Warehouse on 5.29
For Sale
Contact for pricing
28486 Beverly, Romulus, MI 48174
4,000 sq ft warehouse with land in Airport District.
Property Size4,000 SF
Lot Size5.29 Acres
Price / SF$173.75
Days on Market3412
Property Features for 28486 Beverly
General Information
Standard status
Active
Size
4,000 SF
Lot size
5.29 Acres
Property subtype
Industrial
Building Details
Year Built
1982
Listing Agency:
NAI Farbman Southfield
(734) 755-0488
Listed By:
John Harwood · License #MI 6502136733
Source:
Crexi
Added: Apr 19, 2017
Changed: Aug 9
Last Checked: Aug 20 at 12:49PM
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 Southfield
Investment Insights
Based on property information with market context.
This property features a 4,000 square foot warehouse situated on 5.29 acres of land. It is located in the Airport District.
Key Highlights
- 4000 sq ft warehouse
- 5.29 acres of land
- Located in the airport district
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
$25,146
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
3.62%
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%
$502,920
$502.9K
Cap Rate 7%
$359,229
$359.2K
Cap Rate 9%
$279,400
$279.4K
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
$30.7K $7.68/SF
− Vacancy
−$1.1K −$0.28/SF
EGI
$29.6K $7.40/SF
− OpEx
−$4.4K −$1.11/SF
NOI
$25.1K $6.29/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /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%
$502,920
Cap Rate 7%
$359,229
Cap Rate 9%
$279,400
Alternative Uses
Best Use
Warehouse
$359.2K
$314.3K – $419.1K
NOI $25,146 @ 7.0% cap · market cap 3.62%
Second Best
Industrial
$295.8K
$258.9K – $345.1K
NOI $20,708 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48174, MI
33,683
Population
13,124
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
89%
High-School Grad
40.8 sq mi
ZIP Area
826
Density / Sq Mi
$65,675
Median Household Income
$41,186
Median Earnings
$1,053
Median Rent
$151,500
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?
Warehouse - 4,000 sq ft warehouse with land in Airport District.
Where is this warehouse located?
The property is located at 28486 Beverly Romulus, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 4000 sq ft warehouse; 5.29 acres of land; Located in the airport district
