Highland Park Flex/Warehouse
40 Victor St Highland Park, MI 48203
For Sale
$1,490,000
Versatile 18,000+ SF building with offices, warehouse, and storage.
Property Size18,000 SF
Price / SF$82.78
Days on Market97
Property Features for 40 Victor St
General Information
Standard status
Active
Size
18,000 SF
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
Home HeadQuarters
(248) 217-1905
Listed By:
Craig A Ward · License #6501382487
(248) 217-1905
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 29 at 10:16AM
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 Home HeadQuarters
Investment Insights
Based on property information with market context.
This Highland Park building offers over 18,000 square feet of space suitable for various uses, including offices, warehouse, and storage. A kitchen is located within the building, and an additional 1,000 square foot bonus room is situated upstairs. The property features 11 temperature-controlled insulated rooms and two large overhead garage doors. Security is provided by an alarm system and a 16-camera system. The building is located directly behind the Highland Park Fire Department. Updates include plumbing, roof, painting, flooring, and 1200 AMP electrical services. A privacy fence secures more than 20 parking spots. The property is located steps off Woodward and close to major freeways. The building has a bike score of 57, making it bikeable, a walk score of 79, indicating it is very walkable, and a transit score of 49, suggesting some transit options are available.
Key Highlights
- 18,000+ SF building with flexible office, warehouse, and storage space.
- Secure property with alarm system and 16 cameras. Privacy fence encloses 20+ parking spots.
- Prime location steps from Woodward Avenue and close to major freeways.
Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $181.4k | $10.08 |
| − Vacancy | −$6.7k | −$0.37 |
| EGI | $174.7k | $9.71 |
| − OpEx | −$61.2k | −$3.40 |
| NOI | $113.6k | $6.31 |
18,000 SF · lease $10.08/SF/yr · vacancy 3.70% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$1.62M
$1.42M – $1.89M
NOI $113,572 @ 7.0% cap · market cap 7.62%
Second Best
Warehouse
$1.62M
$1.41M – $1.89M
NOI $113,156 @ 7.0% cap · market cap 7.59%
Theoretical Best
Specialty Retail
$3.33M
$2.92M – $3.89M
NOI $233,280 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Grill Kings Catering CO. — 166 Eason Ave, Highland Park, MI 48203
- TANESHA'S SOUL FOOD CAFE — 15885 Woodward Ave, Highland Park, MI 48203
Frequently Asked Questions
What type of property is this?
Flex space - Versatile 18,000+ SF building with offices, warehouse, and storage.
Where is this flex space located?
The property is located at 40 Victor St Highland Park, MI.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 18,000+ SF building with flexible office, warehouse, and storage space.; Secure property with alarm system and 16 cameras. Privacy fence encloses 20+ parking spots.; Prime location steps from Woodward Avenue and close to major freeways.
