Office Building with Overhead
New
For Sale
$2,990,000
33510 Schoolcraft Rd, Livonia, MI 48154
ML-zoned facility offers adaptable space, dedicated parking, and direct access to the I-96 Service Drive.
Property Size28,524 SF
Days on Market4
Property Features for 33510 Schoolcraft Rd
General Information
Standard status
Active
Size
28,524 SF
Class
B
Property subtype
Office
Building Details
Building Size
28,524 SF
Year Built
1978
Year Renovated
2010
Listing Agency:
P.A. Commercial
(248) 358-0100
Listed By:
Peter H. Ventura
Source:
Commercialcafe
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 18 at 12:00PM
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 P.A. Commercial
Investment Insights
Based on property information with market context.
The 28,524 SF office building, constructed in 1978, includes the former compounding pharmacy space and a configuration suited to varied office and commercial requirements. Improvements include 100% AC, separate electrical services, a 100kw backup generator, up to 14' clear height, and a 12 x 16' overhead door. The property also provides 99 dedicated parking spaces.
Located at 33510 Schoolcraft Rd in Livonia, the building has 333' of frontage on Schoolcraft Rd and immediate freeway access through the I-96 Service Drive. ML zoning supports a range of uses, while the property's position within Livonia's established office and industrial corridors provides access to the I-96 and I-275 corridor network.
Located at 33510 Schoolcraft Rd in Livonia, the building has 333' of frontage on Schoolcraft Rd and immediate freeway access through the I-96 Service Drive. ML zoning supports a range of uses, while the property's position within Livonia's established office and industrial corridors provides access to the I-96 and I-275 corridor network.
Key Highlights
- 28,524 SF office building constructed in 1978
- 333' of frontage on Schoolcraft Rd
- ML zoning with former compounding pharmacy 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
$98,194
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
3.28%
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%
$1,963,880
$2.0M
Cap Rate 7%
$1,402,771
$1.4M
Cap Rate 9%
$1,091,044
$1.1M
Market Conditions
NOI Build-Up for 28,524 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
$171.1K $6.00/SF
− Vacancy
−$40.2K −$1.41/SF
EGI
$130.9K $4.59/SF
− OpEx
−$32.7K −$1.15/SF
NOI
$98.2K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,963,880
Cap Rate 7%
$1,402,771
Cap Rate 9%
$1,091,044
Alternative Uses
Best Use
Office B
$1.40M
$1.23M – $1.64M
NOI $98,194 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.28M
$4.62M – $6.16M
NOI $369,671 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 48154, MI
37,864
Population
15,330
Households
2.5
Avg Household Size
47
Median Age
44%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
3,264
Density / Sq Mi
$103,763
Median Household Income
$59,017
Median Earnings
$1,197
Median Rent
$285,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - ML-zoned facility offers adaptable space, dedicated parking, and direct access to the I-96 Service Drive.
Where is this office building located?
The property is located at 33510 Schoolcraft Rd Livonia, MI.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 28,524 SF office building constructed in 1978; 333' of frontage on Schoolcraft Rd; ML zoning with former compounding pharmacy space
