Warren Ave Warehouse
For Sale
$1,295,000
Pending
24134 W Warren St, Dearborn Heights, MI 48127
8,700 sqft warehouse with flexible zoning and large parking.
Property Size8,691 SF
Lot Size0.25 Acres
Days on Market139
Property Features for 24134 W Warren St
General Information
Standard status
Pending
Size
8,691 SF
Lot size
0.25 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,146
Building Details
Building Size
8,691 SF
Year Built
1955
Listing Agency:
Century 21 Commercial Curran & Oberski | Dearborn Heights
(313) 999-7688
Listed By:
Mike H Ismail
(313) 999-7688
Source:
Elliman
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 8 at 2:35PM
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 Commercial Curran & Oberski | Dearborn Heights
Investment Insights
Based on property information with market context.
The property consists of an 8,700 sqft warehouse building located on Warren Ave, near the Gulley area. The property includes two buildings that are opened to each other. The first building is two stories and features a large restaurant-like sink and washing area, as well as overhead doors on both the first and second floors. The second building has side-by-side overhead doors and 25 ft ceilings. The second building could potentially be split into two separate units, offering the possibility of three total units for the entire property, subject to city approval. A large parking lot is available. The zoning is flexible, offering many possible uses, subject to city regulations. The property is located between Telegraph and Beech Daly. All data is approximate.
Key Highlights
- 8,700 sqft warehouse building(s) in the Gulley area.
- Flexible zoning with many possible uses (subject to city approval).
- Two buildings opened to each other, offering versatility.
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
$112,752
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
8.71%
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%
$2,255,040
$2.3M
Cap Rate 7%
$1,610,743
$1.6M
Cap Rate 9%
$1,252,800
$1.3M
Market Conditions
NOI Build-Up for 8,700 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
$156.6K $18.00/SF
− Vacancy
−$6.3K −$0.72/SF
EGI
$150.3K $17.28/SF
− OpEx
−$37.6K −$4.32/SF
NOI
$112.8K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,255,040
Cap Rate 7%
$1,610,743
Cap Rate 9%
$1,252,800
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,752 @ 7.0% cap · market cap 8.71%
Second Best
Warehouse
$781.3K
$683.7K – $911.5K
NOI $54,692 @ 7.0% cap · market cap 4.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48127, MI
41,222
Population
14,616
Households
2.8
Avg Household Size
35
Median Age
29%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
5,354
Density / Sq Mi
$63,084
Median Household Income
$35,340
Median Earnings
$1,231
Median Rent
$217,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- iStorage — 24579 Ann Arbor Trail, Dearborn Heights, MI 48127
Frequently Asked Questions
What type of property is this?
Warehouse - 8,700 sqft warehouse with flexible zoning and large parking.
Where is this warehouse located?
The property is located at 24134 W Warren St Dearborn Heights, MI.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 8,700 sqft warehouse building(s) in the Gulley area.; Flexible zoning with many possible uses (subject to city approval).; Two buildings opened to each other, offering versatility.
