Highland Park Flex/Warehouse
For Sale
$1,490,000
40 Victor Street, Highland Park, MI 48203
Versatile 18,000+ SF building with offices, warehouse, and storage.
Property Size18,000 SF
Price / SF$82.78
Days on Market321
Property Features for 40 Victor Street
General Information
Standard status
Active
Size
18,000 SF
Property subtype
General Commercial
Amenities
3
150x125
Building Details
Year Built
1920
Listing Agency:
Home HeadQuarters
(248) 275-8944
Listed By:
Craig Ward · License #6501382487
Source:
Xome
Added: Oct 8, 2025
Changed: Aug 23
Last Checked: Aug 24 at 3:20AM
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
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
$113,572
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
7.62%
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%
$2,271,440
$2.3M
Cap Rate 7%
$1,622,457
$1.6M
Cap Rate 9%
$1,261,911
$1.3M
Market Conditions
NOI Build-Up for 18,000 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
$181.4K $10.08/SF
− Vacancy
−$6.7K −$0.37/SF
EGI
$174.7K $9.71/SF
− OpEx
−$61.2K −$3.40/SF
NOI
$113.6K $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%
$2,271,440
Cap Rate 7%
$1,622,457
Cap Rate 9%
$1,261,911
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
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
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
- 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 Street 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.
