Updated Office
New
For Sale
$399,800
22655 S Chrysler Drive, Hazel Park, MI 48030
Brick-and-block office property with flexible interior layout, dedicated parking, and convenient regional highway access.
Property Size3,644 SF
Days on Market6
Property Features for 22655 S Chrysler Drive
General Information
Standard status
Active
Size
3,644 SF
Total Parking Spaces
13
Property subtype
Commercial
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
3,644 SF
Year Built
1956
Buildings
1
Construction
brick & block
Listing Agency:
Real Estate One Chesterfield
(586) 598-1400
Listed By:
Jennifer Caira-Lauff
Source:
Thebrokeragehouse
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 23 at 3:21AM
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 Chesterfield
Investment Insights
Based on property information with market context.
This 3,644-square-foot office building was constructed in 1956 and features brick-and-block construction, a large lobby or foyer, conference room, storage areas, and space for up to 10 offices. The property also includes three bathrooms, including one with a shower, plus a kitchen equipped with cabinetry, countertops, refrigerator, sink, and dishwasher. Interior improvements include vinyl flooring, newer carpet, an updated foyer with a ledgerstone wall, and updated electrical service.
Two high-efficiency furnaces and the central air system were installed in 2018. Roof sections were replaced in 2025 and 2012, while the windows date to 2012. Thirteen parking spaces are located behind the building off Otis, with access to the service drive and nearby connections to I-696 and I-75.
Two high-efficiency furnaces and the central air system were installed in 2018. Roof sections were replaced in 2025 and 2012, while the windows date to 2012. Thirteen parking spaces are located behind the building off Otis, with access to the service drive and nearby connections to I-696 and I-75.
Key Highlights
- 3,644 SF office building on Chrysler Drive
- 13 parking spots behind the building off Otis
- Interior layout supports up to 10 offices, lobby, conference room, and storage areas
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
$12,544
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
3.14%
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%
$250,880
$250.9K
Cap Rate 7%
$179,200
$179.2K
Cap Rate 9%
$139,378
$139.4K
Market Conditions
NOI Build-Up for 3,644 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
$21.9K $6.00/SF
− Vacancy
−$5.1K −$1.41/SF
EGI
$16.7K $4.59/SF
− OpEx
−$4.2K −$1.15/SF
NOI
$12.5K $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%
$250,880
Cap Rate 7%
$179,200
Cap Rate 9%
$139,378
Alternative Uses
Best Use
Office B
$179.2K
$156.8K – $209.1K
NOI $12,544 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$786.0K
$687.7K – $917.0K
NOI $55,019 @ 7.0% cap · market cap 13.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
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 building - Brick-and-block office property with flexible interior layout, dedicated parking, and convenient regional highway access.
Where is this office building located?
The property is located at 22655 S Chrysler Drive Hazel Park, MI.
What is the asking price?
The asking price for this property is $399,800.
What are key features of this property?
This property features: 3,644 SF office building on Chrysler Drive; 13 parking spots behind the building off Otis; Interior layout supports up to 10 offices, lobby, conference room, and storage areas
