Listing Agency: CENTURY 21 Town & Country Realty Utica

Listed By: AHMED ARAFA · License #6506048224 Show Phone

Source: Crexi

Added: Feb 12 Changed: Aug 27 Last Checked: Aug 14 at 7:24AM

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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 / Yr

$22,246

Cap Rate

7.95%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $22,246 @ 7.0% cap · market cap 7.95%

Second Best

Industrial

$215.4K

$188.5K – $251.3K (±1% cap)

NOI $15,077 @ 7.0% cap · market cap 5.39%

Theoretical Best

Office A

$683.9K

$598.4K – $797.9K (±1% cap)

NOI $47,871 @ 7.0% cap · market cap 17.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency HVAC Service Cafe & Coffee Shop Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

777

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

3% 2019

4.2% 2020

2.5% 2021

2.4% 2022

3% 2023

3.4% 2024

3.7% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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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.