Single-Story Flex
For Sale
$1,320,000
353 Oliver Drive, Troy, MI 48084
Industrial building with recent capital improvements and access to I-75.
Property Size12,000 SF
Lot Size0.92 Acres
Price / SF$110
Days on Market91
Property Features for 353 Oliver Drive
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
25
Lot size
0.92 Acres
Property subtype
Industrial
Zoning
II
Additional Details
Highway Access
Yes
Building Details
Building Size
12,000 SF
Year Built
1975
Stories
1
Listing Agency:
Friedman Integrated Real Estate
(248) 324-2000
Listed By:
Marc Hames
Source:
Friedmanrealestate
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 2:50PM
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 single-story flex property contains approximately 12,000 square feet within a 0.92-acre site. Built in 1975, the industrial building has undergone recent capital improvements and is zoned II, supporting its positioning for industrial or flex occupancy.
The property is located in Thunderbird Industrial Park at 353 Oliver Drive in Troy, Michigan. Access is available to I-75 and nearby Big Beaver Road and Maple Road, providing connections to major Troy thoroughfares.
The property is located in Thunderbird Industrial Park at 353 Oliver Drive in Troy, Michigan. Access is available to I-75 and nearby Big Beaver Road and Maple Road, providing connections to major Troy thoroughfares.
Key Highlights
- ±12,000 SF industrial building on ±0.92 acres
- Single‑story layout with recent capital improvements
- Zoned II
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
$59,456
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
4.50%
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%
$1,189,120
$1.2M
Cap Rate 7%
$849,371
$849.4K
Cap Rate 9%
$660,622
$660.6K
Market Conditions
NOI Build-Up for 12,000 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
$88.2K $7.35/SF
− Vacancy
−$3.3K −$0.27/SF
EGI
$84.9K $7.08/SF
− OpEx
−$25.5K −$2.12/SF
NOI
$59.5K $4.95/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$1,189,120
Cap Rate 7%
$849,371
Cap Rate 9%
$660,622
Alternative Uses
Best Use
Flex RnD
$1.77M
$1.55M – $2.07M
NOI $124,114 @ 7.0% cap · market cap 9.40%
Second Best
Industrial
$849.4K
$743.2K – $990.9K
NOI $59,456 @ 7.0% cap · market cap 4.50%
Theoretical Best
Specialty Retail
$2.59M
$2.26M – $3.02M
NOI $181,181 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,166
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48084, MI
16,364
Population
7,402
Households
2.2
Avg Household Size
37
Median Age
73%
College-Educated
99%
High-School Grad
6.2 sq mi
ZIP Area
2,639
Density / Sq Mi
$106,004
Median Household Income
$71,494
Median Earnings
$1,648
Median Rent
$420,000
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.
Similar Off Market Nearby
- National Coney Island — 1331 W Maple Rd, Clawson, MI 48017
- Clean Eatz — 319 E Big Beaver Rd, Troy, MI 48083
Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with recent capital improvements and access to I-75.
Where is this flex space located?
The property is located at 353 Oliver Drive Troy, MI.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: ±12,000 SF industrial building on ±0.92 acres; Single‑story layout with recent capital improvements; Zoned II
