Flex Space with Fenced
For Sale
$475,000
27618 Warren Rd, Westland, MI 48185
Warehouse-oriented flex property with overhead vehicle access, offices, restrooms, and a fenced exterior area.
Property Size4,000 SF
Price / SF$118.75
Days on Market116
Property Features for 27618 Warren Rd
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
10
Property subtype
Commercial
Warehouse & Industrial
Drive-In Doors
2
Three-Phase Power
Yes
Additional Details
Fenced Yard
Yes
Amenities
overhead doors
phase 3 electric
office spaces
bathrooms
fenced side lot
Building Details
Year Built
1964
Listing Agency:
Keller Williams Legacy
(734) 459-7570
Listed By:
Julie Golich · License #6501185636
Source:
Vmrealestatemichigan
Added: May 7
Changed: Aug 29
Last Checked: Aug 25 at 8:08AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This 4,000-square-foot flex property, built in 1964, combines warehouse and work areas with two 10-by-10 overhead doors. The building includes two office spaces, three bathrooms, and phase 3 electric service. A fenced side lot provides approximately 10 parking spaces, while an existing awning business is negotiable.
The property is located at 27618 Warren Rd in Westland, Michigan, and carries CB-3 zoning. Owner occupancy will require 60 days. These features support a range of commercial operations requiring enclosed work space, office accommodations, vehicle access, and secured exterior area.
The property is located at 27618 Warren Rd in Westland, Michigan, and carries CB-3 zoning. Owner occupancy will require 60 days. These features support a range of commercial operations requiring enclosed work space, office accommodations, vehicle access, and secured exterior area.
Key Highlights
- 4,000 SF flex property at 27618 Warren Rd, Westland, MI 48185
- Two 10 x 10 overhead doors for vehicle access
- Phase 3 electric service
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
$37,901
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
7.98%
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%
$758,020
$758.0K
Cap Rate 7%
$541,443
$541.4K
Cap Rate 9%
$421,122
$421.1K
Market Conditions
NOI Build-Up for 4,000 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
$57.6K $14.40/SF
− Vacancy
−$3.5K −$0.86/SF
EGI
$54.1K $13.54/SF
− OpEx
−$16.2K −$4.06/SF
NOI
$37.9K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /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%
$758,020
Cap Rate 7%
$541,443
Cap Rate 9%
$421,122
Alternative Uses
Best Use
Retail
$541.4K
$473.8K – $631.7K
NOI $37,901 @ 7.0% cap · market cap 7.98%
Second Best
Flex RnD
$360.5K
$315.5K – $420.6K
NOI $25,238 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Warehouse-oriented flex property with overhead vehicle access, offices, restrooms, and a fenced exterior area.
Where is this flex space located?
The property is located at 27618 Warren Rd Westland, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 4,000 SF flex property at 27618 Warren Rd, Westland, MI 48185; Two 10 x 10 overhead doors for vehicle access; Phase 3 electric service
