Renovated Flex Space with Garage
New
For Sale
$279,900
16813 WYOMING Street, Detroit, MI 48221
COMMERCIAL - Detroit, MI
Property Size3,100 SF
Lot Size0.10 Acres
Price / SF$90.29
Days on Market5
Property Features for 16813 WYOMING Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
COLLEGE VIEW SUB (PLATS)
Standard status
Active
APN
160382956
Size
3,100 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
2964
Utilities
Heating system
Forced Air
Water source
Public
Amenities
podcast studio
kitchenette
reception/lounge area
Building Details
Year built
1948
Listing Agency:
Century 21 Professionals · Century 21 Real Estate
(586) 731-8180
Listed By:
Ahmed Arafa · License #6506048224
(586) 215-1208
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 6:06AM
MLS# 50217565
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,100 SF commercial building combines warehouse functionality with office-oriented improvements. The interior includes an open layout, epoxied concrete flooring, LED lighting, a kitchenette, half bath, reception and lounge areas, and a built-out podcast studio. A rear roll-up garage door supports loading and access. The property was built in 1948 and has undergone a full renovation.
Exterior improvements include a new roof and rooftop HVAC covered by a one-year warranty. Dedicated parking is located behind the building, with additional public parking directly along the front. The site contains 0.1 acres and uses public water and forced-air heating.
Zoned B2, the property is situated west of Marygrove College in Detroit’s Fitzgerald neighborhood, near development and investment activity along the Live6 corridor.
Exterior improvements include a new roof and rooftop HVAC covered by a one-year warranty. Dedicated parking is located behind the building, with additional public parking directly along the front. The site contains 0.1 acres and uses public water and forced-air heating.
Zoned B2, the property is situated west of Marygrove College in Detroit’s Fitzgerald neighborhood, near development and investment activity along the Live6 corridor.
Key Highlights
- 3,100 SF renovated commercial building with warehouse and office components
- Built‑out podcast studio within an open commercial layout
- Rear roll‑up garage door, epoxied concrete floors, LED lighting, kitchenette, and half bath
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
Office B
$448.7K
$392.6K – $523.4K
NOI $31,406 @ 7.0% cap · market cap 11.22%
Second Best
Flex RnD
$317.8K
$278.1K – $370.8K
NOI $22,246 @ 7.0% cap · market cap 7.95%
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
Lease Details
1
Drive-in doors
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 Office in Detroit, MI
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?
Flex space - B2-zoned commercial property with open-plan interiors, warehouse access, and dedicated rear parking.
Where is this flex space located?
The property is located at 16813 WYOMING Street 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: 3,100 SF renovated commercial building with warehouse and office components; Built‑out podcast studio within an open commercial layout; Rear roll‑up garage door, epoxied concrete floors, LED lighting, kitchenette, and half bath
