Duplex with Contractor Overhead
For Sale
$750,000
21550 - 21564 Groesbeck Hwy, Warren, MI 48089
Duplex includes two apartment units above and four overhead doors on a gated, fenced lot with freeway access.
Property Size12,164 SF
Price / SF$61.66
Days on Market198
Property Features for 21550 - 21564 Groesbeck Hwy
General Information
Standard status
Active
Size
12,164 SF
Property subtype
Industrial
Zoning
M-1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Building Size
12,164 SF
Listing Agency:
Burger & Company
Listed By:
Joseph G Pellerito
(248) 417-8246
Source:
Cpix.resimplifi
Added: Feb 20
Changed: Sep 2
Last Checked: Sep 6 at 3:48AM
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 Burger & Company
Investment Insights
Based on property information with market context.
This duplex offers a mixed layout with two residential apartment units located above the main use area. The property includes two addresses: 21550 Groesbeck Hwy with approximately 6,000 square feet and 21564 Groesbeck Hwy with approximately 6,164 square feet. The seller would consider leasing back 21550 Groesbeck Hwy. Ideal for a contractor or owner-user looking to combine residential income with flexible operational space.
The site is described as high visibility, with a gated, fenced lot and freeway accessibility. There are four overhead doors on the property: two doors sized 9’x10’, one door sized 10’x12’, and one door sized 16’x9’. The configuration supports practical loading and service access for a variety of day-to-day uses.
With residential units above and overhead door access below, this property is set up to accommodate both income-producing living space and hands-on operational needs in a single offering.
The site is described as high visibility, with a gated, fenced lot and freeway accessibility. There are four overhead doors on the property: two doors sized 9’x10’, one door sized 10’x12’, and one door sized 16’x9’. The configuration supports practical loading and service access for a variety of day-to-day uses.
With residential units above and overhead door access below, this property is set up to accommodate both income-producing living space and hands-on operational needs in a single offering.
Key Highlights
- Duplex with two residential apartment units above
- Approximately 6,000 SF (21550 Groesbeck) and 6,164 SF (21564 Groesbeck)
- Gated, fenced lot with freeway accessibility
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
$62,490
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
8.33%
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%
$1,249,800
$1.2M
Cap Rate 7%
$892,714
$892.7K
Cap Rate 9%
$694,333
$694.3K
Market Conditions
NOI Build-Up for 12,164 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
$93.4K $7.68/SF
− Vacancy
−$4.1K −$0.34/SF
EGI
$89.3K $7.34/SF
− OpEx
−$26.8K −$2.20/SF
NOI
$62.5K $5.14/SF
Area
Warren, MI
Vacancy
4.44%
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%
$1,249,800
Cap Rate 7%
$892,714
Cap Rate 9%
$694,333
Alternative Uses
Best Use
Flex RnD
$1.78M
$1.56M – $2.08M
NOI $124,861 @ 7.0% cap · market cap 16.65%
Second Best
Multifamily LT 5
$1.71M
$1.49M – $1.99M
NOI $119,420 @ 7.0% cap · market cap 15.92%
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,840 @ 7.0% cap · market cap 25.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 48089, MI
32,012
Population
13,597
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
83%
High-School Grad
8.0 sq mi
ZIP Area
4,002
Density / Sq Mi
$53,076
Median Household Income
$35,786
Median Earnings
$1,187
Median Rent
$117,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex includes two apartment units above and four overhead doors on a gated, fenced lot with freeway access.
Where is this duplex located?
The property is located at 21550 - 21564 Groesbeck Hwy Warren, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Duplex with two residential apartment units above; Approximately 6,000 SF (21550 Groesbeck) and 6,164 SF (21564 Groesbeck); Gated, fenced lot with freeway accessibility
