Versatile Studio Office
23924 Michigan Ave Dearborn, MI 48124
23924 Michigan Ave, Dearborn, MI, 48124
$324,900
Pending
For Sale
$324,900
Pending
Property includes an open floor plan with hardwood flooring plus office and utility room space.
Property Size1,408 SF
Days on Market74
Property Features for 23924 Michigan Ave
General Information
- Standard status
- Pending
- Size
- 1,408 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1955
Listing agency
(313) 274-1700
Listed by
Edward J Noomie
(313) 274-1700
Source
Elliman
Added: May 9 Updated: Jul 20 at 4:39PM Checked: Jul 20 at 4:39PM
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 Edward J Noomie
Investment Insights
Based on property information with market context.
This commercial building is currently configured as a martial arts studio and features an open floor plan with hardwood flooring. The property includes approximately 1,240 sq. ft. of open space along with about 168 sq. ft. of office space and utility room space, offering flexibility for a variety of commercial uses.
The asset is located on Michigan Avenue at Telegraph in a high-traffic area. Parking is available in the rear of the building through ample city-owned parking.
The interior layout is designed for an open, flexible tenant environment, with additional enclosed office and utility space to support day-to-day operations. The building can be remodeled to fit future needs.
The asset is located on Michigan Avenue at Telegraph in a high-traffic area. Parking is available in the rear of the building through ample city-owned parking.
The interior layout is designed for an open, flexible tenant environment, with additional enclosed office and utility space to support day-to-day operations. The building can be remodeled to fit future needs.
Key Highlights
- 1955‑built West Dearborn commercial building with an open floor plan and hardwood flooring
- 1240 sq ft open floor space plus 168 sq ft office and utility room space
- Former martial arts studio layout with an open plan that can support multiple business uses
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.7k | $18.96 |
| − Vacancy | −$6.0k | −$4.27 |
| EGI | $20.7k | $14.69 |
| − OpEx | −$5.2k | −$3.67 |
| NOI | $15.5k | $11.02 |
1,408 SF · lease $18.96/SF/yr · vacancy 22.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$221.7K
$194.0K – $258.6K
NOI $15,517 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$310.6K
$271.8K – $362.4K
NOI $21,743 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
School of Martial Arts ...
Training Center
Similar For Sale Nearby
Similar Off Market Nearby
- Athletica Womens Fitness Club — 23080 Michigan Ave, Dearborn, MI 48124
- schollenberger tang soo do — 2727 S Gulley Rd, Dearborn, MI 48124
- RE24 | Red Effect Infrared Fitness — 23636 Michigan Ave, Dearborn, MI 48124
- Infinite Athlete Fitness Studio — 23420 Harvard St, Dearborn, MI 48124
- Kerri A. Burke, ATC — 24918 Oxford St, Dearborn, MI 48124
FAQs
What type of property is this?
Fitness center & gym - Property includes an open floor plan with hardwood flooring plus office and utility room space.
Where is this fitness center & gym located?
The property is located at 23924 Michigan Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1955‑built West Dearborn commercial building with an open floor plan and hardwood flooring; 1240 sq ft open floor space plus 168 sq ft office and utility room space; Former martial arts studio layout with an open plan that can support multiple business uses
