Industrial Facility in Washington,
For Sale
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61166 Van Dyke Ave, Washington, MI 48094
98,221 SF industrial facility in a well-established corridor.
Property Size98,221 SF
Price / SF$71.43
Days on Market182
Property Features for 61166 Van Dyke Ave
General Information
Standard status
Active
Size
98,221 SF
Property subtype
Industrial
Zoning
Industrial use
Occupancy
100%
Lease Type
NN
Net Operating Income
$491,105
Building Details
Year Built
1964
Tenancy
Single
Listing Agency:
Fortis Net Lease
(248) 254-3406
Listed By:
Doug Passon · License #MI 6502361821
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Aug 10 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 Fortis Net Lease
Investment Insights
Based on property information with market context.
Located at 61166 Van Dyke in Washington, Michigan, this industrial investment opportunity features a 98,221 square foot industrial facility. Constructed in 1964, the building has undergone significant improvements through substantial capital investment by both the ownership and the tenant. The property is situated within a well-established industrial corridor. The tenant, Laser Specialists, Inc., is a family-owned company with over 30 years of operating history, specializing in laser cutting and fabrication services. They serve a diversified client base across various industries, including automotive, agriculture, aerospace, military, appliance, construction, energy, fitness equipment, and architectural sectors. The property offers expansion potential and a strategic location within the Metro Detroit industrial market. Washington Township, in Macomb County, Michigan, provides a mix of rural charm and suburban convenience. It features spacious residential areas and access to amenities and attractions. The township has parks and outdoor spaces, including Stony Creek Metropark, offering recreational opportunities. Residents can also enjoy local events and shopping and dining options in nearby commercial districts.
Key Highlights
- Substantial capital investment by both ownership and tenant
- Located in a well‑established industrial corridor within the Metro Detroit industrial market
- Long‑term tenant, Laser Specialists, Inc., with over 30 years of operating history
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
$529,620
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
7.55%
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%
$10,592,400
$10.6M
Cap Rate 7%
$7,566,000
$7.6M
Cap Rate 9%
$5,884,667
$5.9M
Market Conditions
NOI Build-Up for 98,221 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
$801.5K $8.16/SF
− Vacancy
−$44.9K −$0.46/SF
EGI
$756.6K $7.70/SF
− OpEx
−$227.0K −$2.31/SF
NOI
$529.6K $5.39/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /SF/Yr
Expense Ratio
30.00%
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%
$10,592,400
Cap Rate 7%
$7,566,000
Cap Rate 9%
$5,884,667
Alternative Uses
Best Use
Industrial
$7.57M
$6.62M – $8.83M
NOI $529,620 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.39M
$16.09M – $21.45M
NOI $1,287,198 @ 7.0% cap · market cap 18.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 48094, MI
20,340
Population
8,295
Households
2.5
Avg Household Size
45
Median Age
36%
College-Educated
93%
High-School Grad
17.5 sq mi
ZIP Area
1,162
Density / Sq Mi
$96,781
Median Household Income
$48,860
Median Earnings
$1,339
Median Rent
$399,100
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?
Industrial property - 98,221 SF industrial facility in a well-established corridor.
Where is this industrial property located?
The property is located at 61166 Van Dyke Ave Washington, MI.
What is the asking price?
The asking price for this property is $7,015,786.
What are key features of this property?
This property features: Substantial capital investment by both ownership and tenant; Located in a well‑established industrial corridor within the Metro Detroit industrial market; Long‑term tenant, Laser Specialists, Inc., with over 30 years of operating history
