Flex Space With Overhead
For Sale
$429,900
31703 Jefferson Ave, St Clair Shores, MI 48082
Vacant commercial building with open work areas, private offices, storage, and a fenced parking lot.
Property Size3,792 SF
Days on Market11
Property Features for 31703 Jefferson Ave
General Information
Standard status
Active
Size
3,792 SF
Property subtype
Commercial
Zoning
B-1
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Building Size
3,792 SF
Year Built
1929
Listing Agency:
Crosby Consulting & Real Estate Services
(586) 610-9893
Listed By:
Annmarie Nardi
(586) 610-9893
Source:
Elliman
Added: Jul 30
Changed: Jul 31
Last Checked: Aug 8 at 12:57PM
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 Crosby Consulting & Real Estate Services
Investment Insights
Based on property information with market context.
This vacant flex space offers nearly 4,000+ sq. ft. of adaptable commercial area with expansive open work areas, private office space, overhead garage access, and generous storage. The versatile floor plan is ready for immediate possession and is supported by a large fenced parking lot that provides parking, secure outdoor storage, and access for customers, employees, or service vehicles.
Located on Jefferson Avenue in St. Clair Shores, the property has full frontage and exposure to daily traffic. It is zoned B-1, with permitted uses to be verified with the City of St. Clair Shores, and sits just minutes from I-94, Lake St. Clair, and surrounding retail and commercial businesses. The building was constructed in 1929.
Located on Jefferson Avenue in St. Clair Shores, the property has full frontage and exposure to daily traffic. It is zoned B-1, with permitted uses to be verified with the City of St. Clair Shores, and sits just minutes from I-94, Lake St. Clair, and surrounding retail and commercial businesses. The building was constructed in 1929.
Key Highlights
- Nearly 4,000+ sq. ft. vacant commercial building
- B‑1 zoning; permitted uses to be verified with the City of St. Clair Shores
- Full frontage on Jefferson Avenue with exposure to daily traffic
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
$20,447
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
4.76%
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%
$408,940
$408.9K
Cap Rate 7%
$292,100
$292.1K
Cap Rate 9%
$227,189
$227.2K
Market Conditions
NOI Build-Up for 3,792 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
$30.9K $8.16/SF
− Vacancy
−$1.7K −$0.46/SF
EGI
$29.2K $7.70/SF
− OpEx
−$8.8K −$2.31/SF
NOI
$20.4K $5.39/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /SF/Yr
Expense Ratio
30.00%
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%
$408,940
Cap Rate 7%
$292,100
Cap Rate 9%
$227,189
Alternative Uses
Best Use
Flex RnD
$615.3K
$538.4K – $717.8K
NOI $43,069 @ 7.0% cap · market cap 10.02%
Second Best
Industrial
$292.1K
$255.6K – $340.8K
NOI $20,447 @ 7.0% cap · market cap 4.76%
Theoretical Best
Specialty Retail
$709.9K
$621.2K – $828.3K
NOI $49,695 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48082, MI
16,029
Population
7,461
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
3.3 sq mi
ZIP Area
4,857
Density / Sq Mi
$76,372
Median Household Income
$48,872
Median Earnings
$1,265
Median Rent
$200,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant commercial building with open work areas, private offices, storage, and a fenced parking lot.
Where is this flex space located?
The property is located at 31703 Jefferson Ave St Clair Shores, MI.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Nearly 4,000+ sq. ft. vacant commercial building; B‑1 zoning; permitted uses to be verified with the City of St. Clair Shores; Full frontage on Jefferson Avenue with exposure to daily traffic
