Gutted Mixed-Use Development
For Sale
Contact for pricing
21590 Greenfield Road, Oak Park, MI 48237
12,456 sq. ft. building with a new roof and B-2 zoning for flexible commercial or mixed-use development.
Property Size12,456 SF
Price / SF$48.57
Days on Market338
Property Features for 21590 Greenfield Road
General Information
Standard status
Active
Size
12,456 SF
Property subtype
Multifamily, Office
Zoning
B-2
Building Details
Year Built
1961
Listing Agency:
Real Estate One
Listed By:
Melisa Little · License #6501410618
Source:
Crexi
Added: Sep 8, 2025
Changed: Aug 8
Last Checked: Aug 11 at 12:37PM
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
Investment Insights
Based on property information with market context.
This mixed-use commercial building totals 12,456 sq. ft. and is currently gutted, offering a clean interior for a new buildout. A brand-new roof has recently been installed, helping reduce near-term exterior replacement needs while the property is repositioned for its next use.
The property is located at 21590 Greenfield Road in Oak Park, MI 48237, directly across the street from the $400 million Northland Development Project. The proximity to an active redevelopment site supports visibility for a range of neighborhood-oriented concepts, while the B-2 zoning provides flexibility for how the site can be programmed.
B-2 zoning is approved for commercial or mixed-use development, allowing ground-floor retail with upper-level residential, or an all-commercial configuration such as retail and office space. The existing gutted condition can help streamline a tenant or owner’s design and permitting approach compared with properties that require extensive interior demolition. The building’s renovation-ready state, combined with the recently replaced roof, makes it a practical choice for developers, investors, or operators looking to build out a customized retail or mixed-use product.
The property is located at 21590 Greenfield Road in Oak Park, MI 48237, directly across the street from the $400 million Northland Development Project. The proximity to an active redevelopment site supports visibility for a range of neighborhood-oriented concepts, while the B-2 zoning provides flexibility for how the site can be programmed.
B-2 zoning is approved for commercial or mixed-use development, allowing ground-floor retail with upper-level residential, or an all-commercial configuration such as retail and office space. The existing gutted condition can help streamline a tenant or owner’s design and permitting approach compared with properties that require extensive interior demolition. The building’s renovation-ready state, combined with the recently replaced roof, makes it a practical choice for developers, investors, or operators looking to build out a customized retail or mixed-use product.
Key Highlights
- 12,456 sq. ft. commercial building (Year built 1961) with B‑2 zoning for commercial or mixed‑use development.
- Brand‑new roof recently installed.
- Property is currently gutted, offering a clean slate for redevelopment.
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
$42,880
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
7.09%
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%
$857,600
$857.6K
Cap Rate 7%
$612,571
$612.6K
Cap Rate 9%
$476,444
$476.4K
Market Conditions
NOI Build-Up for 12,456 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
$74.7K $6.00/SF
− Vacancy
−$17.6K −$1.41/SF
EGI
$57.2K $4.59/SF
− OpEx
−$14.3K −$1.15/SF
NOI
$42.9K $3.44/SF
Area
Oakland 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%
$857,600
Cap Rate 7%
$612,571
Cap Rate 9%
$476,444
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,788 @ 7.0% cap · market cap 25.25%
Second Best
Retail
$1.91M
$1.68M – $2.23M
NOI $134,032 @ 7.0% cap · market cap 22.15%
Theoretical Best
Specialty Retail
$2.69M
$2.35M – $3.13M
NOI $188,066 @ 7.0% cap · market cap 31.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
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?
Mixed-use property - 12,456 sq. ft. building with a new roof and B-2 zoning for flexible commercial or mixed-use development.
Where is this mixed-use property located?
The property is located at 21590 Greenfield Road Oak Park, MI.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: 12,456 sq. ft. commercial building (Year built 1961) with B‑2 zoning for commercial or mixed‑use development.; Brand‑new roof recently installed.; Property is currently gutted, offering a clean slate for redevelopment.
