Franklin, MI US Post
For Sale
Contact for pricing
32406 Franklin Rd, Franklin, MI 48025
1,827 SF building occupied by US Post Office since 1978.
Property Size1,827 SF
Price / SF$307.53
Days on Market248
Property Features for 32406 Franklin Rd
General Information
Standard status
Active
Size
1,827 SF
Property subtype
Office
Zoning
C-1
Occupancy
100%
Net Operating Income
$33,711
Building Details
Year Built
1978
Units
621
Listing Agency:
Fortis Net Lease
(248) 254-3406
Listed By:
Doug Passon · License #MI 6502361821
Source:
Crexi
Added: Dec 16, 2025
Changed: Aug 8
Last Checked: Aug 19 at 8:56PM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
This 1,827 SF building, constructed in 1978, has been occupied by the US Post Office since construction. The tenant has no identifiable sites to which they can ever relocate due to the historical designation of Franklin Road. The common area maintenance (lawn and snow) is managed and paid directly by USPO. The landlord pays for capital replacements and repairs to the premises as well as the property insurance and real estate taxes, which are then 100% reimbursed by the tenant. There are 10% rent bumps in remaining five-year options to renew the term. Investing in commercial property on Franklin Road in the Village of Franklin, MI, presents a unique opportunity due to the area's blend of historic charm and strategic location. Franklin is known for its well-preserved 19th-century architecture and a strong sense of community, attracting both residents and visitors seeking a quaint village atmosphere. Franklin Road serves as a central thoroughfare, providing excellent visibility and accessibility for businesses. Franklin, Michigan, is a picturesque village in Oakland County, approximately 20 miles northwest of Detroit. Established in 1825 and named after Benjamin Franklin, it is renowned for its well-preserved 19th-century architecture and tranquil ambiance. As of the 2020 census, Franklin had a population of 3,139, characterized by spacious estate-style homes and verdant, tree-lined streets. Franklin's charm is further enhanced by its array of local attractions, including the Franklin Cider Mill, established in 1837, the Franklin Historical Museum, and the Franklin Village School. Franklin Community Park offers recreational facilities including playgrounds, tennis and basketball courts, and picnic areas.
Key Highlights
- Tenant is the US Post Office, providing stable, reliable income.
- Tenant reimburses 100% of property taxes and insurance.
- Tenant handles all common area maintenance (lawn and snow).
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
$22,503
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
4.01%
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%
$450,060
$450.1K
Cap Rate 7%
$321,471
$321.5K
Cap Rate 9%
$250,033
$250.0K
Market Conditions
NOI Build-Up for 1,827 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
$34.0K $18.60/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$32.1K $17.60/SF
− OpEx
−$9.6K −$5.28/SF
NOI
$22.5K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$450,060
Cap Rate 7%
$321,471
Cap Rate 9%
$250,033
Alternative Uses
Best Use
Retail
$321.5K
$281.3K – $375.1K
NOI $22,503 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$403.0K
$352.7K – $470.2K
NOI $28,213 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48025, MI
14,878
Population
5,866
Households
2.5
Avg Household Size
45
Median Age
75%
College-Educated
98%
High-School Grad
8.0 sq mi
ZIP Area
1,860
Density / Sq Mi
$177,126
Median Household Income
$97,095
Median Earnings
$2,397
Median Rent
$514,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - 1,827 SF building occupied by US Post Office since 1978.
Where is this storefront property located?
The property is located at 32406 Franklin Rd Franklin, MI.
What is the asking price?
The asking price for this property is $561,850.
What are key features of this property?
This property features: Tenant is the US Post Office, providing **stable, reliable income**.; Tenant reimburses 100% of property taxes and insurance.; Tenant handles all common area maintenance (lawn and snow).
