Freestanding Flex Building with
For Sale
Contact for pricing
32301-32303 Howard Avenue, Madison Heights, MI 48071
M-1-zoned property offers divisible space, mezzanine storage, and convenient access to I-75.
Property Size13,680 SF
Price / SF$118
Days on Market147
Property Features for 32301-32303 Howard Avenue
General Information
Standard status
Active
Size
13,680 SF
Total Parking Spaces
39
Property subtype
Office, Industrial
Zoning
M-1
Additional Details
Highway Access
Yes
Building Details
Year Built
1979
Listing Agency:
Signature Associates
Listed By:
JOHN DROZE · License #MI
(248) 948-4191
Source:
Crexi
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 30 at 5:21PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This freestanding flex building contains 13,680 square feet and was constructed in 1979. The property can be occupied as a full-building facility or configured for individual units, providing flexible space options within an M-1-zoned asset. A 3-ton crane and bonus mezzanine storage add functional capacity for industrial and warehouse operations.
Located in Madison Heights, the property offers access to I-75. The building’s freestanding configuration, divisible availability, crane, and additional storage make it suitable for a range of industrial or flex-space requirements.
Located in Madison Heights, the property offers access to I-75. The building’s freestanding configuration, divisible availability, crane, and additional storage make it suitable for a range of industrial or flex-space requirements.
Key Highlights
- 13,680‑square‑foot freestanding building constructed in 1979
- M‑1 zoning
- Entire building and individual units available
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
$141,490
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
8.77%
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%
$2,829,800
$2.8M
Cap Rate 7%
$2,021,286
$2.0M
Cap Rate 9%
$1,572,111
$1.6M
Market Conditions
NOI Build-Up for 13,680 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
$246.2K $18.00/SF
− Vacancy
−$28.6K −$2.09/SF
EGI
$217.7K $15.91/SF
− OpEx
−$76.2K −$5.57/SF
NOI
$141.5K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /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%
$2,829,800
Cap Rate 7%
$2,021,286
Cap Rate 9%
$1,572,111
Alternative Uses
Best Use
Flex RnD
$2.02M
$1.77M – $2.36M
NOI $141,490 @ 7.0% cap · market cap 8.77%
Second Best
Warehouse
$1.18M
$1.03M – $1.37M
NOI $82,304 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,546 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48071, MI
28,468
Population
14,690
Households
1.9
Avg Household Size
39
Median Age
32%
College-Educated
89%
High-School Grad
7.1 sq mi
ZIP Area
4,010
Density / Sq Mi
$66,726
Median Household Income
$49,151
Median Earnings
$1,138
Median Rent
$190,300
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 - M-1-zoned property offers divisible space, mezzanine storage, and convenient access to I-75.
Where is this flex space located?
The property is located at 32301-32303 Howard Avenue Madison Heights, MI.
What is the asking price?
The asking price for this property is $1,614,240.
What are key features of this property?
This property features: 13,680‑square‑foot freestanding building constructed in 1979; M‑1 zoning; Entire building and individual units available
