Renovated Flex Space with Heavy
New
For Sale
$1,600,000
21380 Bridge St, Southfield, MI 48033
Renovated industrial facility combining warehouse, shop, and office areas with trailer storage and regional roadway access.
Property Size12,050 SF
Lot Size0.95 Acres
Price / SF$132.78
Days on Market3
Property Features for 21380 Bridge St
General Information
Standard status
Active
Size
12,050 SF
Class
B
Total Parking Spaces
32
Lot size
0.95 Acres
Property subtype
Warehouse
Warehouse & Industrial
Clear Height
16 ft
Warehouse Space
9,530 SF
Office Build-Out
2,520 SF
Drive-In Doors
1
Three-Phase Power
Yes
Heavy Power
Yes
Building Details
Building Size
12,050 SF
Year Built
1982
Year Renovated
2024
Buildings
1
Listing Agency:
P.A. Commercial Corporate & Investment Real Estate
(248) 358-0100
Listed By:
David Plumley · License #6502357441
(248) 358-0100
Source:
Thebrokerlist
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 12:33PM
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 P.A. Commercial Corporate & Investment Real Estate
Investment Insights
Based on property information with market context.
This 12,050-square-foot flex facility combines approximately 9,530 square feet of warehouse and shop area with 2,520 square feet of office space. Interior and exterior improvements were completed in 2024, and the building is 100% available for an owner-user. The industrial layout includes 16-foot clear height, a 12-foot by 14-foot grade-level overhead door, heavy 3-phase power, gas-forced-air shop heat, exhaust fans, and central HVAC serving the air-conditioned offices.
The property occupies approximately 0.95 acres and includes 32 surface parking spaces plus trailer parking. Located at 21380 Bridge St in Southfield, the facility is near 8 Mile Road and Telegraph Road, with access throughout Metro Detroit, Detroit, Oakland County, and surrounding suburban communities. The site supports industrial, warehouse, distribution, service, contractor, and light manufacturing operations identified in the property information.
The property occupies approximately 0.95 acres and includes 32 surface parking spaces plus trailer parking. Located at 21380 Bridge St in Southfield, the facility is near 8 Mile Road and Telegraph Road, with access throughout Metro Detroit, Detroit, Oakland County, and surrounding suburban communities. The site supports industrial, warehouse, distribution, service, contractor, and light manufacturing operations identified in the property information.
Key Highlights
- 12,050 SF flex facility with 9,530 SF of warehouse/shop space and 2,520 SF of office
- Renovated inside and out in 2024; 100% available for an owner‑user
- 16' clear height with one 12' x 14' grade‑level overhead door
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
$124,631
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
7.79%
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%
$2,492,620
$2.5M
Cap Rate 7%
$1,780,443
$1.8M
Cap Rate 9%
$1,384,789
$1.4M
Market Conditions
NOI Build-Up for 12,050 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
$216.9K $18.00/SF
− Vacancy
−$25.2K −$2.09/SF
EGI
$191.7K $15.91/SF
− OpEx
−$67.1K −$5.57/SF
NOI
$124.6K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /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%
$2,492,620
Cap Rate 7%
$1,780,443
Cap Rate 9%
$1,384,789
Alternative Uses
Best Use
Flex RnD
$1.78M
$1.56M – $2.08M
NOI $124,631 @ 7.0% cap · market cap 7.79%
Second Best
Warehouse
$1.04M
$906.2K – $1.21M
NOI $72,497 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$2.60M
$2.27M – $3.03M
NOI $181,936 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48033, MI
17,207
Population
9,198
Households
1.9
Avg Household Size
47
Median Age
33%
College-Educated
93%
High-School Grad
9.1 sq mi
ZIP Area
1,891
Density / Sq Mi
$55,599
Median Household Income
$45,192
Median Earnings
$1,242
Median Rent
$195,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated industrial facility combining warehouse, shop, and office areas with trailer storage and regional roadway access.
Where is this flex space located?
The property is located at 21380 Bridge St Southfield, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 12,050 SF flex facility with 9,530 SF of warehouse/shop space and 2,520 SF of office; Renovated inside and out in 2024; 100% available for an owner‑user; 16' clear height with one 12' x 14' grade‑level overhead door
