Industrial Building with Overhead
New
For Sale
$3,000,000
988 Rickett Rd, Brighton, MI 48116
Multi-tenant space offers varied ceiling heights and three overhead cranes.
Property Size36,044 SF
Price / SF$83.23
Days on Market2
Property Features for 988 Rickett Rd
General Information
Standard status
Active
Size
36,044 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Clear Height
30 ft
Taxes and HOA fees
Annual Taxes
$38,887
Building Details
Building Size
36,044 SF
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
KW Realty Livingston
Listed By:
Scott Bohlen · License #6501305767
(810) 227-5500
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 2:24PM
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 KW Realty Livingston
Investment Insights
Based on property information with market context.
The offering includes a 36,044-square-foot industrial building constructed in 1977 and a separate 1-acre vacant parcel at the corner of Rickett and Sisu Knoll. The building has multiple tenants, with two currently in place, and ceiling heights ranging from 20 to 30 feet. Three overhead cranes serve the industrial space.
The property is in Brighton, a short drive from downtown and with access to I-96 and US-23. The two parcels are identified as 988 Rickett and 990 Rickett.
The property is in Brighton, a short drive from downtown and with access to I-96 and US-23. The two parcels are identified as 988 Rickett and 990 Rickett.
Key Highlights
- 36,044‑square‑foot industrial building built in 1977
- Ceiling heights range from 20 to 30 feet
- Three overhead cranes
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
$263,604
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
8.79%
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%
$5,272,080
$5.3M
Cap Rate 7%
$3,765,771
$3.8M
Cap Rate 9%
$2,928,933
$2.9M
Market Conditions
NOI Build-Up for 36,044 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
$324.4K $9.00/SF
− Vacancy
−$14.3K −$0.40/SF
EGI
$310.1K $8.60/SF
− OpEx
−$46.5K −$1.29/SF
NOI
$263.6K $7.31/SF
Area
Livingston County, MI
Vacancy
4.40%
Lease Rate
$9.00 /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%
$5,272,080
Cap Rate 7%
$3,765,771
Cap Rate 9%
$2,928,933
Alternative Uses
Best Use
Warehouse
$3.77M
$3.30M – $4.39M
NOI $263,604 @ 7.0% cap · market cap 8.79%
Second Best
Industrial
$3.12M
$2.73M – $3.64M
NOI $218,675 @ 7.0% cap · market cap 7.29%
Theoretical Best
Healthcare Medical
$5.74M
$5.02M – $6.70M
NOI $401,888 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
30 ft
Clear height
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 48116, MI
26,942
Population
12,230
Households
2.2
Avg Household Size
45
Median Age
51%
College-Educated
97%
High-School Grad
36.9 sq mi
ZIP Area
730
Density / Sq Mi
$109,606
Median Household Income
$59,173
Median Earnings
$1,229
Median Rent
$355,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Industrial property - Multi-tenant space offers varied ceiling heights and three overhead cranes.
Where is this industrial property located?
The property is located at 988 Rickett Rd Brighton, MI.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 36,044‑square‑foot industrial building built in 1977; Ceiling heights range from 20 to 30 feet; Three overhead cranes
