Multi-Use Warehouse and Office
For Sale
Contact for pricing
32660 Industrial Rd, Garden City, MI 48135
Built in 1995, this flex warehouse and office building offers two updated front offices and two heated warehouse bays.
Property Size9,315 SF
Lot Size0.72 Acres
Price / SF$123.46
Days on Market145
Property Features for 32660 Industrial Rd
General Information
Standard status
Active
Size
9,315 SF
Lot size
0.72 Acres
Property subtype
Office, Industrial, Mixed Use
Zoning
Commercial
Investment Type
Owner/User
Additional Details
Clear Height
20 ft
Building Details
Year Built
1995
Year Renovated
2022
Buildings
1
Tenancy
Multi
Listing Agency:
CENTURY 21 Curran & Oberski Dearborn Heights
Listed By:
Dave Abdallah · License #MI
(313) 203-8215
Source:
Crexi
Added: Apr 14
Changed: Aug 16
Last Checked: Sep 2 at 7:38AM
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 CENTURY 21 Curran & Oberski Dearborn Heights
Investment Insights
Based on property information with market context.
Built in 1995, this warehouse and office building totals approximately 9,315 square feet and is configured to support up to four separate units. The property includes two updated front offices (updated in 2022) and two large, separate heated warehouse areas with 20-foot high ceilings and overhead garage doors.
A sizable parking lot is available at both the front and back of the building, set on an approximately 0.72-acre lot. The property is positioned in the Garden City Ford Rd area, offering drive-in warehouse access alongside dedicated office space.
With multiple internal separations and dedicated office and warehouse components, the building is well suited for an owner-operator seeking space for their business while maintaining the option to lease additional units.
A sizable parking lot is available at both the front and back of the building, set on an approximately 0.72-acre lot. The property is positioned in the Garden City Ford Rd area, offering drive-in warehouse access alongside dedicated office space.
With multiple internal separations and dedicated office and warehouse components, the building is well suited for an owner-operator seeking space for their business while maintaining the option to lease additional units.
Key Highlights
- Built in 1995 flex warehouse and office building with approx. 9,300 sqft
- Two updated front offices (updated in 2022)
- Two separate heated warehouse bays with 20‑ft high ceilings and overhead garage doors
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
$58,774
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
5.11%
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%
$1,175,480
$1.2M
Cap Rate 7%
$839,629
$839.6K
Cap Rate 9%
$653,044
$653.0K
Market Conditions
NOI Build-Up for 9,315 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
$93.9K $10.08/SF
− Vacancy
−$3.5K −$0.37/SF
EGI
$90.4K $9.71/SF
− OpEx
−$31.6K −$3.40/SF
NOI
$58.8K $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%
$1,175,480
Cap Rate 7%
$839,629
Cap Rate 9%
$653,044
Alternative Uses
Best Use
Flex RnD
$839.6K
$734.7K – $979.6K
NOI $58,774 @ 7.0% cap · market cap 5.11%
Second Best
Warehouse
$836.5K
$732.0K – $976.0K
NOI $58,558 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$1.72M
$1.51M – $2.01M
NOI $120,722 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
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 - Built in 1995, this flex warehouse and office building offers two updated front offices and two heated warehouse bays.
Where is this flex space located?
The property is located at 32660 Industrial Rd Garden City, MI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Built in 1995 flex warehouse and office building with approx. 9,300 sqft; Two updated front offices (updated in 2022); Two separate heated warehouse bays with 20‑ft high ceilings and overhead garage doors
