Fenced Flex Property with
For Sale
$329,900
24605 W 8 Mile Road, Detroit, MI 48219
Two-building commercial property combines heated warehouse space with a conditioned office and secured, gated access.
Property Size2,226 SF
Lot Size0.27 Acres
Price / SF$148.20
Days on Market24
Property Features for 24605 W 8 Mile Road
General Information
Standard status
Active
Size
2,226 SF
Lot size
0.27 Acres
Property subtype
Industrial
Site & Location
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
2,300 SF
Drive-In Doors
1
Amenities
3
14084
Building Details
Buildings
2
Listing Agency:
RE/MAX Team 2000
(313) 561-0900
Listed By:
Mike Ayoub · License #6501294452
(313) 675-6755
Source:
Xome
Added: Aug 18
Changed: Sep 9
Last Checked: Sep 9 at 3:36PM
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 RE/MAX Team 2000
Investment Insights
Based on property information with market context.
This flex property includes two separate commercial buildings arranged for warehouse and office functions. The warehouse has an overhead garage door and heating. A separate brick office building includes heating, air conditioning, a bathroom, and a media or utility room. Its front entry has a roll-up security door.
The approximately 0.27-acre site is fully fenced and includes an additional privacy fence. Two gates provide access from different sides of the property, supporting vehicle movement, deliveries, employees, customers, and ongoing business operations. The property is located at 24605 W 8 Mile Road on the Detroit/Southfield border and consists of two parcel addresses. The configuration is suited to owner-users, contractors, service businesses, warehouse operations, and other commercial users needing both office and work space.
The approximately 0.27-acre site is fully fenced and includes an additional privacy fence. Two gates provide access from different sides of the property, supporting vehicle movement, deliveries, employees, customers, and ongoing business operations. The property is located at 24605 W 8 Mile Road on the Detroit/Southfield border and consists of two parcel addresses. The configuration is suited to owner-users, contractors, service businesses, warehouse operations, and other commercial users needing both office and work space.
Key Highlights
- Two separate buildings provide warehouse and office space
- Approximately 0.27‑acre fenced site with added privacy fencing
- Warehouse includes an overhead garage door and heating
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
$20,766
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
6.29%
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%
$415,320
$415.3K
Cap Rate 7%
$296,657
$296.7K
Cap Rate 9%
$230,733
$230.7K
Market Conditions
NOI Build-Up for 2,226 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
$34.7K $15.60/SF
− Vacancy
−$2.8K −$1.25/SF
EGI
$31.9K $14.35/SF
− OpEx
−$11.2K −$5.02/SF
NOI
$20.8K $9.33/SF
Area
ZIP 48219
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$415,320
Cap Rate 7%
$296,657
Cap Rate 9%
$230,733
Alternative Uses
Best Use
Flex RnD
$296.7K
$259.6K – $346.1K
NOI $20,766 @ 7.0% cap · market cap 6.29%
Second Best
Warehouse
$226.6K
$198.3K – $264.4K
NOI $15,862 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$457.2K
$400.1K – $533.4K
NOI $32,005 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48219, MI
46,811
Population
20,815
Households
2.2
Avg Household Size
37
Median Age
13%
College-Educated
87%
High-School Grad
8.4 sq mi
ZIP Area
5,573
Density / Sq Mi
$43,882
Median Household Income
$31,187
Median Earnings
$1,037
Median Rent
$84,500
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
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 - Two-building commercial property combines heated warehouse space with a conditioned office and secured, gated access.
Where is this flex space located?
The property is located at 24605 W 8 Mile Road Detroit, MI.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two separate buildings provide warehouse and office space; Approximately 0.27‑acre fenced site with added privacy fencing; Warehouse includes an overhead garage door and heating
