Building Details

Year Built 1974

Listing Agency: Epique Realty

Listed By: David Elwood Show Phone

Source: Metrodetroithomeguide

Added: Dec 20, 2024 Changed: Oct 1 Last Checked: Oct 12 at 7:48PM

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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.

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 / Yr

$117,390

Cap Rate

6.52%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $117,390 @ 7.0% cap · market cap 6.52%

Second Best

Warehouse

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $116,960 @ 7.0% cap · market cap 6.50%

Theoretical Best

Specialty Retail

$3.44M

$3.01M – $4.02M (±1% cap)

NOI $241,121 @ 7.0% cap · market cap 13.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Building Supply Big Box & Wholesale Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

424

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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, 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