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    Corktown Mixed-Use Development Opportunity Title is generated by Realmo AI

    1798 WABASH Street, Detroit, MI 48216

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    Claim this Listing
    For Sale
    $900,000

    Real Estate Only - Detroit, MI

    Property size:
    6,173 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $145/SF
    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

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    Listing Contact
    Lawrence Else

    Listing agent Lawrence Else

    Listing office Realtyflo Inc 15007 Kercheval, Detroit, MI

    Listing date Jun 15, 2024

    MLS# 20240042338 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    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

    Located in Detroit's Corktown district, this property at 1798 Wabash Street offers an opportunity for investors, developers, and entrepreneurs. The property is situated near the Michigan Central Station. Currently configured as a non-conforming commercial use within an R2 zoned area under Detroit's Master Plan, the site allows for single-family or condo development. The existing structure features over 6000 square feet of space divided into 4 units, each equipped with 220-volt electricity. There is potential to expand to 6 units and add a second floor. The property is located in Corktown, adjacent to the historic Michigan Central Station, and is near cafes, shops, and dining options.

    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
    6,173 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $1.05M
    $916.7K – $1.22M (±1% cap)
    NOI $73,335 @ 7.0% cap · market cap 8.15%
    Second Best
    Apartment 5plus
    $925.1K
    $809.5K – $1.08M (±1% cap)
    NOI $64,759 @ 7.0% cap · market cap 7.20%
    Theoretical Best
    Office A
    $1.36M
    $1.19M – $1.59M (±1% cap)
    NOI $95,325 @ 7.0% cap · market cap 10.59%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0729688
    Latitude
    42.3284901

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in Detroit's Corktown, near Michigan Central Station.
    Where is this mixed-use property located?
    The property is located at 1798 WABASH Street Detroit, MI.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: 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.
    More about this property
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