Warehouse with Back
For Sale
$975,000
6232 E Executive Dr, Westland, MI 48185
I-1-zoned industrial property offers a grade-level loading door and additional exterior space for parking or storage.
Property Size8,136 SF
Price / SF$119.84
Days on Market55
Property Features for 6232 E Executive Dr
General Information
Standard status
Active
Size
8,136 SF
Property subtype
Industrial
Zoning
I-1
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Building Details
Building Size
8,136 SF
Year Built
1984
Year Renovated
2014
Listing Agency:
Signature Associates - Southfield
Listed By:
Alex Timmis · License #6501421748
(248) 359-0623
Source:
Cpix.resimplifi
Added: Jul 28
Changed: Sep 17
Last Checked: Sep 19 at 6:03AM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
Built in 1984, this 8,136-square-foot warehouse provides a traditional industrial layout with 16-foot clear height. The building includes one grade-level overhead door measuring 12 feet by 14 feet, supporting loading and unloading activity. A rear lot adds exterior capacity for parking or storage.
The property is located at 6232 E. Executive Dr in Westland, within an active industrial park. Its position near I-275 provides a direct connection to the regional highway network, while the I-1 zoning supports its industrial classification.
The property is located at 6232 E. Executive Dr in Westland, within an active industrial park. Its position near I-275 provides a direct connection to the regional highway network, while the I-1 zoning supports its industrial classification.
Key Highlights
- 8,136‑square‑foot warehouse built in 1984
- 16‑foot clear height
- One 12' x 14' grade‑level overhead door
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
$51,147
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
5.25%
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%
$1,022,940
$1.0M
Cap Rate 7%
$730,671
$730.7K
Cap Rate 9%
$568,300
$568.3K
Market Conditions
NOI Build-Up for 8,136 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
$62.5K $7.68/SF
− Vacancy
−$2.3K −$0.28/SF
EGI
$60.2K $7.40/SF
− OpEx
−$9.0K −$1.11/SF
NOI
$51.1K $6.29/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /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%
$1,022,940
Cap Rate 7%
$730,671
Cap Rate 9%
$568,300
Alternative Uses
Best Use
Warehouse
$730.7K
$639.3K – $852.5K
NOI $51,147 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,443 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- CubeSmart Self Storage — 39205 Ford Rd, Westland, MI 48185
- Simply Self Storage — westland, mi 48185
- Office Installations Inc — 6022 Executive Dr E, Westland, MI 48185
Frequently Asked Questions
What type of property is this?
Warehouse - I-1-zoned industrial property offers a grade-level loading door and additional exterior space for parking or storage.
Where is this warehouse located?
The property is located at 6232 E Executive Dr Westland, MI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 8,136‑square‑foot warehouse built in 1984; 16‑foot clear height; One 12' x 14' grade‑level overhead door
