Manufacturing Facility with Dock
For Sale
$4,950,000
350 S Mill St, Plymouth, MI 48170
Industrial manufacturing building with substantial power, loading infrastructure, fire suppression, and flexible multi-unit configuration.
Property Size74,915 SF
Lot Size5.02 Acres
Price / SF$66.07
Days on Market213
Property Features for 350 S Mill St
General Information
Standard status
Active
Size
74,915 SF
Lot size
5.02 Acres
Property subtype
Industrial
Zoning
I-2
Occupancy
40%
Warehouse & Industrial
Clear Height
18.8 ft
Dock-High Doors
3
Drive-In Doors
4
Power
1,800 amps
Voltage
480 V
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Asking Price
$4,950,000
Highway Access
Yes
Building Details
Building Size
74,915 SF
Year Built
1953
Year Renovated
1989
Tenancy
Multi
Listing Agency:
Friedman Integrated Real Estate
(248) 848-1253
Listed By:
Zach Cummings
(248) 848-1253
Source:
Cpix.resimplifi
Added: Jan 29
Changed: Aug 29
Last Checked: Aug 29 at 6:10PM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
This 74,915-square-foot manufacturing property occupies 5.02 acres and is zoned I-2. The building includes warehouse clear heights ranging from 14 feet to 18 feet 9 inches, with approximately 50,000 square feet offering 17 feet 9 inches to 18 feet 9 inches of clear height. Power includes 480V, three-phase service, 1,800 amps, and bus ducts. Loading improvements include three 12-foot by 14-foot grade-level doors, one 14-foot by 14-foot grade-level door, three truckwells, and shared dock-high access. Gas unit heaters serve the warehouse, and the building is fully fire suppressed.
Configured as a multi-unit facility, the property can be converted to a single unit. Two tenants occupy approximately 40% of the building under short-term leases. Constructed in 1953 and renovated in 1989, the property is located ½ mile from downtown Plymouth with quick access to I-275 and I-96.
Configured as a multi-unit facility, the property can be converted to a single unit. Two tenants occupy approximately 40% of the building under short-term leases. Constructed in 1953 and renovated in 1989, the property is located ½ mile from downtown Plymouth with quick access to I-275 and I-96.
Key Highlights
- 74,915 SF manufacturing building on 5.02 AC
- I‑2 zoning with 14’ - 18’9” clear height
- Approximately 50,000 SF has 17’9” – 18’9” clear height
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
$387,842
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
7.84%
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%
$7,756,840
$7.8M
Cap Rate 7%
$5,540,600
$5.5M
Cap Rate 9%
$4,309,356
$4.3M
Market Conditions
NOI Build-Up for 74,915 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
$575.3K $7.68/SF
− Vacancy
−$21.3K −$0.28/SF
EGI
$554.1K $7.40/SF
− OpEx
−$166.2K −$2.22/SF
NOI
$387.8K $5.18/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /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%
$7,756,840
Cap Rate 7%
$5,540,600
Cap Rate 9%
$4,309,356
Alternative Uses
Best Use
Warehouse
$6.73M
$5.89M – $7.85M
NOI $470,950 @ 7.0% cap · market cap 9.51%
Second Best
Industrial
$5.54M
$4.85M – $6.46M
NOI $387,842 @ 7.0% cap · market cap 7.84%
Theoretical Best
Specialty Retail
$13.87M
$12.14M – $16.18M
NOI $970,898 @ 7.0% cap · market cap 19.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
3
Dock-high doors
4
Drive-in doors
40%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 48170, MI
41,069
Population
18,184
Households
2.3
Avg Household Size
45
Median Age
59%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
1,190
Density / Sq Mi
$109,442
Median Household Income
$68,920
Median Earnings
$1,114
Median Rent
$400,800
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?
Manufacturing property - Industrial manufacturing building with substantial power, loading infrastructure, fire suppression, and flexible multi-unit configuration.
Where is this manufacturing property located?
The property is located at 350 S Mill St Plymouth, MI.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 74,915 SF manufacturing building on 5.02 AC; I‑2 zoning with 14’ - 18’9” clear height; Approximately 50,000 SF has 17’9” – 18’9” clear height
