1798 WABASH Street, Detroit, MI 48216
Real Estate Only - Detroit, MI
- Added:
- Jun 15, 2024
- Days on Market:
- 731
- Last Refresh:
- Jun 15 at 11:06 am
Property Features for 1798 WABASH Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial,Residential
- Standard status
- Active
- APN
- W08I008716S
- Size
- 6,173 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Annual Amount
- 2761
Building Details
- Year built
- 1948
- Floors in Building
- 1
- Building materials
- Block, Brick, Concrete
- Architectural style
- Other
Listing agent Lawrence Else (313) 466-7253
Listing office Realtyflo Inc 15007 Kercheval, Detroit, MI (313) 466-7253
Listing date Jun 15, 2024
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HighLights
- Prime location in Corktown, steps from the revitalized Michigan Central Station.
- Significant development potential: Zoned R2, allowing for single‑family or condo development.
- Large 6000+ sqft space, currently divided into 4 units with 220‑volt electricity.
- Opportunity to expand to 6 units and add a second floor for increased income.
- Located in a vibrant area with trendy cafes, boutique shops, and upscale dining.
- Historic charm and potential for commercial or residential use.
Overview
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $133.3k | $21.60 |
| − Vacancy | −$16.0k | −$2.59 |
| EGI | $117.3k | $19.01 |
| − OpEx | −$44.0k | −$7.13 |
| NOI | $73.3k | $11.88 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.0729688
- Latitude
- 42.3284901