Flex Space with Pull-Through
For Sale
Contact for pricing
24231-24241 John R Rd, Hazel Park, MI 48030
Commercially zoned property combining office areas, warehouse space, on-site parking, and vehicle circulation through the building.
Property Size13,486 SF
Price / SF$79.71
Days on Market202
Property Features for 24231-24241 John R Rd
General Information
Standard status
Active
Size
13,486 SF
Property subtype
Retail, Industrial
Zoning
FC, Flex Corridor
Building Details
Year Built
1963
Stories
2
Listing Agency:
Signature Associates
(248) 359-3837
Listed By:
Peter Vanderkaay · License #MI 6501388318
Source:
Crexi
Added: Feb 9
Changed: Aug 30
Last Checked: Jul 17 at 11:59PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This 13,486-square-foot flex property combines office and warehouse areas within a commercial-zoned building. Constructed in 1963, the facility provides pull-through capability for vehicle movement and includes on-site parking.
The property is located at 24231-24241 John R Rd in Hazel Park, Michigan, with FC zoning. Its blended office and warehouse configuration supports a range of commercial operations requiring both work areas and enclosed storage or service space.
The property is located at 24231-24241 John R Rd in Hazel Park, Michigan, with FC zoning. Its blended office and warehouse configuration supports a range of commercial operations requiring both work areas and enclosed storage or service space.
Key Highlights
- 13,486‑square‑foot flex property with office and warehouse areas
- FC zoning supports the property’s commercial use
- Pull‑through capability accommodates vehicle circulation
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
$81,136
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
7.55%
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%
$1,622,720
$1.6M
Cap Rate 7%
$1,159,086
$1.2M
Cap Rate 9%
$901,511
$901.5K
Market Conditions
NOI Build-Up for 13,486 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
$99.1K $7.35/SF
− Vacancy
−$3.7K −$0.27/SF
EGI
$95.5K $7.08/SF
− OpEx
−$14.3K −$1.06/SF
NOI
$81.1K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$1,622,720
Cap Rate 7%
$1,159,086
Cap Rate 9%
$901,511
Alternative Uses
Best Use
Flex RnD
$1.99M
$1.74M – $2.32M
NOI $139,483 @ 7.0% cap · market cap 12.98%
Second Best
Warehouse
$1.16M
$1.01M – $1.35M
NOI $81,136 @ 7.0% cap · market cap 7.55%
Theoretical Best
Specialty Retail
$2.91M
$2.55M – $3.39M
NOI $203,617 @ 7.0% cap · market cap 18.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned property combining office areas, warehouse space, on-site parking, and vehicle circulation through the building.
Where is this flex space located?
The property is located at 24231-24241 John R Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 13,486‑square‑foot flex property with office and warehouse areas; FC zoning supports the property’s commercial use; Pull‑through capability accommodates vehicle circulation
