Flex Space with Two
For Sale
$195,000
14524 Harper Ave, Detroit, MI 48224
Two-building commercial property with HVAC, parking, and optional upholstery equipment and inventory.
Property Size920 SF
Lot Size0.24 Acres
Price / SF$211.96
Days on Market24
Property Features for 14524 Harper Ave
General Information
Standard status
Active
Size
920 SF
Lot size
0.24 Acres
Additional Details
Highway Access
Yes
Building Details
Year Built
1925
Buildings
2
Listing Agency:
@properties Christie's Int'l
(248) 705-2086
Listed By:
Robert Lawrence · License #6506022838
Source:
Katie-k
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 31 at 7:02PM
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 @properties Christie's Int'l
Investment Insights
Based on property information with market context.
This flex-space offering combines two commercial buildings at 14524 and 14534 Harper Ave with an additional parcel at 14520. The buildings contain 920 SF and 3,235 SF, respectively, providing a combined footprint of 4,155 SF across the improvements. The property is currently used as an upholstery workroom, and upholstery equipment, operating tools, and inventory may be included as part of the sale.
Both buildings feature forced-air heating and cooling systems. On-site parking is available, and the property offers access to I-94. The buildings were constructed in 1925 and are located in Detroit, Michigan.
Both buildings feature forced-air heating and cooling systems. On-site parking is available, and the property offers access to I-94. The buildings were constructed in 1925 and are located in Detroit, Michigan.
Key Highlights
- Two commercial buildings totaling 4,155 SF: 3,235 SF and 920 SF
- Additional parcel included at 14520 Harper Ave
- Optional upholstery equipment, operating tools, and inventory
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
$9,241
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
4.74%
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%
$184,820
$184.8K
Cap Rate 7%
$132,014
$132.0K
Cap Rate 9%
$102,678
$102.7K
Market Conditions
NOI Build-Up for 920 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
$15.1K $16.44/SF
− Vacancy
−$907 −$0.99/SF
EGI
$14.2K $15.45/SF
− OpEx
−$5.0K −$5.41/SF
NOI
$9.2K $10.04/SF
Area
ZIP 48224
Vacancy
6.00%
Lease Rate
$16.44 /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%
$184,820
Cap Rate 7%
$132,014
Cap Rate 9%
$102,678
Alternative Uses
Best Use
Flex RnD
$132.0K
$115.5K – $154.0K
NOI $9,241 @ 7.0% cap · market cap 4.74%
Second Best
Industrial
$70.9K
$62.0K – $82.7K
NOI $4,961 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$232.1K
$203.1K – $270.7K
NOI $16,244 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48224, MI
39,633
Population
16,786
Households
2.4
Avg Household Size
33
Median Age
14%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
6,833
Density / Sq Mi
$42,963
Median Household Income
$30,997
Median Earnings
$1,213
Median Rent
$77,900
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property with HVAC, parking, and optional upholstery equipment and inventory.
Where is this flex space located?
The property is located at 14524 Harper Ave Detroit, MI.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two commercial buildings totaling 4,155 SF: 3,235 SF and 920 SF; Additional parcel included at 14520 Harper Ave; Optional upholstery equipment, operating tools, and inventory
