Flex Office/Warehouse
For Sale
$1,598,000
588 S Lapeer Road, Oxford, MI 48371
Industrial-flex building includes two private offices and a spacious open area for storage or work space.
Property Size6,054 SF
Days on Market109
Property Features for 588 S Lapeer Road
General Information
Standard status
Active
Size
6,054 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$9,977
Building Details
Building Size
6,054 SF
Year Built
1974
Listing Agency:
Thrive Realty Company
Listed By:
Aylin Tarr · License #449373
Source:
Thebrokeragehouse
Added: May 8
Changed: Aug 23
Last Checked: Aug 22 at 1:52PM
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 Thrive Realty Company
Investment Insights
Based on property information with market context.
This versatile flex office/warehouse property at 588 S Lapeer Rd offers a practical mix of administrative and open functional space. The interior includes two private office spaces plus a spacious open area that can support storage, work space, or other light commercial use.
The property is positioned on South Lapeer Road within an established commercial corridor, designed to provide convenient access for daily operations and customer visibility.
As a single-purpose layout with both office and open-area components, the building is well-suited for owner-users seeking space to run day-to-day business functions alongside flexible storage or workspace needs.
The property is positioned on South Lapeer Road within an established commercial corridor, designed to provide convenient access for daily operations and customer visibility.
As a single-purpose layout with both office and open-area components, the building is well-suited for owner-users seeking space to run day-to-day business functions alongside flexible storage or workspace needs.
Key Highlights
- Commercial property at 588 S Lapeer Rd, Oxford, MI (built in 1974)
- Industrial‑flex layout with two private office spaces
- Spacious open area suited for storage, work space, or light commercial use
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
$62,615
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
3.92%
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%
$1,252,300
$1.3M
Cap Rate 7%
$894,500
$894.5K
Cap Rate 9%
$695,722
$695.7K
Market Conditions
NOI Build-Up for 6,054 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
$109.0K $18.00/SF
− Vacancy
−$12.6K −$2.09/SF
EGI
$96.3K $15.91/SF
− OpEx
−$33.7K −$5.57/SF
NOI
$62.6K $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%
$1,252,300
Cap Rate 7%
$894,500
Cap Rate 9%
$695,722
Alternative Uses
Best Use
Flex RnD
$894.5K
$782.7K – $1.04M
NOI $62,615 @ 7.0% cap · market cap 3.92%
Second Best
Industrial
$428.5K
$374.9K – $499.9K
NOI $29,995 @ 7.0% cap · market cap 1.88%
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,406 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
620
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-flex building includes two private offices and a spacious open area for storage or work space.
Where is this flex space located?
The property is located at 588 S Lapeer Road Oxford, MI.
What is the asking price?
The asking price for this property is $1,598,000.
What are key features of this property?
This property features: Commercial property at 588 S Lapeer Rd, Oxford, MI (built in 1974); Industrial‑flex layout with two private office spaces; Spacious open area suited for storage, work space, or light commercial use
