Clear-Span Industrial
For Sale
Contact for pricing
23680 Research Drive, Farmington Hills, MI 48335
Industrial warehouse with dedicated office space, overhead cranes, secured yard, and substantial electrical capacity.
Property Size25,752 SF
Price / SF$124.26
Days on Market14
Property Features for 23680 Research Drive
General Information
Standard status
Active
Size
25,752 SF
Total Parking Spaces
48
Property subtype
Industrial
Warehouse & Industrial
Clear Height
42 ft
Clear Span
Yes
Office Build-Out
3,228 SF
Drive-In Doors
6
Power
1,000 amps
Voltage
480 V
Additional Details
Fenced Yard
Yes
Building Details
Building Size
25,752 SF
Listing Agency:
Cushman & Wakefield - Detroit - Southfield, Michigan
Listed By:
Kyle Passage · License #6501406372
(248) 358-6113
Source:
Crexi
Added: Sep 1
Changed: Sep 9
Last Checked: Sep 13 at 7:18AM
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 Cushman & Wakefield - Detroit - Southfield, Michigan
Investment Insights
Based on property information with market context.
This 25,752-square-foot warehouse property combines a clear-span industrial area with 3,228 square feet of office space. The facility provides 42-foot clear height, six grade-level doors measuring 14 feet by 16 feet, and two overhead cranes rated at 10 and 20 tons. Electrical service includes 1,000 amps at 480 volts.
The property also includes 48 parking spaces and a fenced lot. Its Farmington Hills setting provides access to major area freeways, supporting industrial operations that require warehouse volume, loading access, crane capacity, and office functionality.
The property also includes 48 parking spaces and a fenced lot. Its Farmington Hills setting provides access to major area freeways, supporting industrial operations that require warehouse volume, loading access, crane capacity, and office functionality.
Key Highlights
- 25,752 SF industrial warehouse with 3,228 SF of office space
- 42' clear height in the warehouse area
- Six grade‑level doors measuring 14' x 16'
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
$154,933
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
4.84%
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%
$3,098,660
$3.1M
Cap Rate 7%
$2,213,329
$2.2M
Cap Rate 9%
$1,721,478
$1.7M
Market Conditions
NOI Build-Up for 25,752 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
$189.3K $7.35/SF
− Vacancy
−$7.0K −$0.27/SF
EGI
$182.3K $7.08/SF
− OpEx
−$27.3K −$1.06/SF
NOI
$154.9K $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%
$3,098,660
Cap Rate 7%
$2,213,329
Cap Rate 9%
$1,721,478
Alternative Uses
Best Use
Warehouse
$2.21M
$1.94M – $2.58M
NOI $154,933 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.55M
$4.86M – $6.48M
NOI $388,814 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
42 ft
Clear height
6
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48335, MI
25,618
Population
11,964
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
7.2 sq mi
ZIP Area
3,558
Density / Sq Mi
$96,359
Median Household Income
$66,646
Median Earnings
$1,451
Median Rent
$366,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse with dedicated office space, overhead cranes, secured yard, and substantial electrical capacity.
Where is this warehouse located?
The property is located at 23680 Research Drive Farmington Hills, MI.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 25,752 SF industrial warehouse with 3,228 SF of office space; 42' clear height in the warehouse area; Six grade‑level doors measuring 14' x 16'
