Airport-Adjacent Flex
For Sale
$1,795,000
3027 Airpark Dr, Flint, MI 48507
Industrial flex property with office space, shop area, truckwells, and runway access next to Bishop International Airport.
Property Size20,694 SF
Lot Size2.29 Acres
Price / SF$86.74
Days on Market118
Property Features for 3027 Airpark Dr
General Information
Standard status
Active
Size
20,694 SF
Lot size
2.29 Acres
Property subtype
Industrial
Zoning
E - Heavy Commercial Limited Manufacturing
Warehouse & Industrial
Clear Height
16.5 ft
Office Build-Out
4,945 SF
Dock-High Doors
2
Drive-In Doors
2
Voltage
240 V
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Asking Price
$1,795,000
Building Details
Building Size
20,694 SF
Year Built
1979
Year Renovated
2020
Buildings
1
Listing Agency:
Friedman Integrated Real Estate
(240) 361-8988
Listed By:
Zach Cummings
(240) 361-8988
Source:
Friedmanrealestate
Added: May 7
Changed: Aug 31
Last Checked: Aug 31 at 2:07PM
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.
This flex property includes a 20,694-square-foot industrial building on 2.29 acres, with 4,945 square feet of office space and a 2,000-square-foot second-floor open-plan shop office. The building offers 16'6" clear height, two truckwells, two grade-level doors, and full fire suppression. Door dimensions are 14' x 16' and 8' x 8'. Electrical service includes 240v, three-phase power. A roof replacement was completed in 2020, with 15 years remaining on the warranty.
The property is next to Bishop International Airport and includes runway access. Zoning is E, supporting the property's industrial and office configuration.
The property is next to Bishop International Airport and includes runway access. Zoning is E, supporting the property's industrial and office configuration.
Key Highlights
- 20,694 SF industrial building on 2.29 acres
- 4,945 SF office area, including a 2,000 SF second‑floor open‑plan shop office
- 16'6" clear height with full fire suppression
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
$142,320
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
7.93%
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%
$2,846,400
$2.8M
Cap Rate 7%
$2,033,143
$2.0M
Cap Rate 9%
$1,581,333
$1.6M
Market Conditions
NOI Build-Up for 20,694 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
$186.2K $9.00/SF
− Vacancy
−$18.8K −$0.91/SF
EGI
$167.4K $8.09/SF
− OpEx
−$25.1K −$1.21/SF
NOI
$142.3K $6.88/SF
Area
Genesee County, MI
Vacancy
10.10%
Lease Rate
$9.00 /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%
$2,846,400
Cap Rate 7%
$2,033,143
Cap Rate 9%
$1,581,333
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $227,973 @ 7.0% cap · market cap 12.70%
Second Best
Warehouse
$2.03M
$1.78M – $2.37M
NOI $142,320 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$4.35M
$3.81M – $5.08M
NOI $304,820 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Dock-high doors
2
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48507, MI
30,149
Population
13,923
Households
2.2
Avg Household Size
37
Median Age
15%
College-Educated
88%
High-School Grad
22.1 sq mi
ZIP Area
1,364
Density / Sq Mi
$47,165
Median Household Income
$31,346
Median Earnings
$923
Median Rent
$101,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with office space, shop area, truckwells, and runway access next to Bishop International Airport.
Where is this flex space located?
The property is located at 3027 Airpark Dr Flint, MI.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 20,694 SF industrial building on 2.29 acres; 4,945 SF office area, including a 2,000 SF second‑floor open‑plan shop office; 16'6" clear height with full fire suppression
