Flex Building with Warehouse
For Sale
$700,000
24911 & 24831 John R Road, Hazel Park, MI 48030
Office and warehouse configuration with LB zoning supporting business and office uses.
Property Size8,233 SF
Price / SF$103.97
Days on Market117
Property Features for 24911 & 24831 John R Road
General Information
Standard status
Active
Size
8,233 SF
Property subtype
Retail
Zoning
LB
Additional Details
Clear Height
12 ft
Building Details
Building Size
8,233 SF
Buildings
1
Listing Agency:
NAI Farbman - Corporate
(248) 406-1761
Listed By:
Kathleen Garmo · License #6501433927
Source:
Keystonecres
Added: May 7
Changed: Aug 30
Last Checked: Jun 2 at 7:29PM
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 NAI Farbman - Corporate
Investment Insights
Based on property information with market context.
This 6,733 SF flex building combines office space with warehouse functionality. The property includes a 12-foot clear ceiling height and an 8 x 10 overhead door, providing practical accommodation for office and storage operations.
Located at 24911 John R in Hazel Park, Michigan, the property is zoned LB, or Local Business, which allows a variety of business and office uses. Its configuration supports users seeking a single building with both administrative and warehouse areas.
Located at 24911 John R in Hazel Park, Michigan, the property is zoned LB, or Local Business, which allows a variety of business and office uses. Its configuration supports users seeking a single building with both administrative and warehouse areas.
Key Highlights
- 6,733 SF flex building with office and warehouse areas
- LB Local Business zoning allows a variety of business and office uses
- 12' clear ceiling height
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
$40,508
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
5.79%
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%
$810,160
$810.2K
Cap Rate 7%
$578,686
$578.7K
Cap Rate 9%
$450,089
$450.1K
Market Conditions
NOI Build-Up for 6,733 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
$49.5K $7.35/SF
− Vacancy
−$1.8K −$0.27/SF
EGI
$47.7K $7.08/SF
− OpEx
−$7.1K −$1.06/SF
NOI
$40.5K $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%
$810,160
Cap Rate 7%
$578,686
Cap Rate 9%
$450,089
Alternative Uses
Best Use
Flex RnD
$994.8K
$870.5K – $1.16M
NOI $69,638 @ 7.0% cap · market cap 9.95%
Second Best
Warehouse
$578.7K
$506.4K – $675.1K
NOI $40,508 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,658 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Location Intelligence
Trade Area within ½ mile
397
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 - Office and warehouse configuration with LB zoning supporting business and office uses.
Where is this flex space located?
The property is located at 24911 & 24831 John R Road Hazel Park, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 6,733 SF flex building with office and warehouse areas; LB Local Business zoning allows a variety of business and office uses; 12' clear ceiling height
