Fire-Suppressed
For Sale
$4,700,000
22700 Heslip Dr, Novi, MI 48375
I-1-zoned warehouse with multiple loading docks and a fully fire-suppressed building.
Property Size44,474 SF
Lot Size4.63 Acres
Price / SF$105.68
Days on Market315
Property Features for 22700 Heslip Dr
General Information
Standard status
Active
Size
44,474 SF
Lot size
4.63 Acres
Property subtype
Industrial
Zoning
I-1
Warehouse & Industrial
Clear Height
21 ft
Dock-High Doors
4
Sprinkler System
Yes
Building Details
Building Size
44,474 SF
Listing Agency:
Colliers
Listed By:
Joe Royer
(248) 226-1628
Source:
Cpix.resimplifi
Added: Oct 28, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:50PM
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 Colliers
Investment Insights
Based on property information with market context.
This warehouse property encompasses 4.63 acres and includes four loading docks, providing dedicated loading infrastructure for commercial operations. The building offers 21 feet of clear height and is fully fire suppressed.
Located at 22700 Heslip Dr in Novi, Michigan, the property carries I-1 zoning. Its warehouse configuration, loading capacity, and substantial site area support a range of industrial uses consistent with the stated zoning.
Located at 22700 Heslip Dr in Novi, Michigan, the property carries I-1 zoning. Its warehouse configuration, loading capacity, and substantial site area support a range of industrial uses consistent with the stated zoning.
Key Highlights
- 4.63 acres
- 4 loading docks
- 21’ clear height
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
$267,571
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
5.69%
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%
$5,351,420
$5.4M
Cap Rate 7%
$3,822,443
$3.8M
Cap Rate 9%
$2,973,011
$3.0M
Market Conditions
NOI Build-Up for 44,474 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
$326.9K $7.35/SF
− Vacancy
−$12.1K −$0.27/SF
EGI
$314.8K $7.08/SF
− OpEx
−$47.2K −$1.06/SF
NOI
$267.6K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
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%
$5,351,420
Cap Rate 7%
$3,822,443
Cap Rate 9%
$2,973,011
Alternative Uses
Best Use
Warehouse
$3.82M
$3.34M – $4.46M
NOI $267,571 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.59M
$8.39M – $11.19M
NOI $671,486 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
4
Dock-high doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48375, MI
23,237
Population
10,223
Households
2.3
Avg Household Size
40
Median Age
63%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$112,978
Median Household Income
$70,326
Median Earnings
$1,880
Median Rent
$348,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- U-Haul Self Storage — 21650 Novi Rd, Novi, MI 48375
- Storage of America — 22222 Roethel Dr, Novi, MI 48375
- Mo`s Moving Company — 22222 roethel dr b102, novi, mi 48375
Frequently Asked Questions
What type of property is this?
Warehouse - I-1-zoned warehouse with multiple loading docks and a fully fire-suppressed building.
Where is this warehouse located?
The property is located at 22700 Heslip Dr Novi, MI.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 4.63 acres; 4 loading docks; 21’ clear height
