Versatile Industrial Property in
For Sale
$3,750,000
4163 E Morgan, Ypsilanti, MI 48197
24,300 SF industrial property suitable for manufacturing and distribution.
Property Size24,300 SF
Lot Size2.26 Acres
Price / SF$154.32
Days on Market176
Property Features for 4163 E Morgan
General Information
Standard status
Active
Size
24,300 SF
Lot size
2.26 Acres
Property subtype
Industrial
Zoning
I (General Industrial)
Listing Agency:
Swisher Commercial
(734) 926-0222
Listed By:
Jeff Evans · License #MI #6506045981
Source:
Swishercommercial
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 20 at 5:01AM
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 Swisher Commercial
Investment Insights
Based on property information with market context.
Located in Ypsilanti, this light industrial property at 4163 E Morgan Road is designed for efficiency and versatility, accommodating various manufacturing, warehousing, and distribution needs. The facility totals 24,300 square feet, divided into two suites of 12,150 square feet each, suitable for single or multi-tenant occupancy. Each suite includes a 14'x14' grade-level, motor-operated overhead door and 8'x10' overhead doors at the truckwell. The shop/warehouse features a fire sprinkler system and ceilings exceeding 20 feet in height. Public sewer and water services are available. The property has 400 amp, 480/277v, 3-phase electric power. Situated on 2.26 acres, the property is zoned I-General Industrial, intended for light manufacturing, other limited industrial, wholesale, and warehousing uses. It is located in Pittsfield Township, with convenient access to I-94 and US-23 via Class A roads. The property can be custom built to suit.
Key Highlights
- 24,300 SF light industrial property suitable for manufacturing, warehousing, and distribution.
- Divisible into two 12,150 SF suites for single or multi‑tenant occupancy.
- Convenient access to I‑94 & US‑23 via class A roads.
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
$273,885
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
7.30%
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%
$5,477,700
$5.5M
Cap Rate 7%
$3,912,643
$3.9M
Cap Rate 9%
$3,043,167
$3.0M
Market Conditions
NOI Build-Up for 24,300 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
$364.5K $15.00/SF
− Vacancy
−$42.3K −$1.74/SF
EGI
$322.2K $13.26/SF
− OpEx
−$48.3K −$1.99/SF
NOI
$273.9K $11.27/SF
Area
Washtenaw County, MI
Vacancy
11.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$5,477,700
Cap Rate 7%
$3,912,643
Cap Rate 9%
$3,043,167
Alternative Uses
Best Use
Warehouse
$3.91M
$3.42M – $4.56M
NOI $273,885 @ 7.0% cap · market cap 7.30%
Second Best
Industrial
$3.22M
$2.82M – $3.76M
NOI $225,553 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$7.14M
$6.25M – $8.33M
NOI $499,802 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48197, MI
67,895
Population
28,649
Households
2.4
Avg Household Size
33
Median Age
47%
College-Educated
94%
High-School Grad
41.2 sq mi
ZIP Area
1,648
Density / Sq Mi
$70,913
Median Household Income
$39,314
Median Earnings
$1,203
Median Rent
$274,100
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - 24,300 SF industrial property suitable for manufacturing and distribution.
Where is this warehouse located?
The property is located at 4163 E Morgan Ypsilanti, MI.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 24,300 SF light industrial property suitable for manufacturing, warehousing, and distribution.; Divisible into two 12,150 SF suites for single or multi‑tenant occupancy.; Convenient access to I‑94 & US‑23 via class A roads.
