41,712 SF Industrial For
For Sale
Contact for pricing
24900 Capitol, Redford, MI 48239
41,712 SF industrial property available for purchase.
Property Size41,712 SF
Price / SF$59.93
Days on Market1632
Property Features for 24900 Capitol
General Information
Standard status
Active
Size
41,712 SF
Class
B
Property subtype
Office, Industrial
Zoning
IH (Heavy Industrial)
Building Details
Year Built
1967
Buildings
1
Tenancy
Single
Listing Agency:
Farbman Group
(248) 353-0500
Listed By:
Michael Kalil · License #MI
Source:
Crexi
Added: Mar 3, 2022
Changed: Aug 12
Last Checked: Aug 20 at 7:06PM
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 Farbman Group
Investment Insights
Based on property information with market context.
This is a 41,712 square foot industrial property available for sale.
Key Highlights
- 41,712 SF Industrial Space available.
- For Sale
- Ideal for Industrial Use.
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
$202,875
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
8.12%
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%
$4,057,500
$4.1M
Cap Rate 7%
$2,898,214
$2.9M
Cap Rate 9%
$2,254,167
$2.3M
Market Conditions
NOI Build-Up for 41,712 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
$305.3K $7.32/SF
− Vacancy
−$15.5K −$0.37/SF
EGI
$289.8K $6.95/SF
− OpEx
−$86.9K −$2.08/SF
NOI
$202.9K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
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%
$4,057,500
Cap Rate 7%
$2,898,214
Cap Rate 9%
$2,254,167
Alternative Uses
Best Use
Office B
$6.04M
$5.28M – $7.04M
NOI $422,582 @ 7.0% cap · market cap 16.90%
Second Best
Industrial
$2.90M
$2.54M – $3.38M
NOI $202,875 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$9.20M
$8.05M – $10.74M
NOI $644,128 @ 7.0% cap · market cap 25.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 48239, MI
36,814
Population
14,869
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
93%
High-School Grad
9.5 sq mi
ZIP Area
3,875
Density / Sq Mi
$69,373
Median Household Income
$41,113
Median Earnings
$1,355
Median Rent
$145,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 41,712 SF industrial property available for purchase.
Where is this industrial property located?
The property is located at 24900 Capitol Redford, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 41,712 SF Industrial Space available.; For Sale; Ideal for Industrial Use.
