Industrial Warehouse with Drive-In
For Sale
$675,000
2023720227 20237-20227 John R St, Highland Park, MI 48203
Purpose-built facility supports distribution operations with drive-in loading access.
Property Size10,656 SF
Price / SF$63.34
Days on Market39
Property Features for 2023720227 20237-20227 John R St
General Information
Standard status
Active
Size
10,656 SF
Warehouse & Industrial
Clear Height
16 ft
Warehouse Space
10,656 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1994
Listing Agency:
Real Estate One-Troy
(248) 813-4900
Listed By:
Jack Butris · License #6501294875
Source:
Katie-k
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 2:58PM
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 Real Estate One-Troy
Investment Insights
Based on property information with market context.
Purpose-built for industrial warehouse use, this facility is configured to support distribution and high-capacity operating environments. The building includes a 16-foot clear height and drive-in doors, providing functional features for warehouse and logistics operations.
Constructed in 1994, the property is positioned for efficient access to major shipping corridors. Its warehouse configuration and loading access create a practical setting for distribution-related operations.
Constructed in 1994, the property is positioned for efficient access to major shipping corridors. Its warehouse configuration and loading access create a practical setting for distribution-related operations.
Key Highlights
- Purpose‑built industrial warehouse designed for distribution operations
- 16‑foot clear height ceiling
- Drive‑in big doors support warehouse loading access
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
$55,167
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
8.17%
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%
$1,103,340
$1.1M
Cap Rate 7%
$788,100
$788.1K
Cap Rate 9%
$612,967
$613.0K
Market Conditions
NOI Build-Up for 10,656 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
$81.8K $7.68/SF
− Vacancy
−$3.0K −$0.28/SF
EGI
$78.8K $7.40/SF
− OpEx
−$23.6K −$2.22/SF
NOI
$55.2K $5.18/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
30.00%
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%
$1,103,340
Cap Rate 7%
$788,100
Cap Rate 9%
$612,967
Alternative Uses
Best Use
Warehouse
$957.0K
$837.4K – $1.12M
NOI $66,989 @ 7.0% cap · market cap 9.92%
Second Best
Industrial
$788.1K
$689.6K – $919.5K
NOI $55,167 @ 7.0% cap · market cap 8.17%
Theoretical Best
Specialty Retail
$1.97M
$1.73M – $2.30M
NOI $138,102 @ 7.0% cap · market cap 20.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
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.
Frequently Asked Questions
What type of property is this?
Warehouse - Purpose-built facility supports distribution operations with drive-in loading access.
Where is this warehouse located?
The property is located at 2023720227 20237-20227 John R St Highland Park, MI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Purpose‑built industrial warehouse designed for distribution operations; 16‑foot clear height ceiling; Drive‑in big doors support warehouse loading access
