Industrial Building with
For Sale
$2,450,000
450 S Glaspie St, Oxford, MI 48371
Industrial building offers 20' clear ceiling height, clear-span layout, and fenced, secured, lit outdoor storage.
Property Size15,661 SF
Lot Size2.50 Acres
Price / SF$156.44
Days on Market215
Property Features for 450 S Glaspie St
General Information
Standard status
Active
Size
15,661 SF
Lot size
2.50 Acres
Property subtype
Industrial
Zoning
I-1
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
4
Heavy Power
Yes
Amenities
fenced secured lit outside storage
LED lighting
radiant heat
air lines
accent lighting
video monitoring
security alarm
secure storage room
Building Details
Building Size
15,661 SF
Listing Agency:
Friedman Integrated Real Estate
Listed By:
Larry Schultz
(248) 324-2000
Source:
Cpix.resimplifi
Added: Feb 2
Changed: Aug 24
Last Checked: Sep 5 at 3:36AM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
A 15,661 SF industrial building available for sale in Oxford, Michigan, situated on approximately 2.5 acres of fenced, secured, and lit outside storage. The facility includes four 14' high drive-in doors and one truck well, supporting practical loading and storage operations.
The warehouse area features clear span construction with no columns and 20' clear ceiling height, with LED lighting, radiant heat, and air lines. Electrical service is listed as 600A, 240V, 3-phase.
Office space is finished with epoxy floors and includes a large reception area, an approximately 1,000 SF open area that can function as a showroom or collaborative space, plus three private offices. The building also references enhanced systems from a former dispensary, including accent lighting, video monitoring, a security alarm, and a secure storage room, and original floor plans are available.
The warehouse area features clear span construction with no columns and 20' clear ceiling height, with LED lighting, radiant heat, and air lines. Electrical service is listed as 600A, 240V, 3-phase.
Office space is finished with epoxy floors and includes a large reception area, an approximately 1,000 SF open area that can function as a showroom or collaborative space, plus three private offices. The building also references enhanced systems from a former dispensary, including accent lighting, video monitoring, a security alarm, and a secure storage room, and original floor plans are available.
Key Highlights
- 15,661 SF industrial building on 2.5 acres in Oxford
- 20' clear ceiling height with clear‑span interior (no columns)
- Outside storage is fenced, secured, and lit
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
$161,979
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
6.61%
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%
$3,239,580
$3.2M
Cap Rate 7%
$2,313,986
$2.3M
Cap Rate 9%
$1,799,767
$1.8M
Market Conditions
NOI Build-Up for 15,661 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
$281.9K $18.00/SF
− Vacancy
−$32.7K −$2.09/SF
EGI
$249.2K $15.91/SF
− OpEx
−$87.2K −$5.57/SF
NOI
$162.0K $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%
$3,239,580
Cap Rate 7%
$2,313,986
Cap Rate 9%
$1,799,767
Alternative Uses
Best Use
Flex RnD
$2.31M
$2.02M – $2.70M
NOI $161,979 @ 7.0% cap · market cap 6.61%
Second Best
Industrial
$1.11M
$969.9K – $1.29M
NOI $77,595 @ 7.0% cap · market cap 3.17%
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.94M
NOI $236,456 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
4
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building offers 20' clear ceiling height, clear-span layout, and fenced, secured, lit outdoor storage.
Where is this flex space located?
The property is located at 450 S Glaspie St Oxford, MI.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 15,661 SF industrial building on 2.5 acres in Oxford; 20' clear ceiling height with clear‑span interior (no columns); Outside storage is fenced, secured, and lit
