Multi-Unit Flex Warehouse
For Sale
$1,389,000
624 LIVERNOIS ST, Ferndale, MI 48220
Well-maintained multi-unit building with six units, ample storage, a 20-space parking lot, and an attached 12' x 10' garage door.
Property Size9,374 SF
Price / SF$148.18
Days on Market175
Property Features for 624 LIVERNOIS ST
General Information
Standard status
Active
Size
9,374 SF
Property subtype
Industrial
Amenities
3
157117
Building Details
Year Built
19
Listing Agency:
@properties Christie's Int'l R.E. Birmingham
(248) 421-7313
Listed By:
Susan Lozano
(248) 421-7313
Source:
Xome
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 11 at 5:47AM
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 @properties Christie's Int'l R.E. Birmingham
Investment Insights
Based on property information with market context.
This well-maintained block-structured flex/warehouse building features six good-sized units with ample storage. The property also includes an attached garage of approximately 600 sq. ft. with a 12' x 10' garage door, and recent improvements totaling $500,000. Unit sizes include approximately 470 sq. ft. (#100), 850 sq. ft. (#200), 2,200 sq. ft. each (#300 and #400), 1,600 sq. ft. (#500), and 1,400 sq. ft. (#600), with all measurements approximate.
The property provides 20 parking spaces, plus additional street parking.
Some spaces are noted as having been leased with longer-term leases, while others remain available as part of this multi-unit configuration.
The property provides 20 parking spaces, plus additional street parking.
Some spaces are noted as having been leased with longer-term leases, while others remain available as part of this multi-unit configuration.
Key Highlights
- Well‑maintained multi‑unit building with $500,000 in updates to a block‑structured building
- 6‑unit layout with unit sizes including 470 SF (#100), 850 SF (#200), 2,200 SF (#300 & #400), 1,600 SF (#500), and 1,400 SF (#600)
- Off‑street parking for 20 vehicles plus additional street parking
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
$96,953
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
6.98%
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%
$1,939,060
$1.9M
Cap Rate 7%
$1,385,043
$1.4M
Cap Rate 9%
$1,077,256
$1.1M
Market Conditions
NOI Build-Up for 9,374 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
$168.7K $18.00/SF
− Vacancy
−$19.6K −$2.09/SF
EGI
$149.2K $15.91/SF
− OpEx
−$52.2K −$5.57/SF
NOI
$97.0K $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%
$1,939,060
Cap Rate 7%
$1,385,043
Cap Rate 9%
$1,077,256
Alternative Uses
Best Use
Flex RnD
$1.39M
$1.21M – $1.62M
NOI $96,953 @ 7.0% cap · market cap 6.98%
Second Best
Warehouse
$805.7K
$705.0K – $940.0K
NOI $56,397 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$2.02M
$1.77M – $2.36M
NOI $141,532 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48220, MI
21,564
Population
12,003
Households
1.8
Avg Household Size
37
Median Age
53%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,901
Density / Sq Mi
$86,095
Median Household Income
$54,557
Median Earnings
$1,191
Median Rent
$229,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
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?
Flex space - Well-maintained multi-unit building with six units, ample storage, a 20-space parking lot, and an attached 12' x 10' garage door.
Where is this flex space located?
The property is located at 624 LIVERNOIS ST Ferndale, MI.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: Well‑maintained multi‑unit building with $500,000 in updates to a block‑structured building; 6‑unit layout with unit sizes including 470 SF (#100), 850 SF (#200), 2,200 SF (#300 & #400), 1,600 SF (#500), and 1,400 SF (#600); Off‑street parking for 20 vehicles plus additional street parking
