Renovated Flex Space with Roll-Up
For Sale
$364,900
14622 JOY RD, Detroit, MI 48228
Cement-block construction offers front offices, updated restrooms, modern lighting, and monitored interior and exterior security.
Property Size4,000 SF
Price / SF$91.23
Days on Market12
Property Features for 14622 JOY RD
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Industrial
Building Details
Year Built
19
Listing Agency:
ARG Realty
(313) 404-5042
Listed By:
Abir El Cheikh Ali · License #6501391808
(313) 404-5042
Source:
Xome
Added: Jul 26
Changed: Aug 3
Last Checked: Aug 6 at 3:30AM
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 ARG Realty
Investment Insights
Based on property information with market context.
This 4,000-square-foot flex space is a renovated cement-block commercial building with three front offices and three updated bathrooms. Improvements include a new roof, furnace, water tank, electrical system, plumbing, and hexagon-pattern LED ceiling lighting. Two commercial roll-up doors provide service access, with one positioned along the side and the other at the rear. A security system monitors both the interior and exterior of the building.
The property is located at 14622 Joy Road in Detroit, Michigan. Its combination of office areas, service doors, updated building systems, and durable masonry construction supports a range of commercial configurations without relying on a single designated use.
The property is located at 14622 Joy Road in Detroit, Michigan. Its combination of office areas, service doors, updated building systems, and durable masonry construction supports a range of commercial configurations without relying on a single designated use.
Key Highlights
- 4,000 SF renovated flex space in a solid cement‑block building
- Three front offices and three newly updated bathrooms
- New roof, furnace, water tank, electric, plumbing, and LED ceiling lighting
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
$23,473
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
6.43%
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%
$469,460
$469.5K
Cap Rate 7%
$335,329
$335.3K
Cap Rate 9%
$260,811
$260.8K
Market Conditions
NOI Build-Up for 4,000 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
$35.0K $8.76/SF
− Vacancy
−$1.5K −$0.38/SF
EGI
$33.5K $8.38/SF
− OpEx
−$10.1K −$2.51/SF
NOI
$23.5K $5.87/SF
Area
ZIP 48228
Vacancy
4.30%
Lease Rate
$8.76 /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%
$469,460
Cap Rate 7%
$335,329
Cap Rate 9%
$260,811
Alternative Uses
Best Use
Office B
$641.3K
$561.1K – $748.2K
NOI $44,890 @ 7.0% cap · market cap 12.30%
Second Best
Flex RnD
$574.1K
$502.3K – $669.8K
NOI $40,186 @ 7.0% cap · market cap 11.01%
Theoretical Best
Office A
$821.6K
$718.9K – $958.5K
NOI $57,511 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48228, MI
53,893
Population
22,620
Households
2.4
Avg Household Size
31
Median Age
11%
College-Educated
78%
High-School Grad
8.9 sq mi
ZIP Area
6,055
Density / Sq Mi
$31,485
Median Household Income
$27,533
Median Earnings
$1,086
Median Rent
$55,100
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Cement-block construction offers front offices, updated restrooms, modern lighting, and monitored interior and exterior security.
Where is this flex space located?
The property is located at 14622 JOY RD Detroit, MI.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: 4,000 SF renovated flex space in a solid cement‑block building; Three front offices and three newly updated bathrooms; New roof, furnace, water tank, electric, plumbing, and LED ceiling lighting
