Manufacturing Property with Modern
For Sale
Contact for pricing
Pending
31666 W 8 Mile Road, Farmington, MI 48336
Two buildings on 2.75 acres, ideal for manufacturing.
Property Size28,148 SF
Lot Size2.75 Acres
Days on Market688
Property Features for 31666 W 8 Mile Road
General Information
Standard status
Pending
Size
28,148 SF
Class
B
Lot size
2.75 Acres
Property subtype
Industrial, Office
Lease Type
NNN
Building Details
Year Built
1966
Buildings
2
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Coldwell Banker Commercial Premier
(734) 277-8473
Listed By:
James Iodice · License #MI6406043228
Source:
Crexi
Added: Oct 2, 2024
Changed: Aug 14
Last Checked: Aug 14 at 5:59AM
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 Coldwell Banker Commercial Premier
Investment Insights
Based on property information with market context.
This property features two buildings situated on a fully fenced 2.75-acre lot. The main building provides approximately 22,460 sq. ft. of space, including 3,000 sq. ft. of office space and 15,000 sq. ft. of floor space with ceiling heights up to 24 ft. The main building is fully air-conditioned and includes an additional 1,500 sq. ft. lab space and a 3,000 sq. ft. second-floor office and break room. Access is facilitated by 3 grade-level doors and a loading dock. The secondary building offers approximately 5,687 sq. ft. of space with 4 grade-level doors. The lot has been recently resurfaced and re-striped, and the main building has been freshly repainted with new epoxy floors. This property is suitable for manufacturing needs and includes two parcels: 23-34-426-025 and 23-34-426-038.
Key Highlights
- 22,460 sq. ft. main building with 3,000 sq. ft. of office space and 15,000 sq. ft. of floor space (up to 24 ft. ceilings).
- Fully air‑conditioned main building featuring freshly repainted interior and new epoxy floors.
- 2.75‑acre fully fenced lot with recently resurfaced and re‑striped surface.
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
$139,463
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
6.06%
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%
$2,789,260
$2.8M
Cap Rate 7%
$1,992,329
$2.0M
Cap Rate 9%
$1,549,589
$1.5M
Market Conditions
NOI Build-Up for 28,148 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
$206.9K $7.35/SF
− Vacancy
−$7.7K −$0.27/SF
EGI
$199.2K $7.08/SF
− OpEx
−$59.8K −$2.12/SF
NOI
$139.5K $4.95/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$2,789,260
Cap Rate 7%
$1,992,329
Cap Rate 9%
$1,549,589
Alternative Uses
Best Use
Flex RnD
$4.16M
$3.64M – $4.85M
NOI $291,129 @ 7.0% cap · market cap 12.66%
Second Best
Industrial
$1.99M
$1.74M – $2.32M
NOI $139,463 @ 7.0% cap · market cap 6.06%
Theoretical Best
Specialty Retail
$6.07M
$5.31M – $7.08M
NOI $424,990 @ 7.0% cap · market cap 18.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
Explore this area
Business Placement
Demographics for 48336, MI
26,802
Population
12,296
Households
2.2
Avg Household Size
42
Median Age
44%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,882
Density / Sq Mi
$85,325
Median Household Income
$54,077
Median Earnings
$1,141
Median Rent
$247,600
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?
Manufacturing property - Two buildings on 2.75 acres, ideal for manufacturing.
Where is this manufacturing property located?
The property is located at 31666 W 8 Mile Road Farmington, MI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 22,460 sq. ft. main building with 3,000 sq. ft. of office space and 15,000 sq. ft. of floor space (up to 24 ft. ceilings).; Fully air‑conditioned main building featuring freshly repainted interior and new epoxy floors.; 2.75‑acre fully fenced lot with recently resurfaced and re‑striped surface.
