South Lyon Warehouse Complex For
For Sale
Contact for pricing
415 N Lafayette St, South Lyon, MI 48178
Two-building complex totaling 37,450 SF on 4.2 acres.
Property Size37,450 SF
Lot Size4.20 Acres
Price / SF$102.80
Days on Market682
Property Features for 415 N Lafayette St
General Information
Standard status
Active
Size
37,450 SF
Lot size
4.20 Acres
Property subtype
Industrial
Zoning
II
Building Details
Year Built
1954
Listing Agency:
Signature Associates
Listed By:
Jeff Lemanski · License #MI
Source:
Crexi
Added: Sep 26, 2024
Changed: Aug 8
Last Checked: May 12 at 9:25PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This commercial property features a two-building complex totaling 37,450 square feet situated on 4.2 acres. The front building encompasses 19,450 square feet and includes office spaces, a showroom, and a warehouse area. It is equipped with two overhead doors and four truckwells. The rear building, constructed in 2019, offers 18,000 square feet of clear span space, measuring 60 feet by 300 feet, with a 20-foot clearance height. This building also includes three overhead doors and two truckwells. The property is fenced. Seller financing is possible.
Key Highlights
- Two buildings totaling 37,450 sq. ft. on 4.2 acres.
- Newer (2019) 18,000 sq. ft. clear span building with 20' clearance.
- Front building includes offices, showroom, and warehouse.
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
$225,312
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
5.85%
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%
$4,506,240
$4.5M
Cap Rate 7%
$3,218,743
$3.2M
Cap Rate 9%
$2,503,467
$2.5M
Market Conditions
NOI Build-Up for 37,450 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
$275.3K $7.35/SF
− Vacancy
−$10.2K −$0.27/SF
EGI
$265.1K $7.08/SF
− OpEx
−$39.8K −$1.06/SF
NOI
$225.3K $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%
$4,506,240
Cap Rate 7%
$3,218,743
Cap Rate 9%
$2,503,467
Alternative Uses
Best Use
Retail
$5.76M
$5.04M – $6.72M
NOI $402,977 @ 7.0% cap · market cap 10.47%
Second Best
Warehouse
$3.22M
$2.82M – $3.76M
NOI $225,312 @ 7.0% cap · market cap 5.85%
Theoretical Best
Specialty Retail
$8.08M
$7.07M – $9.42M
NOI $565,435 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48178, MI
36,858
Population
14,402
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
48.0 sq mi
ZIP Area
768
Density / Sq Mi
$130,781
Median Household Income
$70,253
Median Earnings
$1,231
Median Rent
$392,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Self Storage Secure — 626 N Lafayette St, South Lyon, MI 48178
- SpareBox Storage — 271 Lottie St, South Lyon, MI 48178
Frequently Asked Questions
What type of property is this?
Warehouse - Two-building complex totaling 37,450 SF on 4.2 acres.
Where is this warehouse located?
The property is located at 415 N Lafayette St South Lyon, MI.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Two buildings totaling 37,450 sq. ft. on 4.2 acres.; Newer (2019) 18,000 sq. ft. clear span building with 20' clearance.; Front building includes offices, showroom, and warehouse.
