Professional Office
New
For Sale
$450,000
22815 Kelly Road, Eastpointe, MI 48021
COM/IND/BUS OPP, Eastpointe, MI
Property Size5,166 SF
Lot Size0.60 Acres
Price / SF$87.11
Days on Market2
Property Features for 22815 Kelly Road
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Main Street
Subdivision
Eastpointe (50026)
Standard status
Active
APN
02-14-29-480-002
Size
5,166 SF
Lot size
0.60 Acres
Utilities
Heating system
Forced Air
Water source
Public
Amenities
legal library / conference room
full kitchen
Building Details
Year built
1970
Roof type
Shingle
Listing Agency:
Pilot Property Group - Residential LLC
(586) 254-0900
Listed By:
Anthony Rubino · License #6502425251
(586) 873-5419
Added: Aug 25
Last Checked: Aug 26 at 8:06AM
MLS# 50219683
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,166-square-foot office building, constructed in 1970, provides seven private offices along with a large library and conference area. The interior also includes a full kitchen and four restrooms, with furniture available for the offices. Forced-air heating, a shingle roof, and public water service are in place. The property occupies 0.6 acres and is configured for professional office use.
Positioned along Kelly Road in Eastpointe, the building offers exposure to a main road and quick access to I-94. Mixed-use zoning supports the property's stated commercial-office profile. The existing layout is suited to an organization seeking multiple private work areas and shared meeting and support spaces.
Positioned along Kelly Road in Eastpointe, the building offers exposure to a main road and quick access to I-94. Mixed-use zoning supports the property's stated commercial-office profile. The existing layout is suited to an organization seeking multiple private work areas and shared meeting and support spaces.
Key Highlights
- 5,166‑square‑foot office building on 0.6 acres
- Seven move‑in‑ready private offices; furniture is available
- Large library and conference area, full kitchen, and 4 restrooms
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
$17,784
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
3.95%
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%
$355,680
$355.7K
Cap Rate 7%
$254,057
$254.1K
Cap Rate 9%
$197,600
$197.6K
Market Conditions
NOI Build-Up for 5,166 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
$31.0K $6.00/SF
− Vacancy
−$7.3K −$1.41/SF
EGI
$23.7K $4.59/SF
− OpEx
−$5.9K −$1.15/SF
NOI
$17.8K $3.44/SF
Area
Macomb 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%
$355,680
Cap Rate 7%
$254,057
Cap Rate 9%
$197,600
Alternative Uses
Best Use
Office B
$254.1K
$222.3K – $296.4K
NOI $17,784 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$967.2K
$846.3K – $1.13M
NOI $67,701 @ 7.0% cap · market cap 15.04%
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
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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 - Move-in-ready workspace offers private offices, a conference area, kitchen, restrooms, and mixed-use zoning.
Where is this office building located?
The property is located at 22815 Kelly Road Eastpointe, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 5,166‑square‑foot office building on 0.6 acres; Seven move‑in‑ready private offices; furniture is available; Large library and conference area, full kitchen, and 4 restrooms
