Industrial Warehouse with Additional
For Sale
$329,000
6061 Wabash St, Detroit, MI 48208
Fenced warehouse property with water, electricity, and an installed 2-inch gas line; interior improvements are needed.
Property Size3,198 SF
Price / SF$102.88
Days on Market325
Property Features for 6061 Wabash St
General Information
Standard status
Active
Size
3,198 SF
Property Condition
Severity
Repairs Needed
Evidence
Interior needs work
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,161
Building Details
Buildings
1
Listing Agency:
Michigan Elite Realty
(586) 580-7698
Listed By:
Candice Corley
(586) 580-7698
Source:
Exprealty
Added: Oct 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:23PM
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 Michigan Elite Realty
Investment Insights
Based on property information with market context.
This industrial warehouse property includes the building and an additional lot enclosed within the existing fenced area. Water and electricity are ready for use, and the property has an installed 2-inch gas line. The interior requires work, offering a commercial building that can be improved to suit its next use.
The property is located on Wabash St in Detroit’s New Center, within walking distance of downtown activity, a hospital, and freeway access. The additional land expands the fenced site beyond the warehouse footprint and is included in the sale.
The property is located on Wabash St in Detroit’s New Center, within walking distance of downtown activity, a hospital, and freeway access. The additional land expands the fenced site beyond the warehouse footprint and is included in the sale.
Key Highlights
- Industrial warehouse with additional lot included in the sale
- Additional lot is enclosed within the existing fenced area
- Installed 2‑inch gas line
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
$22,788
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
6.93%
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%
$455,760
$455.8K
Cap Rate 7%
$325,543
$325.5K
Cap Rate 9%
$253,200
$253.2K
Market Conditions
NOI Build-Up for 3,198 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
$28.0K $8.76/SF
− Vacancy
−$1.2K −$0.38/SF
EGI
$26.8K $8.38/SF
− OpEx
−$4.0K −$1.26/SF
NOI
$22.8K $7.13/SF
Area
Detroit, MI
Vacancy
4.30%
Lease Rate
$8.76 /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%
$455,760
Cap Rate 7%
$325,543
Cap Rate 9%
$253,200
Alternative Uses
Best Use
Warehouse
$325.5K
$284.9K – $379.8K
NOI $22,788 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$705.5K
$617.3K – $823.1K
NOI $49,384 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
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 - Fenced warehouse property with water, electricity, and an installed 2-inch gas line; interior improvements are needed.
Where is this warehouse located?
The property is located at 6061 Wabash St Detroit, MI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Industrial warehouse with additional lot included in the sale; Additional lot is enclosed within the existing fenced area; Installed 2‑inch gas line
