Brick-Front Flex
New
For Sale
$290,000
24354 John R Rd, Hazel Park, MI 48030
Commercial space combines customer-facing storefront improvements with a rear workshop, private office, and flexible Flex Corridor zoning.
Property Size1,114 SF
Days on Market2
Property Features for 24354 John R Rd
General Information
Standard status
Active
Size
1,114 SF
Property subtype
Commercial
Zoning
Flex Corridor
Warehouse & Industrial
Drive-In Doors
1
Voltage
220 V
Conditioned Warehouse
Yes
Taxes and HOA fees
Annual Taxes
$2,154
Building Details
Building Size
1,114 SF
Year Built
1945
Construction
brick
Listing Agency:
Good Company
(248) 834-3030
Listed By:
Jim Shaffer · License #301702
(248) 834-3030
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 3:18AM
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 Good Company
Investment Insights
Based on property information with market context.
Built in 1945, this flex property combines a brick storefront and front display windows with a substantial rear workshop. The interior includes a private wood-paneled office, bathroom, built-in work surfaces, and storage areas. Updated lighting, HVAC, and 220V electrical support the shop area, while an automatic overhead garage door provides a practical loading point. Separate front and rear entrances add flexibility for daily operations.
Flex Corridor zoning supports a range of commercial concepts, including office, retail, restaurant, manufacturing, and maker-space applications. The property also offers walkable and bikeable characteristics, with a walk score of 64 and a bike score of 50.
Flex Corridor zoning supports a range of commercial concepts, including office, retail, restaurant, manufacturing, and maker-space applications. The property also offers walkable and bikeable characteristics, with a walk score of 64 and a bike score of 50.
Key Highlights
- Flex Corridor zoning supports office, retail, restaurant, manufacturing, and maker‑space applications
- Brick storefront with front display windows and separate front and rear entrances
- Rear workshop includes HVAC, updated lighting, and 220V electrical
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
$11,987
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
4.13%
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%
$239,740
$239.7K
Cap Rate 7%
$171,243
$171.2K
Cap Rate 9%
$133,189
$133.2K
Market Conditions
NOI Build-Up for 1,114 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
$18.7K $16.80/SF
− Vacancy
−$1.6K −$1.43/SF
EGI
$17.1K $15.37/SF
− OpEx
−$5.1K −$4.61/SF
NOI
$12.0K $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%
$239,740
Cap Rate 7%
$171,243
Cap Rate 9%
$133,189
Alternative Uses
Best Use
Retail
$171.2K
$149.8K – $199.8K
NOI $11,987 @ 7.0% cap · market cap 4.13%
Second Best
Flex RnD
$164.6K
$144.0K – $192.0K
NOI $11,522 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$240.3K
$210.3K – $280.3K
NOI $16,820 @ 7.0% cap · market cap 5.80%
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
445
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial space combines customer-facing storefront improvements with a rear workshop, private office, and flexible Flex Corridor zoning.
Where is this flex space located?
The property is located at 24354 John R Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Flex Corridor zoning supports office, retail, restaurant, manufacturing, and maker‑space applications; Brick storefront with front display windows and separate front and rear entrances; Rear workshop includes HVAC, updated lighting, and 220V electrical
