Two-Unit Warehouse with
New
For Sale
$1,195,000
18321 Mike C Court, Fraser, MI 48026
Industrial building with dual warehouse units, street-facing loading, and rear drive-through capability.
Property Size16,000 SF
Days on Market3
Property Features for 18321 Mike C Court
General Information
Standard status
Active
Size
16,000 SF
Property subtype
Commercial
Zoning
Commercial, Industrial
Building Details
Building Size
16,000 SF
Year Built
1983
Listing Agency:
Pilot Property Group - Residential LLC
(586) 873-5419
Listed By:
Anthony U Rubino · License #6502425251
Source:
Irishhillsfivestarhomes
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 4:32AM
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 Pilot Property Group - Residential LLC
Investment Insights
Based on property information with market context.
Built in 1983, this warehouse property contains two separate 8,000 SF units within a functional industrial building. Both units offer loading from the street, while the rear unit also provides drive-through capability. The property is zoned Commercial, Industrial and is located in Fraser Industrial Park.
The building may be delivered vacant or with short month-to-month tenancy in place. The seller is also willing to lease back part of the building for clean warehouse use, providing flexibility for an owner-user or an investor seeking an occupied configuration.
The building may be delivered vacant or with short month-to-month tenancy in place. The seller is also willing to lease back part of the building for clean warehouse use, providing flexibility for an owner-user or an investor seeking an occupied configuration.
Key Highlights
- Two 8,000 SF warehouse units
- Street‑facing loading serves both units
- Rear unit includes drive‑through capability
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
$104,761
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
8.77%
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%
$2,095,220
$2.1M
Cap Rate 7%
$1,496,586
$1.5M
Cap Rate 9%
$1,164,011
$1.2M
Market Conditions
NOI Build-Up for 16,000 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
$130.6K $8.16/SF
− Vacancy
−$7.3K −$0.46/SF
EGI
$123.2K $7.70/SF
− OpEx
−$18.5K −$1.16/SF
NOI
$104.8K $6.55/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /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%
$2,095,220
Cap Rate 7%
$1,496,586
Cap Rate 9%
$1,164,011
Alternative Uses
Best Use
Flex RnD
$2.60M
$2.27M – $3.03M
NOI $181,724 @ 7.0% cap · market cap 15.21%
Second Best
Warehouse
$1.50M
$1.31M – $1.75M
NOI $104,761 @ 7.0% cap · market cap 8.77%
Theoretical Best
Specialty Retail
$3.00M
$2.62M – $3.49M
NOI $209,682 @ 7.0% cap · market cap 17.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48026, MI
14,726
Population
6,778
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,592
Density / Sq Mi
$61,118
Median Household Income
$40,198
Median Earnings
$827
Median Rent
$193,600
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.
Similar Off Market Nearby
- Quick Fast Moving LLC — 17630 Sewel Ave, Fraser, MI 48026
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- General Shredding — 17000 15 Mile Rd, Fraser, MI 48026
- Bulldog Records Management — 17000 15 Mile Rd, Fraser, MI 48026
- Extra Space Storage — 34244 Groesbeck Hwy, Clinton Twp, MI 48035
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with dual warehouse units, street-facing loading, and rear drive-through capability.
Where is this warehouse located?
The property is located at 18321 Mike C Court Fraser, MI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Two 8,000 SF warehouse units; Street‑facing loading serves both units; Rear unit includes drive‑through capability
