Modern Flex
For Sale
$1,250,000
930 E Lewiston Avenue, Ferndale, MI 48220
A split warehouse-and-office layout combines private work areas, shared amenities, and grade-level loading access.
Property Size10,500 SF
Days on Market69
Property Features for 930 E Lewiston Avenue
General Information
Standard status
Active
Size
10,500 SF
Property subtype
Industrial
Building Details
Building Size
10,500 SF
Listing Agency:
KJ Commercial
(248) 931-1980
Listed By:
Kevin Jappaya, CCIM · License #6501416409
(248) 931-1980
Source:
Kjcre
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 31 at 3:25PM
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 KJ Commercial
Investment Insights
Based on property information with market context.
This 10,500 SF flex property at 930 E. Lewiston Avenue includes 7,000 SF of warehouse area and 3,500 SF of office space. The office component features contemporary finishes, individual offices, a kitchen, and a breakroom. Its warehouse portion provides an open interior with 14' clear heights, concrete floors, and a 10' x 12' grade-level roll-up door.
The layout brings finished administrative space and functional industrial area together within one building. The combination of private offices, employee amenities, open warehouse capacity, and direct ground-level loading supports a range of flex-oriented operations.
The layout brings finished administrative space and functional industrial area together within one building. The combination of private offices, employee amenities, open warehouse capacity, and direct ground-level loading supports a range of flex-oriented operations.
Key Highlights
- 10,500 SF flex building with 7,000 SF warehouse and 3,500 SF office space
- 14' clear warehouse height supports flexible storage and operations
- 10' x 12' grade‑level roll‑up 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
$108,599
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
8.69%
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%
$2,171,980
$2.2M
Cap Rate 7%
$1,551,414
$1.6M
Cap Rate 9%
$1,206,656
$1.2M
Market Conditions
NOI Build-Up for 10,500 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
$189.0K $18.00/SF
− Vacancy
−$21.9K −$2.09/SF
EGI
$167.1K $15.91/SF
− OpEx
−$58.5K −$5.57/SF
NOI
$108.6K $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%
$2,171,980
Cap Rate 7%
$1,551,414
Cap Rate 9%
$1,206,656
Alternative Uses
Best Use
Flex RnD
$1.55M
$1.36M – $1.81M
NOI $108,599 @ 7.0% cap · market cap 8.69%
Second Best
Warehouse
$902.5K
$789.7K – $1.05M
NOI $63,172 @ 7.0% cap · market cap 5.05%
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.64M
NOI $158,533 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,374
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Got Pho — 172 W Nine Mile Rd, Ferndale, MI 48220
- Hero or Villain Deli: HQ — 22965 Woodward Ave, Ferndale, MI 48220
- Jackson's Five Star Catering — 1111 E 9 Mile Rd, Ferndale, MI 48220
Frequently Asked Questions
What type of property is this?
Flex space - A split warehouse-and-office layout combines private work areas, shared amenities, and grade-level loading access.
Where is this flex space located?
The property is located at 930 E Lewiston Avenue Ferndale, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10,500 SF flex building with 7,000 SF warehouse and 3,500 SF office space; 14' clear warehouse height supports flexible storage and operations; 10' x 12' grade‑level roll‑up door
