Updated Industrial Building with
For Sale
$1,665,000
850 S Glaspie St, Oxford, MI 48371
Updated industrial facility with office buildout, epoxy floors, floor drains, LED lighting, and 18' clear ceilings.
Property Size10,051 SF
Price / SF$165.66
Days on Market214
Property Features for 850 S Glaspie St
General Information
Standard status
Active
Size
10,051 SF
Property subtype
Industrial
Zoning
I-1
Warehouse & Industrial
Clear Height
18 ft
Heavy Power
Yes
Building Details
Building Size
10,051 SF
Listing Agency:
Friedman Integrated Real Estate
Listed By:
Larry Schultz
(248) 324-2000
Source:
Cpix.resimplifi
Added: Feb 2
Changed: Aug 26
Last Checked: Sep 4 at 2:08AM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
Updated industrial building for sale with recent exterior and interior improvements, including a new parking lot with curbs and sidewalk, plus an underground detention basin. Interior updates include epoxy and LVP flooring, fresh paint, and HVAC.
The property includes an office area with three private rooms, a kitchen/break room, about 1,200 SF of open office/showroom space, a new reception area, and a lab/store room. The warehouse portion features new epoxy floors, floor drains, LED lighting, gas-fired forced-air heat (GFA), and approximately 18' clear ceilings. Electrical includes 1,000A 240V 3-phase power.
Security features include cameras, alarms, and reinforced doors. Public remarks also note that the former MJ dispensary underwent major renovations about three years ago.
The property includes an office area with three private rooms, a kitchen/break room, about 1,200 SF of open office/showroom space, a new reception area, and a lab/store room. The warehouse portion features new epoxy floors, floor drains, LED lighting, gas-fired forced-air heat (GFA), and approximately 18' clear ceilings. Electrical includes 1,000A 240V 3-phase power.
Security features include cameras, alarms, and reinforced doors. Public remarks also note that the former MJ dispensary underwent major renovations about three years ago.
Key Highlights
- 10,051 SF updated industrial building for sale in Oxford
- Office buildout includes 3 private offices, kitchen/break room, and new reception area
- 1,200 SF open office/showroom plus lab/store room
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
$103,955
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
6.24%
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%
$2,079,100
$2.1M
Cap Rate 7%
$1,485,071
$1.5M
Cap Rate 9%
$1,155,056
$1.2M
Market Conditions
NOI Build-Up for 10,051 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
$180.9K $18.00/SF
− Vacancy
−$21.0K −$2.09/SF
EGI
$159.9K $15.91/SF
− OpEx
−$56.0K −$5.57/SF
NOI
$104.0K $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%
$2,079,100
Cap Rate 7%
$1,485,071
Cap Rate 9%
$1,155,056
Alternative Uses
Best Use
Flex RnD
$1.49M
$1.30M – $1.73M
NOI $103,955 @ 7.0% cap · market cap 6.24%
Second Best
Warehouse
$863.9K
$755.9K – $1.01M
NOI $60,470 @ 7.0% cap · market cap 3.63%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,754 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
395
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Updated industrial facility with office buildout, epoxy floors, floor drains, LED lighting, and 18' clear ceilings.
Where is this flex space located?
The property is located at 850 S Glaspie St Oxford, MI.
What is the asking price?
The asking price for this property is $1,665,000.
What are key features of this property?
This property features: 10,051 SF updated industrial building for sale in Oxford; Office buildout includes 3 private offices, kitchen/break room, and new reception area; 1,200 SF open office/showroom plus lab/store room
