Refurbished Flex Space with
New
For Sale
$1,985,000
15695-15721 Leone Dr, Macomb, MI 48042
Duplex commercial building combines updated office areas with shop space and M-1 zoning.
Property Size18,041 SF
Price / SF$110.03
Days on Market3
Property Features for 15695-15721 Leone Dr
General Information
Standard status
Active
Size
18,041 SF
Property subtype
Industrial
Zoning
M-1
Building Details
Building Size
18,041 SF
Listing Agency:
L. Mason Capitani, Inc.
Listed By:
Joseph DePonio
(586) 615-9434
Source:
Cpix.resimplifi
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:09PM
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 L. Mason Capitani, Inc.
Investment Insights
Based on property information with market context.
This 18,041-square-foot duplex flex property includes refurbished office and shop areas within a divisible configuration. The building accommodates spaces ranging from 6,902 square feet to 18,041 square feet, with air lines, bus duct, and an exterior truckwell supporting industrial and service-oriented operations. M-1 zoning is in place.
The property also allows room for expansion, with up to an additional 10,000 square feet identified in the available configuration. Its combination of office, shop, loading, and building-service features supports a range of commercial users seeking adaptable space.
The property also allows room for expansion, with up to an additional 10,000 square feet identified in the available configuration. Its combination of office, shop, loading, and building-service features supports a range of commercial users seeking adaptable space.
Key Highlights
- 18,041 SF duplex flex building with refurbished office and shop areas
- Divisible configurations range from 6,902 SF to 18,041 SF
- Air lines and bus duct included
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
$97,279
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
4.90%
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%
$1,945,580
$1.9M
Cap Rate 7%
$1,389,700
$1.4M
Cap Rate 9%
$1,080,878
$1.1M
Market Conditions
NOI Build-Up for 18,041 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
$147.2K $8.16/SF
− Vacancy
−$8.2K −$0.46/SF
EGI
$139.0K $7.70/SF
− OpEx
−$41.7K −$2.31/SF
NOI
$97.3K $5.39/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /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%
$1,945,580
Cap Rate 7%
$1,389,700
Cap Rate 9%
$1,080,878
Alternative Uses
Best Use
Flex RnD
$2.93M
$2.56M – $3.42M
NOI $204,906 @ 7.0% cap · market cap 10.32%
Second Best
Industrial
$1.39M
$1.22M – $1.62M
NOI $97,279 @ 7.0% cap · market cap 4.90%
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.94M
NOI $236,430 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48042, MI
33,398
Population
12,067
Households
2.8
Avg Household Size
42
Median Age
39%
College-Educated
96%
High-School Grad
22.8 sq mi
ZIP Area
1,465
Density / Sq Mi
$125,433
Median Household Income
$61,261
Median Earnings
$1,569
Median Rent
$374,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Duplex commercial building combines updated office areas with shop space and M-1 zoning.
Where is this flex space located?
The property is located at 15695-15721 Leone Dr Macomb, MI.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: 18,041 SF duplex flex building with refurbished office and shop areas; Divisible configurations range from 6,902 SF to 18,041 SF; Air lines and bus duct included
