B2 Flex Industrial Building with Two
For Sale
Contact for pricing
22138 Fenkell Avenue, Detroit, MI 48223
Move-in ready flex building with two grade-level doors and an integrated office and apartment.
Property Size3,800 SF
Lot Size0.18 Acres
Price / SF$65.79
Days on Market56
Property Features for 22138 Fenkell Avenue
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.18 Acres
Property subtype
Industrial, Mixed Use
Zoning
B4
Investment Type
Owner/User
Additional Details
Fenced Yard
Yes
Drive-In Doors
2
Multifamily Units
1
Building Details
Year Built
1964
Stories
1
Tenancy
Single
Listing Agency:
Smitlen Commercial
Listed By:
Steven Leonard · License #MI 6502401122
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 11:33AM
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 Smitlen Commercial
Investment Insights
Based on property information with market context.
This move-in ready B2 flex industrial building offers 3,500 SF of warehouse and work space plus a front office with central air. The warehouse includes overhead radiant heat and two grade-level overhead doors for convenient loading and receiving. An integrated apartment is included, with a full kitchen and shower, supporting true live-work use.
The property is located at 22138 Fenkell Avenue in Detroit, Michigan 48223. The sale includes an additional fenced 4,000 SF lot alongside the 4,000 SF lot area, providing a total site size of 8,000 SF. The fenced yard can support equipment storage and material staging without relying on landlord permissions or lease renewals.
For contractors and small business operators seeking control of their operating space, ownership can replace ongoing rent with an asset that accommodates both work and daily living. The B2 zoning is positioned to support a broad range of commercial and light industrial uses, while the overhead heat, central office comfort, and door access help streamline day-to-day operations. An owner is open to land contract terms, which may broaden financing options for qualified buyers.
The property is located at 22138 Fenkell Avenue in Detroit, Michigan 48223. The sale includes an additional fenced 4,000 SF lot alongside the 4,000 SF lot area, providing a total site size of 8,000 SF. The fenced yard can support equipment storage and material staging without relying on landlord permissions or lease renewals.
For contractors and small business operators seeking control of their operating space, ownership can replace ongoing rent with an asset that accommodates both work and daily living. The B2 zoning is positioned to support a broad range of commercial and light industrial uses, while the overhead heat, central office comfort, and door access help streamline day-to-day operations. An owner is open to land contract terms, which may broaden financing options for qualified buyers.
Key Highlights
- 1964‑built 3,500 SF flex industrial building on an 8,000 SF total site
- Two grade‑level overhead doors in the warehouse for flexible loading access
- Overhead radiant heat in the warehouse plus front office with central air
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
$18,482
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
7.39%
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%
$369,640
$369.6K
Cap Rate 7%
$264,029
$264.0K
Cap Rate 9%
$205,356
$205.4K
Market Conditions
NOI Build-Up for 3,800 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
$27.8K $7.32/SF
− Vacancy
−$1.4K −$0.37/SF
EGI
$26.4K $6.95/SF
− OpEx
−$7.9K −$2.08/SF
NOI
$18.5K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /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%
$369,640
Cap Rate 7%
$264,029
Cap Rate 9%
$205,356
Alternative Uses
Best Use
Office B
$550.0K
$481.2K – $641.6K
NOI $38,498 @ 7.0% cap · market cap 15.40%
Second Best
Flex RnD
$389.6K
$340.9K – $454.5K
NOI $27,269 @ 7.0% cap · market cap 10.91%
Theoretical Best
Office A
$838.3K
$733.5K – $978.0K
NOI $58,681 @ 7.0% cap · market cap 23.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
1
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48223, MI
22,956
Population
11,264
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$42,324
Median Household Income
$30,119
Median Earnings
$1,013
Median Rent
$87,700
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready flex building with two grade-level doors and an integrated office and apartment.
Where is this flex space located?
The property is located at 22138 Fenkell Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1964‑built 3,500 SF flex industrial building on an 8,000 SF total site; Two grade‑level overhead doors in the warehouse for flexible loading access; Overhead radiant heat in the warehouse plus front office with central air
