Free Standing Industrial
For Sale
Contact for pricing
385 N Mill Street, South Lyon, MI 48178
Free standing industrial warehouse building available for sale.
Property Size18,000 SF
Price / SF$83.33
Days on Market941
Property Features for 385 N Mill Street
General Information
Standard status
Active
Size
18,000 SF
Class
C
Total Parking Spaces
15
Property subtype
Industrial
Zoning
I-1 Industrial
Building Details
Year Built
1960
Stories
1
Listing Agency:
Thomas Duke Company
Listed By:
Mark Szerlag · License #MI 6502342846
(248) 476-3700
Source:
Crexi
Added: Feb 8, 2024
Changed: Sep 2
Last Checked: Sep 4 at 2:50PM
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 Thomas Duke Company
Investment Insights
Based on property information with market context.
This is a free standing industrial warehouse building. The property has a size of 18000 square feet.
Key Highlights
- Free Standing Building
- Industrial Warehouse
- Warehouse Building
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
$108,294
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
7.22%
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%
$2,165,880
$2.2M
Cap Rate 7%
$1,547,057
$1.5M
Cap Rate 9%
$1,203,267
$1.2M
Market Conditions
NOI Build-Up for 18,000 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
$132.3K $7.35/SF
− Vacancy
−$4.9K −$0.27/SF
EGI
$127.4K $7.08/SF
− OpEx
−$19.1K −$1.06/SF
NOI
$108.3K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$2,165,880
Cap Rate 7%
$1,547,057
Cap Rate 9%
$1,203,267
Alternative Uses
Best Use
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,294 @ 7.0% cap · market cap 7.22%
Second Best
Industrial
$1.27M
$1.11M – $1.49M
NOI $89,183 @ 7.0% cap · market cap 5.95%
Theoretical Best
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,771 @ 7.0% cap · market cap 18.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48178, MI
36,858
Population
14,402
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
48.0 sq mi
ZIP Area
768
Density / Sq Mi
$130,781
Median Household Income
$70,253
Median Earnings
$1,231
Median Rent
$392,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- SpareBox Storage — 271 Lottie St, South Lyon, MI 48178
- Self Storage Secure — 626 N Lafayette St, South Lyon, MI 48178
Frequently Asked Questions
What type of property is this?
Warehouse - Free standing industrial warehouse building available for sale.
Where is this warehouse located?
The property is located at 385 N Mill Street South Lyon, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Free Standing Building; Industrial Warehouse; Warehouse Building
