Freestanding Industrial Warehouse with Overhead
For Sale
$699,999
23515 Blackstone Ave, Warren, MI 48089
M-2 zoned freestanding warehouse with separately addressed suites and multiple overhead doors for flexible industrial use.
Property Size6,400 SF
Days on Market14
Property Features for 23515 Blackstone Ave
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Commercial
Zoning
M-2
Warehouse & Industrial
Clear Height
11 ft
Drive-In Doors
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,453
Building Details
Building Size
6,400 SF
Year Built
1965
Listing Agency:
C3 CRE, LLC
(248) 220-1110
Listed By:
Corbin Yaldoo · License #6502431997
(248) 220-1110
Source:
Elliman
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 10 at 7:43AM
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 C3 CRE, LLC
Investment Insights
Based on property information with market context.
Freestanding industrial warehouse built in 1965 with two separately addressed suites that can be occupied independently or combined for a single user. The property is zoned M-2, supporting a wide range of industrial and commercial uses, and it features a functional industrial configuration with three overhead doors and approximately 11-foot clear ceiling heights.
The site is located within a designated cannabis Green Zone and is eligible for Adult-Use Cultivation and Processing, subject to the operator applying for its own municipal licensing and approvals. Access is supported by convenient connections to multiple freeways, including I-696, I-94, M-53 (Van Dyke Avenue), and M-97 (Groesbeck Highway), providing strong regional connectivity.
Two-suite flexibility can help accommodate different operating needs, while the overhead-door driven layout supports a variety of warehouse and light industrial applications consistent with the site’s zoning.
The site is located within a designated cannabis Green Zone and is eligible for Adult-Use Cultivation and Processing, subject to the operator applying for its own municipal licensing and approvals. Access is supported by convenient connections to multiple freeways, including I-696, I-94, M-53 (Van Dyke Avenue), and M-97 (Groesbeck Highway), providing strong regional connectivity.
Two-suite flexibility can help accommodate different operating needs, while the overhead-door driven layout supports a variety of warehouse and light industrial applications consistent with the site’s zoning.
Key Highlights
- Two separately addressed suites that can be occupied independently or combined
- Zoned M‑2 with a wide range of industrial and commercial uses
- Eligible for Adult‑Use Cultivation and Processing within a cannabis Green Zone
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
$39,924
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
5.70%
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%
$798,480
$798.5K
Cap Rate 7%
$570,343
$570.3K
Cap Rate 9%
$443,600
$443.6K
Market Conditions
NOI Build-Up for 6,400 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
$49.2K $7.68/SF
− Vacancy
−$2.2K −$0.34/SF
EGI
$47.0K $7.34/SF
− OpEx
−$7.0K −$1.10/SF
NOI
$39.9K $6.24/SF
Area
Warren, MI
Vacancy
4.44%
Lease Rate
$7.68 /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%
$798,480
Cap Rate 7%
$570,343
Cap Rate 9%
$443,600
Alternative Uses
Best Use
Warehouse
$570.3K
$499.1K – $665.4K
NOI $39,924 @ 7.0% cap · market cap 5.70%
Second Best
Industrial
$469.7K
$411.0K – $548.0K
NOI $32,879 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,831 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
3
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48089, MI
32,012
Population
13,597
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
83%
High-School Grad
8.0 sq mi
ZIP Area
4,002
Density / Sq Mi
$53,076
Median Household Income
$35,786
Median Earnings
$1,187
Median Rent
$117,300
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - M-2 zoned freestanding warehouse with separately addressed suites and multiple overhead doors for flexible industrial use.
Where is this warehouse located?
The property is located at 23515 Blackstone Ave Warren, MI.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Two separately addressed suites that can be occupied independently or combined; Zoned M‑2 with a wide range of industrial and commercial uses; Eligible for Adult‑Use Cultivation and Processing within a cannabis Green Zone
