Renovated Office
For Sale
$489,900
Pending
23930 Michigan Ave, Dearborn, MI 48124
Multiple private offices, reception space, and on-site parking support professional operations.
Property Size2,586 SF
Days on Market156
Property Features for 23930 Michigan Ave
General Information
Standard status
Pending
Size
2,586 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,475
Amenities
private offices
reception area
Building Details
Building Size
2,586 SF
Year Built
1942
Year Renovated
2020
Listing Agency:
Century 21 Curran & Oberski
Listed By:
Ali T Charara · License #6501340600
(313) 274-7200
Source:
Elliman
Added: Mar 31
Changed: Aug 31
Last Checked: Sep 1 at 7:38PM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This office building at 23930 Michigan Ave includes multiple private offices, a reception area, and on-site parking for staff and visitors. The property was renovated in 2020 and was previously configured for an attorney’s office, providing an established professional-office layout.
Built in 1942, the property is located in Dearborn near major roads, restaurants, and local businesses. Its existing configuration may accommodate professional, medical, or administrative office functions, subject to applicable requirements.
Built in 1942, the property is located in Dearborn near major roads, restaurants, and local businesses. Its existing configuration may accommodate professional, medical, or administrative office functions, subject to applicable requirements.
Key Highlights
- Renovated in 2020
- Multiple private offices with reception area
- On‑site parking for staff and clients
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
$28,499
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
5.82%
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%
$569,980
$570.0K
Cap Rate 7%
$407,129
$407.1K
Cap Rate 9%
$316,656
$316.7K
Market Conditions
NOI Build-Up for 2,586 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
$49.0K $18.96/SF
− Vacancy
−$11.0K −$4.27/SF
EGI
$38.0K $14.69/SF
− OpEx
−$9.5K −$3.67/SF
NOI
$28.5K $11.02/SF
Area
Dearborn, MI
Vacancy
22.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$569,980
Cap Rate 7%
$407,129
Cap Rate 9%
$316,656
Alternative Uses
Best Use
Office B
$407.1K
$356.2K – $475.0K
NOI $28,499 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$570.5K
$499.2K – $665.6K
NOI $39,934 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
927
Businesses Nearby
Explore this area
Business Placement
Demographics for 48124, MI
34,134
Population
14,787
Households
2.3
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
8.8 sq mi
ZIP Area
3,879
Density / Sq Mi
$78,353
Median Household Income
$49,103
Median Earnings
$1,280
Median Rent
$192,100
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?
Office building - Multiple private offices, reception space, and on-site parking support professional operations.
Where is this office building located?
The property is located at 23930 Michigan Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Renovated in 2020; Multiple private offices with reception area; On‑site parking for staff and clients
