Flex Warehouse with Loading
For Sale
Contact for pricing
415 N Lafayette Street, South Lyon, MI 48178
Multi-building facility with showroom, offices, and five loading docks for logistics, manufacturing, or distribution.
Property Size17,105 SF
Lot Size4.24 Acres
Price / SF$146.16
Days on Market158
Property Features for 415 N Lafayette Street
General Information
Standard status
Active
Size
17,105 SF
Lot size
4.24 Acres
Property subtype
Industrial, Office
Additional Details
Business Included
Yes
Dock-High Doors
5
Building Details
Year Built
1954
Listing Agency:
Avera Realty
(734) 637-7000
Listed By:
Ron Yarbrough · License #6502433712
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 8 at 7:18AM
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 Avera Realty
Investment Insights
Based on property information with market context.
A flex-style industrial campus totaling over 35,000 sq. ft. of usable space sits on 4.24 acres and includes two buildings designed to support both operations and client-facing use. The front 17,000 sq. ft. building features abundant office space on the first floor, plus a second-floor office/conference room. It also includes a showroom in place, and high ceilings throughout support production or distribution workflows. The rear building, built in 2014, offers approximately 18,000 sq. ft. and includes 10-inch concrete floors. Site improvements include five loading docks, a fire hydrant, and a retention pond.
The property is located at 415 N Lafayette Street in South Lyon, Michigan, within southeastern Michigan. The configuration combines office and showroom frontage in the front building with dedicated loading for industrial activity, giving the campus a practical live-work style layout for users who need both operational space and customer presentation.
This facility is suited to businesses seeking loading-supported distribution, manufacturing, or logistical operations, with on-site offices and a ready-to-use showroom footprint. The existing building plan also provides flexibility for redevelopment scenarios where an operator or investor may consider multiple tenants within one campus. Developers are also part of the stated target audience, including users interested in creating an industrial park setting.
The property is located at 415 N Lafayette Street in South Lyon, Michigan, within southeastern Michigan. The configuration combines office and showroom frontage in the front building with dedicated loading for industrial activity, giving the campus a practical live-work style layout for users who need both operational space and customer presentation.
This facility is suited to businesses seeking loading-supported distribution, manufacturing, or logistical operations, with on-site offices and a ready-to-use showroom footprint. The existing building plan also provides flexibility for redevelopment scenarios where an operator or investor may consider multiple tenants within one campus. Developers are also part of the stated target audience, including users interested in creating an industrial park setting.
Key Highlights
- Multi‑building industrial facility on 4.24 acres with over 35,000 sq ft of usable space
- Front building totals 17,000 sq ft and includes abundant first‑floor office space plus a second‑floor office/conference room
- Showroom already in place for customer display, with floor plan that can be repurposed
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
$176,914
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
7.08%
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%
$3,538,280
$3.5M
Cap Rate 7%
$2,527,343
$2.5M
Cap Rate 9%
$1,965,711
$2.0M
Market Conditions
NOI Build-Up for 17,105 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
$307.9K $18.00/SF
− Vacancy
−$35.7K −$2.09/SF
EGI
$272.2K $15.91/SF
− OpEx
−$95.3K −$5.57/SF
NOI
$176.9K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /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%
$3,538,280
Cap Rate 7%
$2,527,343
Cap Rate 9%
$1,965,711
Alternative Uses
Best Use
Flex RnD
$2.53M
$2.21M – $2.95M
NOI $176,914 @ 7.0% cap · market cap 7.08%
Second Best
Warehouse
$1.47M
$1.29M – $1.72M
NOI $102,910 @ 7.0% cap · market cap 4.12%
Theoretical Best
Specialty Retail
$3.69M
$3.23M – $4.30M
NOI $258,258 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Dock-high doors
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
194
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building facility with showroom, offices, and five loading docks for logistics, manufacturing, or distribution.
Where is this flex space located?
The property is located at 415 N Lafayette Street South Lyon, MI.
What is the asking price?
The asking price for this property is $2,499,999.
What are key features of this property?
This property features: Multi‑building industrial facility on 4.24 acres with over 35,000 sq ft of usable space; Front building totals 17,000 sq ft and includes abundant first‑floor office space plus a second‑floor office/conference room; Showroom already in place for customer display, with floor plan that can be repurposed
