Industrial Property with Office
For Sale
Contact for pricing
37667 Cherry Hill Rd, Westland, MI 48186
3,094 SF industrial property on 2.08 acres for sale.
Property Size3,094 SF
Lot Size2.08 Acres
Price / SF$224.63
Days on Market143
Property Features for 37667 Cherry Hill Rd
General Information
Standard status
Active
Size
3,094 SF
Lot size
2.08 Acres
Property subtype
Industrial
Zoning
I-2
Listing Agency:
Burger & Company
(810) 224-8103
Listed By:
Jack Bushart · License #6501442083
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 11 at 5:21PM
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 Burger & Company
Investment Insights
Based on property information with market context.
This property features 3,094 square feet of space situated on 2.08 acres. It includes two houses and a small shop space. One house has been converted into office space, while the other is ready to be finished to suit specific needs. The property is zoned I-2 General Industrial, which permits outdoor storage. The location provides quick access to Ford Road and Michigan Avenue and is positioned between two I-275 interchanges. The lot is gravel and includes two curb cuts to facilitate ingress and egress, making it suitable for a small contractor or service provider.
Key Highlights
- Zoned I‑2 General Industrial allowing for outdoor storage.
- 3,094 square feet on 2.08 acres.
- Includes two houses: one converted to office space, one ready to be finished.
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
$19,522
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
2.81%
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%
$390,440
$390.4K
Cap Rate 7%
$278,886
$278.9K
Cap Rate 9%
$216,911
$216.9K
Market Conditions
NOI Build-Up for 3,094 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
$31.2K $10.08/SF
− Vacancy
−$1.2K −$0.37/SF
EGI
$30.0K $9.71/SF
− OpEx
−$10.5K −$3.40/SF
NOI
$19.5K $6.31/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
35.00%
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%
$390,440
Cap Rate 7%
$278,886
Cap Rate 9%
$216,911
Alternative Uses
Best Use
Flex RnD
$278.9K
$244.0K – $325.4K
NOI $19,522 @ 7.0% cap · market cap 2.81%
Second Best
Warehouse
$277.9K
$243.1K – $324.2K
NOI $19,450 @ 7.0% cap · market cap 2.80%
Theoretical Best
Specialty Retail
$572.8K
$501.2K – $668.3K
NOI $40,098 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48186, MI
35,690
Population
14,543
Households
2.5
Avg Household Size
39
Median Age
19%
College-Educated
88%
High-School Grad
8.3 sq mi
ZIP Area
4,300
Density / Sq Mi
$67,203
Median Household Income
$37,591
Median Earnings
$1,083
Median Rent
$167,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Marquis Food Services — 172 S John Hix Rd, Westland, MI 48186
- Masala Mexican Grill — 39021 Cherry Hill Rd, Westland, MI 48186
Frequently Asked Questions
What type of property is this?
Flex space - 3,094 SF industrial property on 2.08 acres for sale.
Where is this flex space located?
The property is located at 37667 Cherry Hill Rd Westland, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Zoned I‑2 General Industrial allowing for outdoor storage.; 3,094 square feet on 2.08 acres.; Includes two houses: one converted to office space, one ready to be finished.
