Freestanding Office
For Sale
$199,000
18555 Fort St, Riverview, MI 48193
Immaculately clean, recently renovated 1,731 SF freestanding office building on Fort Street, zoned B-3.
Property Size1,731 SF
Price / SF$114.96
Days on Market235
Property Features for 18555 Fort St
General Information
Standard status
Active
Size
1,731 SF
Property subtype
Office
Zoning
FS
Additional Details
Road Access
Yes
Building Details
Building Size
1,731 SF
Listing Agency:
Friedman Integrated Real Estate
Listed By:
Greg Hornby · License #6501313839
(248) 324-2000
Source:
Cpix.resimplifi
Added: Jan 13
Changed: Aug 14
Last Checked: Sep 5 at 3:36AM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
This freestanding office building offers 1,731 SF and is described as impeccably clean and recently renovated. The property is positioned to support a range of retail or office uses, subject to the applicable zoning and approvals.
The building is located on heavily traveled Fort Street.
Zoned B-3 General Business, the property may be suitable for both office and retail users seeking a freestanding location.
The building is located on heavily traveled Fort Street.
Zoned B-3 General Business, the property may be suitable for both office and retail users seeking a freestanding location.
Key Highlights
- 1,731 SF freestanding office building
- Located on heavily traveled Fort Street
- Recently renovated and described as impeccably clean
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
$5,959
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
2.99%
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%
$119,180
$119.2K
Cap Rate 7%
$85,129
$85.1K
Cap Rate 9%
$66,211
$66.2K
Market Conditions
NOI Build-Up for 1,731 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
$10.4K $6.00/SF
− Vacancy
−$2.4K −$1.41/SF
EGI
$7.9K $4.59/SF
− OpEx
−$2.0K −$1.15/SF
NOI
$6.0K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$119,180
Cap Rate 7%
$85,129
Cap Rate 9%
$66,211
Alternative Uses
Best Use
Office B
$85.1K
$74.5K – $99.3K
NOI $5,959 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$320.5K
$280.4K – $373.9K
NOI $22,434 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Explore this area
Business Placement
Demographics for 48193, MI
16,110
Population
6,775
Households
2.4
Avg Household Size
44
Median Age
25%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
2,238
Density / Sq Mi
$72,894
Median Household Income
$43,451
Median Earnings
$1,088
Median Rent
$205,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Immaculately clean, recently renovated 1,731 SF freestanding office building on Fort Street, zoned B-3.
Where is this office building located?
The property is located at 18555 Fort St Riverview, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,731 SF freestanding office building; Located on heavily traveled Fort Street; Recently renovated and described as impeccably clean
