Warehouse with Overhead
New
For Sale
$295,000
23836 Hoover Rd, Warren, MI 48089
M2-zoned industrial building with fenced yard, dedicated office areas, and automotive or industrial use potential.
Property Size2,204 SF
Lot Size0.25 Acres
Price / SF$133.85
Days on Market3
Property Features for 23836 Hoover Rd
General Information
Standard status
Active
Size
2,204 SF
Total Parking Spaces
25
Lot size
0.25 Acres
Property subtype
Warehouse
Zoning
M2 Industrial
Site & Location
Traffic Count
18,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
10.5 ft
Warehouse Space
1,954 SF
Drive-In Doors
2
Power
200 amps
Additional Details
Opportunity Zone
Yes
Amenities
overhead doors
fenced lot
lobby
office
restroom
shop warehouse
200 amp power
10.5' clear height
Building Details
Building Size
2,204 SF
Year Built
1974
Buildings
1
Listing Agency:
P.A. Commercial Corporate & Investment Real Estate
(248) 358-0100
Listed By:
Kevin Bull
(248) 358-0100
Source:
Thebrokerlist
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 4:40AM
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 P.A. Commercial Corporate & Investment Real Estate
Investment Insights
Based on property information with market context.
This 2,204-square-foot warehouse includes 1,954 square feet of shop area, a lobby, a large office, and a restroom. Two overhead doors, 10.5-foot clear height, 200-amp power, and a gated rear lot support a range of industrial operations. The property was built in 1974 and includes parking for 25 vehicles on a 0.25-acre site.
Located on Hoover Road between 9 Mile and 10 Mile in Warren, the building is positioned within an established heavy industrial area. Access to I-696 and I-75, along with proximity to the General Motors Technical Center, U.S. Army Tank Command, Chrysler Stellantis facilities, and Macomb Community College, places the property near major employment and institutional centers. The site is designated M2 Industrial and lies within an Opportunity Zone.
Located on Hoover Road between 9 Mile and 10 Mile in Warren, the building is positioned within an established heavy industrial area. Access to I-696 and I-75, along with proximity to the General Motors Technical Center, U.S. Army Tank Command, Chrysler Stellantis facilities, and Macomb Community College, places the property near major employment and institutional centers. The site is designated M2 Industrial and lies within an Opportunity Zone.
Key Highlights
- 2,204 SF warehouse with 1,954 SF of shop space
- Two overhead doors and 10.5' clear height
- 200 amp power service
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
$27,146
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
9.20%
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%
$542,920
$542.9K
Cap Rate 7%
$387,800
$387.8K
Cap Rate 9%
$301,622
$301.6K
Market Conditions
NOI Build-Up for 2,204 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
$41.0K $18.60/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$38.8K $17.60/SF
− OpEx
−$11.6K −$5.28/SF
NOI
$27.1K $12.32/SF
Area
Warren, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$542,920
Cap Rate 7%
$387,800
Cap Rate 9%
$301,622
Alternative Uses
Best Use
Retail
$387.8K
$339.3K – $452.4K
NOI $27,146 @ 7.0% cap · market cap 9.20%
Second Best
Flex RnD
$323.2K
$282.8K – $377.1K
NOI $22,624 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$486.2K
$425.4K – $567.3K
NOI $34,035 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10 ft
Clear height
2
Drive-in doors
18,000 VPD
Traffic count
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Balanced
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 - M2-zoned industrial building with fenced yard, dedicated office areas, and automotive or industrial use potential.
Where is this warehouse located?
The property is located at 23836 Hoover Rd Warren, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,204 SF warehouse with 1,954 SF of shop space; Two overhead doors and 10.5' clear height; 200 amp power service
