Wyandotte Warehouse with Storage
For Sale
$1,800,000
Pending
341 Goddard Rd, Wyandotte, MI 48192
Large warehouse with storage facility and expansion opportunity.
Property Size8,000 SF
Lot Size2.29 Acres
Days on Market164
Property Features for 341 Goddard Rd
General Information
Standard status
Pending
Size
8,000 SF
Lot size
2.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$16,898
Building Details
Year Built
1950
Units
50
Listing Agency:
National Realty Centers Northv
(313) 999-6728
Listed By:
Wayne Michalak
(313) 999-6728
Source:
Elliman
Added: Mar 10
Changed: Aug 12
Last Checked: Aug 20 at 9:54AM
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 National Realty Centers Northv
Investment Insights
Based on property information with market context.
This large warehouse in Wyandotte has functioned as a self-storage facility for over 20 years, presenting an opportunity to expand the existing storage business. The building features tall ceilings, suitable for adding a mezzanine, and has heavy power capabilities. The roof has been maintained over the years. A long-term tenant currently occupies approximately 8,000 square feet of the building. The property includes an additional lot at 271 Stoll St, which is currently used for outside storage. The property generates approximately $180,000 in gross revenue.
Key Highlights
- Existing self‑storage facility with high occupancy and approximately $180k gross revenue.
- Includes additional lot (271 Stoll St.) for outside storage expansion.
- Long‑term tenant occupying approximately 8,000 SF providing immediate cash flow.
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
$70,224
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
3.90%
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%
$1,404,480
$1.4M
Cap Rate 7%
$1,003,200
$1.0M
Cap Rate 9%
$780,267
$780.3K
Market Conditions
NOI Build-Up for 8,000 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
$105.6K $13.20/SF
− Vacancy
−$5.3K −$0.66/SF
EGI
$100.3K $12.54/SF
− OpEx
−$30.1K −$3.76/SF
NOI
$70.2K $8.78/SF
Area
Wayne County, MI
Vacancy
5.00%
Lease Rate
$13.20 /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%
$1,404,480
Cap Rate 7%
$1,003,200
Cap Rate 9%
$780,267
Alternative Uses
Best Use
Self Storage
$1.00M
$877.8K – $1.17M
NOI $70,224 @ 7.0% cap · market cap 3.90%
Second Best
Industrial
$591.7K
$517.7K – $690.3K
NOI $41,417 @ 7.0% cap · market cap 2.30%
Theoretical Best
Specialty Retail
$1.48M
$1.30M – $1.73M
NOI $103,680 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Self storage facility - Large warehouse with storage facility and expansion opportunity.
Where is this self storage facility located?
The property is located at 341 Goddard Rd Wyandotte, 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: Existing self‑storage facility with high occupancy and approximately $180k gross revenue.; Includes additional lot (271 Stoll St.) for outside storage expansion.; Long‑term tenant occupying approximately 8,000 SF providing immediate cash flow.
