Industrial/Flex Freestanding Building For
For Sale
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24435 Halsted Rd, Farmington Hills, MI 48335
15,170 SF Industrial/Flex Building available for purchase.
Property Size15,170 SF
Price / SF$75.81
Days on Market590
Property Features for 24435 Halsted Rd
General Information
Standard status
Active
Size
15,170 SF
Total Parking Spaces
40
Property subtype
Industrial
Zoning
LI-1 Light Industrial
Lease Type
Gross
Building Details
Year Built
1979
Year Renovated
2004
Listing Agency:
Thomas Duke Company
Listed By:
Eric Szerlag · License #MI 6501343471
(248) 476-3700
Source:
Crexi
Added: Jan 23, 2025
Changed: Sep 3
Last Checked: Sep 4 at 5:37AM
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 Thomas Duke Company
Investment Insights
Based on property information with market context.
This is a 15,170 square foot gross freestanding industrial/flex building.
Key Highlights
- 15,170 SF Freestanding Building
- Industrial/Flex Building
- Built in 1979
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
$75,162
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
6.54%
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%
$1,503,240
$1.5M
Cap Rate 7%
$1,073,743
$1.1M
Cap Rate 9%
$835,133
$835.1K
Market Conditions
NOI Build-Up for 15,170 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
$111.5K $7.35/SF
− Vacancy
−$4.1K −$0.27/SF
EGI
$107.4K $7.08/SF
− OpEx
−$32.2K −$2.12/SF
NOI
$75.2K $4.95/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$1,503,240
Cap Rate 7%
$1,073,743
Cap Rate 9%
$835,133
Alternative Uses
Best Use
Flex RnD
$2.24M
$1.96M – $2.62M
NOI $156,900 @ 7.0% cap · market cap 13.64%
Second Best
Industrial
$1.07M
$939.5K – $1.25M
NOI $75,162 @ 7.0% cap · market cap 6.54%
Theoretical Best
Specialty Retail
$3.27M
$2.86M – $3.82M
NOI $229,043 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48335, MI
25,618
Population
11,964
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
7.2 sq mi
ZIP Area
3,558
Density / Sq Mi
$96,359
Median Household Income
$66,646
Median Earnings
$1,451
Median Rent
$366,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Chrissy Catering — 37260 Eisenhower Ct, Farmington, MI 48335
Frequently Asked Questions
What type of property is this?
Flex space - 15,170 SF Industrial/Flex Building available for purchase.
Where is this flex space located?
The property is located at 24435 Halsted Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 15,170 SF Freestanding Building; Industrial/Flex Building; Built in 1979
