Flex Space with Private
For Sale
$1,800,000
32841 Parklane St, Garden City, MI 48135
Industrial flex property with office components, loading capability, parking, and separate access for each unit.
Property Size18,605 SF
Price / SF$96.75
Days on Market566
Property Features for 32841 Parklane St
General Information
Standard status
Active
Size
18,605 SF
Property subtype
Commercial
Building Details
Year Built
1974
Listing Agency:
Epique Realty
(248) 923-4334
Listed By:
David Elwood
Source:
Metrodetroithomeguide
Added: Feb 10, 2025
Changed: Aug 29
Last Checked: Aug 25 at 7:12AM
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 Epique Realty
Investment Insights
Based on property information with market context.
This industrial flex property contains 6 units totaling 18,605 square feet, with approximately 3,100 square feet per unit. Each unit includes attached office space, its own access point, and parking. Building features include 20' ceiling heights, 16' of clear space, and 15 ft overhead loading doors, supporting warehousing, manufacturing, storage, and distribution functions.
The property is located on Parklane Street in Garden City, near Ford Road and a mix of retail, service, and industrial businesses. Residential areas are also nearby, while access to major highways supports regional transportation. Garden City Town Center provides nearby dining and retail amenities.
The property is located on Parklane Street in Garden City, near Ford Road and a mix of retail, service, and industrial businesses. Residential areas are also nearby, while access to major highways supports regional transportation. Garden City Town Center provides nearby dining and retail amenities.
Key Highlights
- 6‑unit industrial flex property totaling 18,605 total square feet
- Approximately 3,100 sf each unit
- Each unit includes private access and attached office space
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
$117,390
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
6.52%
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%
$2,347,800
$2.3M
Cap Rate 7%
$1,677,000
$1.7M
Cap Rate 9%
$1,304,333
$1.3M
Market Conditions
NOI Build-Up for 18,605 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
$187.5K $10.08/SF
− Vacancy
−$6.9K −$0.37/SF
EGI
$180.6K $9.71/SF
− OpEx
−$63.2K −$3.40/SF
NOI
$117.4K $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%
$2,347,800
Cap Rate 7%
$1,677,000
Cap Rate 9%
$1,304,333
Alternative Uses
Best Use
Flex RnD
$1.68M
$1.47M – $1.96M
NOI $117,390 @ 7.0% cap · market cap 6.52%
Second Best
Warehouse
$1.67M
$1.46M – $1.95M
NOI $116,960 @ 7.0% cap · market cap 6.50%
Theoretical Best
Specialty Retail
$3.44M
$3.01M – $4.02M
NOI $241,121 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with office components, loading capability, parking, and separate access for each unit.
Where is this flex space located?
The property is located at 32841 Parklane St Garden City, MI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 6‑unit industrial flex property totaling 18,605 total square feet; Approximately 3,100 sf each unit; Each unit includes private access and attached office space
