40,016 Sq Ft Industrial
For Sale
Contact for pricing
118 Indianwood Rd Lake, Orion Township, MI 48362
4 acre lot with room for additional development.
Property Size40,016 SF
Lot Size4.00 Acres
Price / SF$99.96
Days on Market1572
Property Features for 118 Indianwood Rd Lake
General Information
Standard status
Active
Size
40,016 SF
Class
B
Lot size
4.00 Acres
Property subtype
Industrial
Building Details
Year Built
1945
Buildings
1
Stories
1
Units
6
Listing Agency:
NAI Farbman
(586) 871-5155
Listed By:
Gavin Mills · License #MI 6501397648
Source:
Crexi
Added: May 2, 2022
Changed: Aug 16
Last Checked: Aug 19 at 8:40PM
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 NAI Farbman
Investment Insights
Based on property information with market context.
This property features a 40,016 square foot industrial building situated on a 4-acre lot. The site offers ample space for further development.
Key Highlights
- 40,016 Sq ft industrial building
- Situated on a 4 Acre Lot
- Room for Additional development
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
$240,750
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
6.02%
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%
$4,815,000
$4.8M
Cap Rate 7%
$3,439,286
$3.4M
Cap Rate 9%
$2,675,000
$2.7M
Market Conditions
NOI Build-Up for 40,016 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
$294.1K $7.35/SF
− Vacancy
−$10.9K −$0.27/SF
EGI
$283.2K $7.08/SF
− OpEx
−$42.5K −$1.06/SF
NOI
$240.7K $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%
$4,815,000
Cap Rate 7%
$3,439,286
Cap Rate 9%
$2,675,000
Alternative Uses
Best Use
Warehouse
$3.44M
$3.01M – $4.01M
NOI $240,750 @ 7.0% cap · market cap 6.02%
Second Best
Industrial
$2.83M
$2.48M – $3.30M
NOI $198,265 @ 7.0% cap · market cap 4.96%
Theoretical Best
Specialty Retail
$8.63M
$7.55M – $10.07M
NOI $604,178 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48362, MI
15,001
Population
6,428
Households
2.3
Avg Household Size
42
Median Age
44%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
1,485
Density / Sq Mi
$108,667
Median Household Income
$51,826
Median Earnings
$1,095
Median Rent
$313,600
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.
Frequently Asked Questions
What type of property is this?
Warehouse - 4 acre lot with room for additional development.
Where is this warehouse located?
The property is located at 118 Indianwood Rd Lake Orion Township, MI.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 40,016 Sq ft industrial building; Situated on a 4 Acre Lot; Room for Additional development
