100% HVAC with two-year-old equipment, 100 amp electrical service, private offices with reception areas, and bathrooms. Unit 200 also has a kitchen. The warehouse areas provide 18' clear height, with gas forced-air heat, new back doors, and new man doors. Units 201 and 202 include heavy mezzanines.
The site is located near the I-275 exit at Michigan Ave. and Sheldon Rd, providing convenient access to the surrounding road network.
Unit 200 is currently occupied on a month-to-month basis, and the tenant has indicated a preference to stay.
The site is located near the I-275 exit at Michigan Ave. and Sheldon Rd, providing convenient access to the surrounding road network.
Unit 200 is currently occupied on a month-to-month basis, and the tenant has indicated a preference to stay.
Key Highlights
- Four flex‑style warehouse units with private offices, reception areas, and bathrooms
- 100% HVAC in each unit with two‑year‑old units
- 18' clear warehouse height plus new back doors and gas forced air heat
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
$50,477
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
4.04%
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%
$1,009,540
$1.0M
Cap Rate 7%
$721,100
$721.1K
Cap Rate 9%
$560,856
$560.9K
Market Conditions
NOI Build-Up for 8,000 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
$80.6K $10.08/SF
− Vacancy
−$3.0K −$0.37/SF
EGI
$77.7K $9.71/SF
− OpEx
−$27.2K −$3.40/SF
NOI
$50.5K $6.31/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$10.08 /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%
$1,009,540
Cap Rate 7%
$721,100
Cap Rate 9%
$560,856
Alternative Uses
Best Use
Flex RnD
$721.1K
$631.0K – $841.3K
NOI $50,477 @ 7.0% cap · market cap 4.04%
Second Best
Warehouse
$718.5K
$628.7K – $838.2K
NOI $50,292 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$1.48M
$1.30M – $1.73M
NOI $103,680 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
25%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48188, MI
46,161
Population
16,885
Households
2.7
Avg Household Size
38
Median Age
56%
College-Educated
95%
High-School Grad
17.9 sq mi
ZIP Area
2,579
Density / Sq Mi
$118,037
Median Household Income
$61,721
Median Earnings
$1,536
Median Rent
$356,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four flex-style warehouse units feature private offices, 100% HVAC, and 18' clear warehouse heights.
Where is this flex space located?
The property is located at 4938 Dewitt Rd Canton, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four flex‑style warehouse units with private offices, reception areas, and bathrooms; 100% HVAC in each unit with two‑year‑old units; 18' clear warehouse height plus new back doors and gas forced air heat
