Industrial Property with Rail
For Sale
Contact for pricing
20263 Hoover St, Detroit, MI 48205
Industrial property featuring rail access, heavy power, and grow facilities.
Property Size69,022 SF
Price / SF$73.17
Days on Market1495
Property Features for 20263 Hoover St
General Information
Standard status
Active
Size
69,022 SF
Property subtype
Industrial
Zoning
industrial
Building Details
Year Built
1953
Year Renovated
2019
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Signature Associates Southfield
Listed By:
Chris Monsour · License #MI 6502135141
Source:
Crexi
Added: Sep 3, 2022
Changed: Oct 4
Last Checked: Oct 5 at 6:08PM
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 Signature Associates Southfield
Investment Insights
Based on property information with market context.
This industrial property features many building upgrades and new construction. Approximately two-thirds of the building is currently leased out for machinery storage and includes cranes. The property benefits from rail access and heavy power. It also includes separate grow facilities with the potential to double production. A large fenced and paved parking area is available. The property is suitable for manufacturing, industrial, warehouse, cannabis, and agricultural uses.
Key Highlights
- Rail access for efficient transportation
- Heavy power supply suitable for industrial operations
- Existing leases on 2/3 of the building providing immediate income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$335,702
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,714,040
$6.7M
Cap Rate 7%
$4,795,743
$4.8M
Cap Rate 9%
$3,730,022
$3.7M
Market Conditions
NOI Build-Up for 69,022 SF
Gross rent
$505.2K $7.32/SF
− Vacancy
−$25.7K −$0.37/SF
EGI
$479.6K $6.95/SF
− OpEx
−$143.9K −$2.08/SF
NOI
$335.7K $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 Rate 5%
$6,714,040
Cap Rate 7%
$4,795,743
Cap Rate 9%
$3,730,022
Alternative Uses
Best Use
Warehouse
$7.03M
$6.15M – $8.20M
NOI $491,838 @ 7.0% cap · market cap 9.74%
Second Best
Industrial
$4.80M
$4.20M – $5.60M
NOI $335,702 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$15.23M
$13.32M – $17.76M
NOI $1,065,856 @ 7.0% cap · market cap 21.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 48205, MI
34,056
Population
17,102
Households
2
Avg Household Size
32
Median Age
9%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
5,321
Density / Sq Mi
$40,612
Median Household Income
$30,833
Median Earnings
$1,149
Median Rent
$55,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial property featuring rail access, heavy power, and grow facilities.
Where is this manufacturing property located?
The property is located at 20263 Hoover St Detroit, MI.
What is the asking price?
The asking price for this property is $5,050,000.
What are key features of this property?
This property features: Rail access for efficient transportation; Heavy power supply suitable for industrial operations; Existing leases on 2/3 of the building providing immediate income
