Renovated Flex Space with
For Sale
Contact for pricing
16813 Wyoming, Detroit, MI 48221
Renovated commercial space with warehouse functionality and creative office design.
Property Size3,100 SF
Price / SF$90.29
Days on Market184
Property Features for 16813 Wyoming
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Special Purpose
Listing Agency:
CENTURY 21 Town & Country Realty Utica
(586) 215-1208
Listed By:
AHMED ARAFA · License #6506048224
Source:
Crexi
Added: Feb 12
Changed: Aug 14
Last Checked: Aug 14 at 7:24AM
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 CENTURY 21 Town & Country Realty Utica
Investment Insights
Based on property information with market context.
This fully renovated 3,100 square foot flexible commercial space offers a blend of warehouse functionality and creative office design. Currently operating as a distribution and fulfillment center, the property includes a built-out podcast studio, making it suitable for content creators, marketing firms, artists, or innovative small businesses. The open floor plan features epoxied concrete floors, LED warehouse lighting, a kitchenette, a half bath, a reception/lounge area, and a rear roll-up garage door. Exterior upgrades include a new roof, rooftop HVAC with a one-year warranty, and dedicated rear parking. Additional public parking is available directly in front of the building. The property is zoned B2 and located just west of Marygrove College in Detroit’s Fitzgerald neighborhood, surrounded by recent development and strong investment activity in the nearby Live6 corridor.
Key Highlights
- Fully renovated 3,100 SF flexible commercial space.
- Includes a built‑out podcast studio.
- New roof and rooftop HVAC with one‑year warranty.
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
$22,246
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
7.95%
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%
$444,920
$444.9K
Cap Rate 7%
$317,800
$317.8K
Cap Rate 9%
$247,178
$247.2K
Market Conditions
NOI Build-Up for 3,100 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
$37.2K $12.00/SF
− Vacancy
−$3.0K −$0.96/SF
EGI
$34.2K $11.04/SF
− OpEx
−$12.0K −$3.86/SF
NOI
$22.2K $7.18/SF
Area
Detroit, MI
Vacancy
8.00%
Lease Rate
$12.00 /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%
$444,920
Cap Rate 7%
$317,800
Cap Rate 9%
$247,178
Alternative Uses
Best Use
Flex RnD
$317.8K
$278.1K – $370.8K
NOI $22,246 @ 7.0% cap · market cap 7.95%
Second Best
Industrial
$215.4K
$188.5K – $251.3K
NOI $15,077 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$683.9K
$598.4K – $797.9K
NOI $47,871 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48221, MI
38,204
Population
17,452
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
7,347
Density / Sq Mi
$55,583
Median Household Income
$37,019
Median Earnings
$1,174
Median Rent
$138,700
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial space with warehouse functionality and creative office design.
Where is this flex space located?
The property is located at 16813 Wyoming Detroit, MI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Fully renovated 3,100 SF flexible commercial space.; Includes a built‑out podcast studio.; New roof and rooftop HVAC with one‑year warranty.
