Flex Space with Overhead
For Sale
$599,000
35942 Jefferson Avenue, Harrison Twp, MI 48045
COM/IND/BUS OPP, Harrison Twp, MI
Property Size9,375 SF
Lot Size0.22 Acres
Price / SF$63.89
Days on Market48
Property Features for 35942 Jefferson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Harrison Twp (50015)
Standard status
Active
APN
17-12-30-328-005
Size
9,375 SF
Lot size
0.22 Acres
Utilities
Water source
Public
Building Details
Year built
1954
Listing Agency:
Realty Executives Home Towne Chesterfield · Realty Executives International
(586) 949-8300
Listed By:
Francis Ulicny · License #6501459697
(810) 335-5590
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 26 at 3:06AM
MLS# 50214496
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,375-square-foot flex property was built in 1954 and offers a practical commercial layout with overhead door access. The building is positioned for a range of business applications, including marine-related operations, light manufacturing, showroom use, storage, and service activity, subject to municipal approval. Public water serves the property, and the parcel encompasses 0.22 acres.
Located at 35942 Jefferson Avenue in Harrison Township’s waterfront business district, the property is near Lake St. Clair, area marinas, restaurants, recreational destinations, and the surrounding marine service corridor. Regional connectivity includes access to I-94 and M-59, with Metro Detroit also within the broader service area. The property is situated in the Village (V-1A) District.
Located at 35942 Jefferson Avenue in Harrison Township’s waterfront business district, the property is near Lake St. Clair, area marinas, restaurants, recreational destinations, and the surrounding marine service corridor. Regional connectivity includes access to I-94 and M-59, with Metro Detroit also within the broader service area. The property is situated in the Village (V-1A) District.
Key Highlights
- 9,375 square feet of flexible commercial space
- Overhead door access supports service, storage, and operational uses
- 0.22‑acre parcel on Jefferson Avenue
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
$50,551
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
8.44%
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%
$1,011,020
$1.0M
Cap Rate 7%
$722,157
$722.2K
Cap Rate 9%
$561,678
$561.7K
Market Conditions
NOI Build-Up for 9,375 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
$76.5K $8.16/SF
− Vacancy
−$4.3K −$0.46/SF
EGI
$72.2K $7.70/SF
− OpEx
−$21.7K −$2.31/SF
NOI
$50.6K $5.39/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /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%
$1,011,020
Cap Rate 7%
$722,157
Cap Rate 9%
$561,678
Alternative Uses
Best Use
Flex RnD
$1.52M
$1.33M – $1.77M
NOI $106,479 @ 7.0% cap · market cap 17.78%
Second Best
Industrial
$722.2K
$631.9K – $842.5K
NOI $50,551 @ 7.0% cap · market cap 8.44%
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $122,861 @ 7.0% cap · market cap 20.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48045, MI
24,341
Population
12,401
Households
2
Avg Household Size
46
Median Age
26%
College-Educated
95%
High-School Grad
14.3 sq mi
ZIP Area
1,702
Density / Sq Mi
$77,808
Median Household Income
$48,889
Median Earnings
$1,085
Median Rent
$243,000
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.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial building in Harrison Township’s waterfront business district with adaptable space and public water service.
Where is this flex space located?
The property is located at 35942 Jefferson Avenue Harrison Twp, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 9,375 square feet of flexible commercial space; Overhead door access supports service, storage, and operational uses; 0.22‑acre parcel on Jefferson Avenue
