Flex Space with High
For Sale
$430,000
8941 Wyoming St, Detroit, MI 48204
B2-zoned commercial space features an open interior, front parking, and support for light mechanical and retail operations.
Property Size4,826 SF
Price / SF$89.10
Days on Market557
Property Features for 8941 Wyoming St
General Information
Standard status
Active
Size
4,826 SF
Zoning
B2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,225
Amenities
high ceiling
open floor
Listing Agency:
Premier One Group Inc
(313) 825-4187
Listed By:
Brigitte Jaward · License #6502393188
(313) 825-4187
Source:
Exprealty
Added: Feb 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:34PM
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 Premier One Group Inc
Investment Insights
Based on property information with market context.
This open-floor flex space has high ceilings and front parking. The property is situated on Wyoming Street at the Dearborn border, with the parcel extending across Oakman and Joy in a triangular configuration.
B2 zoning supports the listed light mechanical, oil change, retail, wholesale, gas station, welding, machinery, general service, and goods uses. The property is also identified as approved for growing. Collision-related operations are not allowed under the city restriction.
B2 zoning supports the listed light mechanical, oil change, retail, wholesale, gas station, welding, machinery, general service, and goods uses. The property is also identified as approved for growing. Collision-related operations are not allowed under the city restriction.
Key Highlights
- Open‑floor flex space with high ceilings
- B2 zoning supports light mechanical, oil change, retail, wholesale, gas station, welding, machinery, general service, and goods uses
- Front parking area
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
$34,631
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
8.05%
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%
$692,620
$692.6K
Cap Rate 7%
$494,729
$494.7K
Cap Rate 9%
$384,789
$384.8K
Market Conditions
NOI Build-Up for 4,826 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
$57.9K $12.00/SF
− Vacancy
−$4.6K −$0.96/SF
EGI
$53.3K $11.04/SF
− OpEx
−$18.6K −$3.86/SF
NOI
$34.6K $7.18/SF
Area
Detroit, MI
Vacancy
8.00%
Lease Rate
$12.00 /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%
$692,620
Cap Rate 7%
$494,729
Cap Rate 9%
$384,789
Alternative Uses
Best Use
Retail
$849.2K
$743.0K – $990.7K
NOI $59,441 @ 7.0% cap · market cap 13.82%
Second Best
Flex RnD
$494.7K
$432.9K – $577.2K
NOI $34,631 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$1.06M
$931.6K – $1.24M
NOI $74,524 @ 7.0% cap · market cap 17.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
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Similar Off Market Nearby
- Clara's Place — 8505 Joy Rd, Detroit, MI 48204
Frequently Asked Questions
What type of property is this?
Flex space - B2-zoned commercial space features an open interior, front parking, and support for light mechanical and retail operations.
Where is this flex space located?
The property is located at 8941 Wyoming St Detroit, MI.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Open‑floor flex space with high ceilings; B2 zoning supports light mechanical, oil change, retail, wholesale, gas station, welding, machinery, general service, and goods uses; Front parking area
