Flex-Retail Building with Rear
For Sale
$899,000
24061 - 24063 W 10 Mile Road, Southfield, MI 48033
Flexible flex-retail building with recent upgrades, split into two spaces and served by a rear grade-level door.
Property Size5,767 SF
Price / SF$155.89
Days on Market48
Property Features for 24061 - 24063 W 10 Mile Road
General Information
Standard status
Active
Size
5,767 SF
Property subtype
Retail
Additional Details
Drive-In Doors
1
Building Details
Year Built
1968
Year Renovated
2025
Listing Agency:
KJ Commercial
(248) 881-4055
Listed By:
David Jappaya · License #6501416409
(248) 881-4055
Source:
Kjcre
Added: Jun 25
Changed: Jul 10
Last Checked: Aug 11 at 5:38AM
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 15,767 SF flex/retail building is currently split into two separate spaces, offering flexibility for multi-tenant occupancy or combination use. The building includes a grade-level door at the rear, and recent exterior and interior improvements include new windows, a refreshed façade, updated plumbing, LED lighting, HVAC, a kitchenette, new doors, and epoxy flooring. The property also features asphalt areas that are partly newly replaced, with rear asphalt replaced in 2025.
Shared parking is available with neighboring buildings in both the front and the rear, supporting practical day-to-day customer and employee access. The configuration allows operations to use the building’s primary frontage and rear loading entry without requiring exclusive parking arrangements.
For tenants and buyers seeking a turn-key flex/retail setup, the recent upgrades provide a strong baseline for office, showroom, or light retail-style use across the two spaces. The rear grade-level door can also support deliveries or back-of-house movement, while the shared parking layout accommodates steady customer access for the building’s intended retail and flex functions.
Shared parking is available with neighboring buildings in both the front and the rear, supporting practical day-to-day customer and employee access. The configuration allows operations to use the building’s primary frontage and rear loading entry without requiring exclusive parking arrangements.
For tenants and buyers seeking a turn-key flex/retail setup, the recent upgrades provide a strong baseline for office, showroom, or light retail-style use across the two spaces. The rear grade-level door can also support deliveries or back-of-house movement, while the shared parking layout accommodates steady customer access for the building’s intended retail and flex functions.
Key Highlights
- ±5,767 SF flex/retail building for sale or lease, currently split into two spaces.
- Rear grade‑level door provides dedicated access to one side of the building layout.
- Recent upgrades include new windows, new facade, plumbing, LED lighting, HVAC, and kitchenette.
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
Property Profile
Current Use
Lease Details
1
Drive-in doors
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible flex-retail building with recent upgrades, split into two spaces and served by a rear grade-level door.
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 for sale or lease, currently split into two spaces.; Rear grade‑level door provides dedicated access to one side of the building layout.; Recent upgrades include new windows, new facade, plumbing, LED lighting, HVAC, and kitchenette.
