Flex Industrial Building with
For Sale
$299,900
15210 MIDDLEBELT RD, Livonia, MI 48154
Flex/industrial building with large back storage, two bathrooms, and potential for two units with separate front entrances.
Property Size3,300 SF
Price / SF$90.88
Days on Market134
Property Features for 15210 MIDDLEBELT RD
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
5
Property subtype
Industrial
Additional Details
Traffic Count
53,000 vehicles/day
Amenities
3
55100
Building Details
Year Built
19
Listing Agency:
National Realty Centers, Inc
(269) 365-3320
Listed By:
Michael Cash
(269) 365-3320
Source:
Xome
Added: Apr 10
Changed: Aug 12
Last Checked: Aug 20 at 4:19AM
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 National Realty Centers, Inc
Investment Insights
Based on property information with market context.
This flex/industrial commercial building totals 3,300 square feet and was previously used as a heating and cooling business. The layout includes a large storage area in the back and two bathrooms. The property has the potential to be divided into two units, with two front doors and a wall between them.
The building is located on Middlebelt Road, where approximately 53,000 cars pass daily, providing high visibility along the corridor.
On-site parking includes five dedicated spaces in the front of the building, supporting convenient customer or employee access.
The building is located on Middlebelt Road, where approximately 53,000 cars pass daily, providing high visibility along the corridor.
On-site parking includes five dedicated spaces in the front of the building, supporting convenient customer or employee access.
Key Highlights
- 3,300 sq. ft. commercial flex/industrial building at 5 Mile and Middlebelt
- 53,000 cars pass down Middlebelt daily (per listing remarks)
- Former heating and cooling business; layout includes large back storage and 2 bathrooms
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
$20,822
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
6.94%
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%
$416,440
$416.4K
Cap Rate 7%
$297,457
$297.5K
Cap Rate 9%
$231,356
$231.4K
Market Conditions
NOI Build-Up for 3,300 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
$33.3K $10.08/SF
− Vacancy
−$1.2K −$0.37/SF
EGI
$32.0K $9.71/SF
− OpEx
−$11.2K −$3.40/SF
NOI
$20.8K $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 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%
$416,440
Cap Rate 7%
$297,457
Cap Rate 9%
$231,356
Alternative Uses
Best Use
Flex RnD
$297.5K
$260.3K – $347.0K
NOI $20,822 @ 7.0% cap · market cap 6.94%
Second Best
Industrial
$244.1K
$213.6K – $284.7K
NOI $17,084 @ 7.0% cap · market cap 5.70%
Theoretical Best
Specialty Retail
$611.0K
$534.6K – $712.8K
NOI $42,768 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
53,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48154, MI
37,864
Population
15,330
Households
2.5
Avg Household Size
47
Median Age
44%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
3,264
Density / Sq Mi
$103,763
Median Household Income
$59,017
Median Earnings
$1,197
Median Rent
$285,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex/industrial building with large back storage, two bathrooms, and potential for two units with separate front entrances.
Where is this flex space located?
The property is located at 15210 MIDDLEBELT RD Livonia, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 3,300 sq. ft. commercial flex/industrial building at 5 Mile and Middlebelt; 53,000 cars pass down Middlebelt daily (per listing remarks); Former heating and cooling business; layout includes large back storage and 2 bathrooms
