Renovated Office
For Sale
$489,900
Pending
23930 Michigan Ave, Dearborn, MI 48124
Multiple private offices, reception space, and on-site parking support professional operations.
Property Size2,586 SF
Days on Market205
Property Features for 23930 Michigan Ave
General Information
Standard status
Pending
Size
2,586 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,475
Amenities
private offices
reception area
Building Details
Building Size
2,586 SF
Year Built
1942
Year Renovated
2020
Listing Agency:
Century 21 Curran & Oberski
Listed By:
Ali T Charara · License #6501340600
(313) 274-7200
Source:
Elliman
Added: Mar 31
Changed: Oct 18
Last Checked: Oct 20 at 10:14PM
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 Century 21 Curran & Oberski
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office building at 23930 Michigan Ave includes multiple private offices, a reception area, and on-site parking for staff and visitors. The property was renovated in 2020 and was previously configured for an attorney’s office, providing an established professional-office layout.
Built in 1942, the property is located in Dearborn near major roads, restaurants, and local businesses. Its existing configuration may accommodate professional, medical, or administrative office functions, subject to applicable requirements.
Built in 1942, the property is located in Dearborn near major roads, restaurants, and local businesses. Its existing configuration may accommodate professional, medical, or administrative office functions, subject to applicable requirements.
Key Highlights
- Renovated in 2020
- Multiple private offices with reception area
- On‑site parking for staff and clients
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,499
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$569,980
$570.0K
Cap Rate 7%
$407,129
$407.1K
Cap Rate 9%
$316,656
$316.7K
Market Conditions
NOI Build-Up for 2,586 SF
Gross rent
$49.0K $18.96/SF
− Vacancy
−$11.0K −$4.27/SF
EGI
$38.0K $14.69/SF
− OpEx
−$9.5K −$3.67/SF
NOI
$28.5K $11.02/SF
Area
Dearborn, MI
Vacancy
22.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$569,980
Cap Rate 7%
$407,129
Cap Rate 9%
$316,656
Alternative Uses
Best Use
Office B
$407.1K
$356.2K – $475.0K
NOI $28,499 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$570.5K
$499.2K – $665.6K
NOI $39,934 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
927
Businesses Nearby
Explore this area
Business Placement
Demographics for 48124, MI
34,134
Population
14,787
Households
2.3
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
8.8 sq mi
ZIP Area
3,879
Density / Sq Mi
$78,353
Median Household Income
$49,103
Median Earnings
$1,280
Median Rent
$192,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Multiple private offices, reception space, and on-site parking support professional operations.
Where is this office building located?
The property is located at 23930 Michigan Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Renovated in 2020; Multiple private offices with reception area; On‑site parking for staff and clients
