Mixed-Use Property with
New
For Sale
$329,900
24605 W 8 Mile Road, Detroit, MI 48219
Two fenced buildings combine warehouse capacity with a climate-controlled office and access from two sides.
Property Size2,226 SF
Lot Size0.27 Acres
Price / SF$148.20
Days on Market2
Property Features for 24605 W 8 Mile Road
General Information
Standard status
Active
Size
2,226 SF
Lot size
0.27 Acres
Property subtype
Commercial
Zoning
Commercial
Site & Location
Neighborhood
Holcomb Community
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
2,300 SF
Office Build-Out
700 SF
Additional Details
Property Use
Warehouse, Office
Taxes and HOA fees
Annual Taxes
$5,020
Amenities
overhead garage door
heating
air conditioning
bathroom
media/utility room
roll-up security door
fenced
privacy fence
two separate gates
dual-access
Building Details
Building Size
2,226 SF
Year Built
1951
Buildings
2
Construction
brick
Listing Agency:
RE/MAX Team 2000
Listed By:
Mike Ayoub · License #6501294452
(313) 675-6755
Source:
61houses
Added: Nov 1
Last Checked: Nov 1 at 3:32PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property comprises two separate buildings on approximately 0.27 acres. The warehouse offers about 2,300 square feet, an overhead garage door, and heating. A separate brick office building provides about 700 square feet, with heating, air conditioning, a bathroom, and a media and utility room. A roll-up security door protects the office entrance.
Fencing surrounds the site, with an additional privacy fence and two gates providing access from different sides of the street. The property is zoned Commercial and includes two parcel addresses.
Fencing surrounds the site, with an additional privacy fence and two gates providing access from different sides of the street. The property is zoned Commercial and includes two parcel addresses.
Key Highlights
- Approximately 0.27‑acre site with two separate buildings
- Warehouse has approximately 2,300 square feet, heating, and an overhead garage door
- Brick office building has approximately 700 square feet, heating, air conditioning, bathroom, and media/utility room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,705
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$454,100
$454.1K
Cap Rate 7%
$324,357
$324.4K
Cap Rate 9%
$252,278
$252.3K
Market Conditions
NOI Build-Up for 2,226 SF
Gross rent
$42.7K $19.20/SF
− Vacancy
−$6.4K −$2.88/SF
EGI
$36.3K $16.32/SF
− OpEx
−$13.6K −$6.12/SF
NOI
$22.7K $10.20/SF
Area
ZIP 48219
Vacancy
15.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$454,100
Cap Rate 7%
$324,357
Cap Rate 9%
$252,278
Alternative Uses
Best Use
Mixed Use
$324.4K
$283.8K – $378.4K
NOI $22,705 @ 7.0% cap · market cap 6.88%
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Detroit, MI
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two fenced buildings combine warehouse capacity with a climate-controlled office and access from two sides.
Where is this mixed-use property 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: Approximately 0.27‑acre site with two separate buildings; Warehouse has approximately 2,300 square feet, heating, and an overhead garage door; Brick office building has approximately 700 square feet, heating, air conditioning, bathroom, and media/utility room
