Flex Building with Fenced
For Sale
$1,195,000
2782 Corbin St, Melvindale, MI 48122
Industrial flex property combines shop and office areas with secured outdoor storage and multiple grade-level doors.
Property Size15,869 SF
Lot Size2.99 Acres
Price / SF$75.30
Days on Market90
Property Features for 2782 Corbin St
General Information
Standard status
Active
Size
15,869 SF
Lot size
2.99 Acres
Property subtype
Industrial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
17.7 ft
Warehouse Space
11,300 SF
Office Build-Out
4,569 SF
Drive-In Doors
6
Additional Details
Asking Price
$1,195,000
Building Details
Building Size
15,869 SF
Year Built
1945
Buildings
1
Listing Agency:
Friedman Integrated Real Estate
(240) 361-8988
Listed By:
Zach Cummings
(240) 361-8988
Source:
Friedmanrealestate
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 2:37PM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
Built in 1945, this flex property contains a 15,869-square-foot industrial building on 2.51 acres of fenced yard, plus an additional 0.48-acre fenced parking lot across the street. The interior is configured with approximately 11,300 square feet of shop space and 4,569 square feet of two-story office space.
Operational features include four 14-by-14-foot grade-level doors, two 12-by-14-foot grade-level doors, three small overhead cranes, airlines, radiant heat, and a waste-oil furnace. A vented mechanic pit is also included. Two underground fiberglass-reinforced-plastic storage tanks provide 20,000-gallon diesel and 6,000-gallon gasoline capacities. The Mule-Hide single-ply NDL roof was installed in 2022 and carries a 20-year warranty.
Operational features include four 14-by-14-foot grade-level doors, two 12-by-14-foot grade-level doors, three small overhead cranes, airlines, radiant heat, and a waste-oil furnace. A vented mechanic pit is also included. Two underground fiberglass-reinforced-plastic storage tanks provide 20,000-gallon diesel and 6,000-gallon gasoline capacities. The Mule-Hide single-ply NDL roof was installed in 2022 and carries a 20-year warranty.
Key Highlights
- 15,869 SF industrial building on 2.51 acres of fenced yard
- Additional 0.48‑acre fenced parking lot across the street
- Approximately 11,300 SF shop space and 4,569 SF 2‑story office
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
$100,127
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
8.38%
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%
$2,002,540
$2.0M
Cap Rate 7%
$1,430,386
$1.4M
Cap Rate 9%
$1,112,522
$1.1M
Market Conditions
NOI Build-Up for 15,869 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
$160.0K $10.08/SF
− Vacancy
−$5.9K −$0.37/SF
EGI
$154.0K $9.71/SF
− OpEx
−$53.9K −$3.40/SF
NOI
$100.1K $6.31/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$10.08 /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%
$2,002,540
Cap Rate 7%
$1,430,386
Cap Rate 9%
$1,112,522
Alternative Uses
Best Use
Flex RnD
$1.43M
$1.25M – $1.67M
NOI $100,127 @ 7.0% cap · market cap 8.38%
Second Best
Industrial
$1.17M
$1.03M – $1.37M
NOI $82,155 @ 7.0% cap · market cap 6.87%
Theoretical Best
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,662 @ 7.0% cap · market cap 17.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
6
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48122, MI
12,825
Population
4,693
Households
2.7
Avg Household Size
32
Median Age
15%
College-Educated
70%
High-School Grad
2.7 sq mi
ZIP Area
4,750
Density / Sq Mi
$41,356
Median Household Income
$30,744
Median Earnings
$1,116
Median Rent
$113,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property combines shop and office areas with secured outdoor storage and multiple grade-level doors.
Where is this flex space located?
The property is located at 2782 Corbin St Melvindale, MI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 15,869 SF industrial building on 2.51 acres of fenced yard; Additional 0.48‑acre fenced parking lot across the street; Approximately 11,300 SF shop space and 4,569 SF 2‑story office
