Improved Flex
For Sale
Contact for pricing
24061-24063 W 10 Mile Road, Southfield, MI 48033
Two separately configured areas offer flexible occupancy within an I-1 industrial-zoned property.
Property Size5,767 SF
Price / SF$155.89
Days on Market127
Property Features for 24061-24063 W 10 Mile Road
General Information
Standard status
Active
Size
5,767 SF
Total Parking Spaces
30
Property subtype
Retail, Industrial
Lease Type
NNN
Additional Details
Road Access
Yes
Drive-In Doors
1
Building Details
Buildings
1
Stories
1
Tenancy
Multi
Building Size
5,767 SF
Listing Agency:
KJ Commercial
(248) 851-8900
Listed By:
Kevin Jappaya, CCIM · License #6502380656
Source:
Crexi
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 31 at 11:39PM
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 KJ Commercial
Investment Insights
Based on property information with market context.
This 5,767 SF flex building is arranged as two separate spaces, providing a divided layout for industrial or commercial operations. The property includes one rear grade-level door and a kitchenette, with epoxy flooring, LED lighting, HVAC, plumbing, doors, windows, and façade improvements completed in recent years. The rear asphalt area was replaced in 2025.
Located on the south side of W. 10 Mile Road, the building sits east of Telegraph Road in Southfield, Michigan. Parking is shared with neighboring buildings and is available at both the front and rear. Built in 1968, the property carries I-1, Industrial zoning.
Located on the south side of W. 10 Mile Road, the building sits east of Telegraph Road in Southfield, Michigan. Parking is shared with neighboring buildings and is available at both the front and rear. Built in 1968, the property carries I-1, Industrial zoning.
Key Highlights
- 5,767 SF flex/retail building
- Currently divided into two spaces
- One grade‑level door at the rear
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
$62,055
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
6.90%
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%
$1,241,100
$1.2M
Cap Rate 7%
$886,500
$886.5K
Cap Rate 9%
$689,500
$689.5K
Market Conditions
NOI Build-Up for 5,767 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
$96.9K $16.80/SF
− Vacancy
−$8.2K −$1.43/SF
EGI
$88.7K $15.37/SF
− OpEx
−$26.6K −$4.61/SF
NOI
$62.1K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$1,241,100
Cap Rate 7%
$886,500
Cap Rate 9%
$689,500
Alternative Uses
Best Use
Retail
$886.5K
$775.7K – $1.03M
NOI $62,055 @ 7.0% cap · market cap 6.90%
Second Best
Flex RnD
$852.1K
$745.6K – $994.1K
NOI $59,647 @ 7.0% cap · market cap 6.63%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $87,072 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48033, MI
17,207
Population
9,198
Households
1.9
Avg Household Size
47
Median Age
33%
College-Educated
93%
High-School Grad
9.1 sq mi
ZIP Area
1,891
Density / Sq Mi
$55,599
Median Household Income
$45,192
Median Earnings
$1,242
Median Rent
$195,100
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.
Frequently Asked Questions
What type of property is this?
Flex space - Two separately configured areas offer flexible occupancy within an I-1 industrial-zoned property.
Where is this flex space located?
The property is located at 24061-24063 W 10 Mile Road Southfield, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 5,767 SF flex/retail building; Currently divided into two spaces; One grade‑level door at the rear
