Building Details

Year Built 1986

Buildings 1

Building Size 5,000 SF

Listing Agency: North Shores Properties, LLC.

Listed By: Robin Massey Show Phone

Source: Katie-k

Added: Aug 22 Changed: Sep 8 Last Checked: Oct 6 at 12:57AM

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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 North Shores Properties, LLC.

Investment Insights

Based on property information with market context.

This 5,000 sq ft flex space in Livonia, Michigan, was built in 1986 and provides a practical configuration for a range of commercial operations. The building includes four bathrooms, two multi-ton furnaces, two air conditioners, and an interior dividing wall. Front and rear entrances support a layout that can function as two separate units.

The property occupies 1/2 acre at 28550 Joy Rd and measures 83 x 240. More than 20 parking spaces are positioned at both the front and rear of the building. Immediate occupancy is available.

Key Highlights

• 5,000 sq ft flex space on 1/2 acre
• Potential for two separate units with dividing wall and front/rear entrances
• More than 20 parking spaces at the front and rear

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,548

Cap Rate

5.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$630,960 $631.0K

Cap Rate 7%

$450,686 $450.7K

Cap Rate 9%

$350,533 $350.5K

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$50.4K $10.08/SF

− Vacancy

−$1.9K −$0.37/SF

EGI

$48.5K $9.71/SF

− OpEx

−$17.0K −$3.40/SF

NOI

$31.5K $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 Rate 5%

$630,960

Cap Rate 7%

$450,686

Cap Rate 9%

$350,533

Alternative Uses

Best Use

Flex RnD

$450.7K

$394.4K – $525.8K (±1% cap)

NOI $31,548 @ 7.0% cap · market cap 5.27%

Second Best

Industrial

$369.8K

$323.6K – $431.4K (±1% cap)

NOI $25,885 @ 7.0% cap · market cap 4.32%

Theoretical Best

Specialty Retail

$925.7K

$810.0K – $1.08M (±1% cap)

NOI $64,800 @ 7.0% cap · market cap 10.82%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Rainbow Ceramics Industrial Manufacturer Rapid Bad Credit ... Loan Service

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Skin Care Clinic Bakery (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

393

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 48150, MI

26,573

Population

10,724

Households

2.5

Avg Household Size

42

Median Age

36%

College-Educated

96%

High-School Grad

12.1 sq mi

ZIP Area

2,196

Density / Sq Mi

$94,058

Median Household Income

$50,779

Median Earnings

$1,328

Median Rent

$228,600

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Flexible commercial building with separate front and rear access, multiple HVAC systems, and immediate occupancy.

Where is this flex space located?

The property is located at 28550 Joy Rd Livonia, MI.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: 5,000 sq ft flex space on 1/2 acre; Potential for two separate units with dividing wall and front/rear entrances; More than 20 parking spaces at the front and rear