Versatile Commercial Property
For Sale
$350,000
21910 Greenfield Road, Oak Park, MI 48237
Commercial property near Northland redevelopment, great for investment.
Property Size3,390 SF
Price / SF$103.24
Days on Market215
Property Features for 21910 Greenfield Road
General Information
Standard status
Active
Size
3,390 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Contract, Conventional
Taxes and HOA fees
Annual Taxes
$5,051
Building Details
Building Size
3,390 SF
Year Built
1963
Listing Agency:
Community Choice Realty Inc
(248) 897-0990
Listed By:
Rerhi Onomake
(248) 897-0990
Source:
Sabudarealty
Added: Jan 21
Changed: Aug 23
Last Checked: Aug 23 at 8:36AM
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 Community Choice Realty Inc
Investment Insights
Based on property information with market context.
This commercial property offers exceptional potential and is currently configured as individual office suites, presenting a blank canvas for customization. The property is located in close proximity to the Northland redevelopment, where the historic Hudson's building is planned to become a premier food and entertainment complex, along with condos and apartments. This location is expected to become a neighborhood hub. The property is also minutes from Providence Hospital. The building requires updates, offering the chance to customize and build immediate equity. The current suite splits offer rental flexibility. The average daily traffic count is approximately 36,561. The bike score is 46, indicating it is somewhat bikeable, and the walk score is 62, meaning it is somewhat walkable. The buyer must agree to accept responsibility for any Certificate of Compliance requirements. Land contract is available with terms of 25% down, amortization TBD, and a 5-year balloon payment. The land contract price will be more than the cash or finance price.
Key Highlights
- High Average Daily Traffic (approx. 36,561) offers excellent visibility.
- Close proximity to Northland redevelopment (Hudson's project) promises future growth.
- Land contract available (25% down, amortization TBD, 5‑year balloon payment).
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
$11,670
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
3.33%
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%
$233,400
$233.4K
Cap Rate 7%
$166,714
$166.7K
Cap Rate 9%
$129,667
$129.7K
Market Conditions
NOI Build-Up for 3,390 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
$20.3K $6.00/SF
− Vacancy
−$4.8K −$1.41/SF
EGI
$15.6K $4.59/SF
− OpEx
−$3.9K −$1.15/SF
NOI
$11.7K $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%
$233,400
Cap Rate 7%
$166,714
Cap Rate 9%
$129,667
Alternative Uses
Best Use
Office B
$166.7K
$145.9K – $194.5K
NOI $11,670 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$731.2K
$639.8K – $853.1K
NOI $51,184 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,334
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Commercial property near Northland redevelopment, great for investment.
Where is this office units located?
The property is located at 21910 Greenfield Road Oak Park, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: High Average Daily Traffic (approx. 36,561) offers **excellent visibility**.; Close proximity to Northland redevelopment (Hudson's project) **promises future growth**.; Land contract available (25% down, amortization TBD, 5‑year balloon payment).
