Free Standing Industrial
For Sale
Contact for pricing
385 N Mill Street, South Lyon, MI 48178
Free standing industrial warehouse building available for sale.
Property Size18,000 SF
Price / SF$83.33
Days on Market987
Property Features for 385 N Mill Street
General Information
Standard status
Active
Size
18,000 SF
Class
C
Total Parking Spaces
15
Property subtype
Industrial
Zoning
I-1 Industrial
Building Details
Year Built
1960
Stories
1
Listing Agency:
Thomas Duke Company
Listed By:
Mark Szerlag · License #MI 6502342846
(248) 476-1277
Source:
Crexi
Added: Feb 8, 2024
Changed: Oct 4
Last Checked: Oct 20 at 8:41PM
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 Thomas Duke Company
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Investment Insights
Based on property information with market context.
This is a free standing industrial warehouse building. The property has a size of 18000 square feet.
Key Highlights
- Free Standing Building
- Industrial Warehouse
- Warehouse Building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,294
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,165,880
$2.2M
Cap Rate 7%
$1,547,057
$1.5M
Cap Rate 9%
$1,203,267
$1.2M
Market Conditions
NOI Build-Up for 18,000 SF
Gross rent
$132.3K $7.35/SF
− Vacancy
−$4.9K −$0.27/SF
EGI
$127.4K $7.08/SF
− OpEx
−$19.1K −$1.06/SF
NOI
$108.3K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,165,880
Cap Rate 7%
$1,547,057
Cap Rate 9%
$1,203,267
Alternative Uses
Best Use
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,294 @ 7.0% cap · market cap 7.22%
Second Best
Industrial
$1.27M
$1.11M – $1.49M
NOI $89,183 @ 7.0% cap · market cap 5.95%
Theoretical Best
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,771 @ 7.0% cap · market cap 18.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48178, MI
36,858
Population
14,402
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
48.0 sq mi
ZIP Area
768
Density / Sq Mi
$130,781
Median Household Income
$70,253
Median Earnings
$1,231
Median Rent
$392,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Similar Off Market Nearby
- SpareBox Storage — 271 Lottie St, South Lyon, MI 48178
- Self Storage Secure — 626 N Lafayette St, South Lyon, MI 48178
Frequently Asked Questions
What type of property is this?
Warehouse - Free standing industrial warehouse building available for sale.
Where is this warehouse located?
The property is located at 385 N Mill Street South Lyon, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Free Standing Building; Industrial Warehouse; Warehouse Building
