Commercial Land With Industrial
For Sale
$240,000
444 W 8 Mile Rd, Hazel Park, MI 48030
Level redevelopment parcel with an existing industrial building and LB-M zoning along 8 Mile Road.
Property Size2,099 SF
Price / SF$114.34
Days on Market600
Property Features for 444 W 8 Mile Rd
General Information
Standard status
Active
Size
2,099 SF
Property subtype
Land
Zoning
LB-M - Local Business Manufacturing
Building Details
Building Size
2,099 SF
Year Built
1948
Year Renovated
1966
Buildings
1
Stories
1
Listing Agency:
Insite Commercial
Listed By:
Randall S. Thomas
(248) 359-9000
Source:
Cpix.resimplifi
Added: Jan 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:16PM
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 Insite Commercial
Investment Insights
Based on property information with market context.
This 0.40-acre commercial land parcel includes a 2,099-square-foot industrial structure built in 1948. The site is level, and the former trailer repair operation has been removed along with all homes previously located on the property. Site plans are included with the sale, providing documentation for redevelopment planning.
The property fronts 8 Mile Road in Hazel Park, Michigan, at 444 W 8 Mile Rd. It carries LB-M zoning, designated Local Business Manufacturing, and combines developable land with an existing industrial improvement.
The property fronts 8 Mile Road in Hazel Park, Michigan, at 444 W 8 Mile Rd. It carries LB-M zoning, designated Local Business Manufacturing, and combines developable land with an existing industrial improvement.
Key Highlights
- 0.40‑acre commercial land parcel
- 2,099‑square‑foot industrial structure built in 1948
- Frontage on 8 Mile Road in Hazel Park, MI
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
$10,400
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
4.33%
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%
$208,000
$208.0K
Cap Rate 7%
$148,571
$148.6K
Cap Rate 9%
$115,556
$115.6K
Market Conditions
NOI Build-Up for 2,099 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
$15.4K $7.35/SF
− Vacancy
−$571 −$0.27/SF
EGI
$14.9K $7.08/SF
− OpEx
−$4.5K −$2.12/SF
NOI
$10.4K $4.95/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$208,000
Cap Rate 7%
$148,571
Cap Rate 9%
$115,556
Alternative Uses
Best Use
Industrial
$148.6K
$130.0K – $173.3K
NOI $10,400 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$452.7K
$396.2K – $528.2K
NOI $31,692 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Explore this area
Business Placement
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Level redevelopment parcel with an existing industrial building and LB-M zoning along 8 Mile Road.
Where is this commercial land located?
The property is located at 444 W 8 Mile Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 0.40‑acre commercial land parcel; 2,099‑square‑foot industrial structure built in 1948; Frontage on 8 Mile Road in Hazel Park, MI
