Northville Warehouse Property For
For Sale
$11,282,000
15800 Centennial Drive, Northville, MI 48168
73,335 SF warehouse/industrial property available in Northville, Michigan.
Property Size73,335 SF
Price / SF$153.84
Days on Market150
Property Features for 15800 Centennial Drive
General Information
Standard status
Active
Size
73,335 SF
Property subtype
Industrial
Listing Agency:
(248) 351-2014
Listed By:
Dave Hesano
(248) 351-2014
Source:
Cbre
Added: Mar 25
Changed: Aug 17
Last Checked: Aug 20 at 9:36AM
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 Dave Hesano
Investment Insights
Based on property information with market context.
This commercial real estate offering features a 73,335 square-foot property suitable for warehouse and industrial use. Located in Northville, Michigan, the property presents a potential opportunity for businesses seeking a sizable facility.
Key Highlights
- 73,335 SF warehouse/industrial property
- Located in Northville, Michigan
- Warehouse property
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
$461,018
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
4.09%
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%
$9,220,360
$9.2M
Cap Rate 7%
$6,585,971
$6.6M
Cap Rate 9%
$5,122,422
$5.1M
Market Conditions
NOI Build-Up for 73,335 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
$563.2K $7.68/SF
− Vacancy
−$20.8K −$0.28/SF
EGI
$542.4K $7.40/SF
− OpEx
−$81.4K −$1.11/SF
NOI
$461.0K $6.29/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
15.00%
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%
$9,220,360
Cap Rate 7%
$6,585,971
Cap Rate 9%
$5,122,422
Alternative Uses
Best Use
Warehouse
$6.59M
$5.76M – $7.68M
NOI $461,018 @ 7.0% cap · market cap 4.09%
Second Best
Industrial
$5.42M
$4.75M – $6.33M
NOI $379,662 @ 7.0% cap · market cap 3.37%
Theoretical Best
Specialty Retail
$13.58M
$11.88M – $15.84M
NOI $950,422 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48168, MI
24,517
Population
9,277
Households
2.6
Avg Household Size
45
Median Age
72%
College-Educated
98%
High-School Grad
19.6 sq mi
ZIP Area
1,251
Density / Sq Mi
$173,671
Median Household Income
$92,463
Median Earnings
$2,248
Median Rent
$546,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 73,335 SF warehouse/industrial property available in Northville, Michigan.
Where is this warehouse located?
The property is located at 15800 Centennial Drive Northville, MI.
What is the asking price?
The asking price for this property is $11,282,000.
What are key features of this property?
This property features: 73,335 SF warehouse/industrial property; Located in Northville, Michigan; Warehouse property
