Two-Building Warehouse with Overhead
For Sale
$1,295,000
24134 W Warren Street, Dearborn Heights, MI 48127
Two connected warehouse buildings offer multiple overhead doors, a 25-foot ceiling in one unit, and a large parking lot.
Property Size8,691 SF
Price / SF$149
Days on Market161
Property Features for 24134 W Warren Street
General Information
Standard status
Active
Size
8,691 SF
Property subtype
Industrial
Additional Details
Clear Height
25 ft
Amenities
3
Rubber
106100
Building Details
Year Built
19
Stories
2
Listing Agency:
Century 21 Curran & Oberski
(313) 999-7688
Listed By:
Mike Ismail · License #6501377342
(313) 999-7688
Source:
Xome
Added: Mar 13
Changed: Aug 12
Last Checked: Aug 20 at 4:35AM
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
Investment Insights
Based on property information with market context.
This property features two warehouse buildings opened up to each other. Building one is two stories and includes a large restaurant-like sink/washing area, with overhead doors on both the first and second floors. Building two has side-by-side overhead doors and approximately 25-foot ceilings.
The buildings are located on W Warren Street, close to the Gulley area, between Telegraph and Beech Daly. The site includes a large parking lot.
The layout may allow the property to be split into separate units, with potential for up to three total units, subject to city requirements. Zoning is described as flexible, and uses should be verified with the city.
The buildings are located on W Warren Street, close to the Gulley area, between Telegraph and Beech Daly. The site includes a large parking lot.
The layout may allow the property to be split into separate units, with potential for up to three total units, subject to city requirements. Zoning is described as flexible, and uses should be verified with the city.
Key Highlights
- 8,700 SF warehouse property with two connected buildings featuring multiple overhead doors
- Building 1 has 2 stories with first- and second‑floor overhead doors and a large restaurant‑like sink/washing area
- Building 2 includes side‑by‑side overhead doors and 25‑ft ceilings
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
$54,636
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
4.22%
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%
$1,092,720
$1.1M
Cap Rate 7%
$780,514
$780.5K
Cap Rate 9%
$607,067
$607.1K
Market Conditions
NOI Build-Up for 8,691 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
$66.7K $7.68/SF
− Vacancy
−$2.5K −$0.28/SF
EGI
$64.3K $7.40/SF
− OpEx
−$9.6K −$1.11/SF
NOI
$54.6K $6.29/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
15.00%
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%
$1,092,720
Cap Rate 7%
$780,514
Cap Rate 9%
$607,067
Alternative Uses
Best Use
Warehouse
$780.5K
$683.0K – $910.6K
NOI $54,636 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,635 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25 ft
Clear height
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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Frequently Asked Questions
What type of property is this?
Warehouse - Two connected warehouse buildings offer multiple overhead doors, a 25-foot ceiling in one unit, and a large parking lot.
Where is this warehouse located?
The property is located at 24134 W Warren Street 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 SF warehouse property with two connected buildings featuring multiple overhead doors; Building 1 has 2 stories with first- and second‑floor overhead doors and a large restaurant‑like sink/washing area; Building 2 includes side‑by‑side overhead doors and 25‑ft ceilings
