Manufacturing Building with Heavy
For Sale
$3,700,000
23600 Schoenherr Road, Warren, MI 48089
Large industrial facility with cranes, overhead doors, truck access, and flexible space for multiple operations.
Property Size47,544 SF
Price / SF$77.82
Days on Market135
Property Features for 23600 Schoenherr Road
General Information
Standard status
Active
Size
47,544 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
17 ft
Power
3,000 amps
Voltage
480 V
Three-Phase Power
Yes
Heavy Power
Yes
Sprinkler System
Yes
Building Details
Building Size
47,544 SF
Year Renovated
2025
Buildings
1
Listing Agency:
NAI Farbman
Listed By:
Brenda Asmar · License #451294
(248) 353-0500
Source:
Naiglobal
Added: Apr 22
Changed: Sep 2
Last Checked: Sep 2 at 3:18PM
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 NAI Farbman
Investment Insights
Based on property information with market context.
This manufacturing property includes a 47,544-square-foot industrial building configured for substantial operational use. Improvements include a new roof completed in 2025, five cranes, three overhead doors, one interior truck well, and 12'-17' clear ceiling heights. The building is fully sprinklered and has new heating units in the main room. Heavy electrical service consists of 3000A, 480V, 3-phase power.
The property also includes excess parcel land that can support overflow parking or other uses. Located at 23600 Schoenherr Road in Warren, Michigan, the facility offers access to major transportation routes and is positioned within an established industrial area. The surrounding area includes dining, retail, and recreational amenities.
The property also includes excess parcel land that can support overflow parking or other uses. Located at 23600 Schoenherr Road in Warren, Michigan, the facility offers access to major transportation routes and is positioned within an established industrial area. The surrounding area includes dining, retail, and recreational amenities.
Key Highlights
- 47,544 SF manufacturing and industrial building
- New roof completed in 2025
- 3000A/480V 3‑phase heavy power
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
$244,248
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
6.60%
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%
$4,884,960
$4.9M
Cap Rate 7%
$3,489,257
$3.5M
Cap Rate 9%
$2,713,867
$2.7M
Market Conditions
NOI Build-Up for 47,544 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
$365.1K $7.68/SF
− Vacancy
−$16.2K −$0.34/SF
EGI
$348.9K $7.34/SF
− OpEx
−$104.7K −$2.20/SF
NOI
$244.2K $5.14/SF
Area
Warren, MI
Vacancy
4.44%
Lease Rate
$7.68 /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%
$4,884,960
Cap Rate 7%
$3,489,257
Cap Rate 9%
$2,713,867
Alternative Uses
Best Use
Industrial
$3.49M
$3.05M – $4.07M
NOI $244,248 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.49M
$9.18M – $12.24M
NOI $734,187 @ 7.0% cap · market cap 19.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Large industrial facility with cranes, overhead doors, truck access, and flexible space for multiple operations.
Where is this manufacturing property located?
The property is located at 23600 Schoenherr Road Warren, MI.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 47,544 SF manufacturing and industrial building; New roof completed in 2025; 3000A/480V 3‑phase heavy power
