Stand-Alone Light Industrial
For Sale
$2,150,000
45700 Mast Street, Plymouth, MI 48170
Stand-alone light industrial building with two 12x14 grade-level doors and recently upgraded office space.
Property Size15,000 SF
Lot Size1.26 Acres
Price / SF$143.33
Days on Market49
Property Features for 45700 Mast Street
General Information
Standard status
Active
Size
15,000 SF
Total Parking Spaces
33
Lot size
1.26 Acres
Property subtype
Industrial - Flex Space
Zoning
Light Industrial
Additional Details
Drive-In Doors
2
Building Details
Building Size
15,000 SF
Year Built
1987
Year Renovated
2024
Listing Agency:
Friedman Integrated Real Estate - Corporate
(248) 207-9511
Listed By:
Phil Konopitski
(248) 207-9511
Source:
Friedmanrealestate
Added: Jun 29
Changed: Aug 8
Last Checked: Aug 16 at 5:14AM
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 - Corporate
Investment Insights
Based on property information with market context.
This stand-alone light industrial facility includes approximately 15,000 SF of industrial space with a 3,000 SF front-facing office. The building features brick/masonry construction, a newer roof, and a recently paved lot. Two 12’ x 14’ grade-level doors provide straightforward access, and the layout is described as expandable. Inside, the shop includes full A/C, a load-bearing mezzanine, and a dedicated compressor room with compression service. The electrical and utilities infrastructure includes a buss bar and air lines throughout.
Operational capability is a clear focus of the improvements. The site has two cranes with overhead rail, including a 2-ton and a half-ton arc. These systems, along with the compressed-air infrastructure, support a range of light manufacturing and warehouse-style operations.
On the business side, the on-site office has had upgrades completed in 2024 and is designed to align with day-to-day tenant needs. With the combination of grade-level loading, crane functionality, and a dedicated office, the property is positioned for industrial users seeking an efficient, self-contained facility on a 1.26-acre site.
Operational capability is a clear focus of the improvements. The site has two cranes with overhead rail, including a 2-ton and a half-ton arc. These systems, along with the compressed-air infrastructure, support a range of light manufacturing and warehouse-style operations.
On the business side, the on-site office has had upgrades completed in 2024 and is designed to align with day-to-day tenant needs. With the combination of grade-level loading, crane functionality, and a dedicated office, the property is positioned for industrial users seeking an efficient, self-contained facility on a 1.26-acre site.
Key Highlights
- 15,000 SF stand‑alone light industrial building on 1.26 acres with newer roof
- Office space totaling 3,000 SF with office upgrades completed in 2024
- Two 12' x 14' grade‑level front‑facing doors
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
$94,644
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
4.40%
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%
$1,892,880
$1.9M
Cap Rate 7%
$1,352,057
$1.4M
Cap Rate 9%
$1,051,600
$1.1M
Market Conditions
NOI Build-Up for 15,000 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
$151.2K $10.08/SF
− Vacancy
−$5.6K −$0.37/SF
EGI
$145.6K $9.71/SF
− OpEx
−$51.0K −$3.40/SF
NOI
$94.6K $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%
$1,892,880
Cap Rate 7%
$1,352,057
Cap Rate 9%
$1,051,600
Alternative Uses
Best Use
Flex RnD
$1.35M
$1.18M – $1.58M
NOI $94,644 @ 7.0% cap · market cap 4.40%
Second Best
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,297 @ 7.0% cap · market cap 4.39%
Theoretical Best
Specialty Retail
$2.78M
$2.43M – $3.24M
NOI $194,400 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48170, MI
41,069
Population
18,184
Households
2.3
Avg Household Size
45
Median Age
59%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
1,190
Density / Sq Mi
$109,442
Median Household Income
$68,920
Median Earnings
$1,114
Median Rent
$400,800
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 - Stand-alone light industrial building with two 12x14 grade-level doors and recently upgraded office space.
Where is this flex space located?
The property is located at 45700 Mast Street Plymouth, MI.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 15,000 SF stand‑alone light industrial building on 1.26 acres with newer roof; Office space totaling 3,000 SF with office upgrades completed in 2024; Two 12' x 14' grade‑level front‑facing doors
