2500 Alter Road Detroit, MI 48215
COMMERCIAL - Detroit, MI
- Added:
- Aug 15, 2025
- Days on Market:
- 332
- Last Refresh:
- Jul 12 at 8:06 am
Property Features for 2500 Alter Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 21062762.
- Size
- 1,420 SF
- Lot size
- 0.83 Acres
Utilities
- Water source
- Public
Building Details
- Year built
- 1924
Listing agent Michael DeFauw License #6501387091 (313) 820-5428
Listing office Sine & Monaghan LLC 18412 Mack Ave, Grosse Pointe Farms, MI (313) 884-7000
Listing date Aug 15, 2025
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Investment Insights
Based on property information with market context.
The property borders Grosse Pointe Park, placing it near the park’s surrounding amenities and convenient access to the area. The site is located at 2500 Alter Road in Detroit, within Wayne County. Zoning is PD (Planned Development), and utilities are described as available to support development planning across the full assemblage.
The configuration is well-suited for buyers and developers looking for flexibility in how they stage a project on a mostly contiguous block while retaining the ability to allocate the separate lot for additional uses. The presence of a brick structure with plumbing and electrical can be a practical consideration for operators evaluating different end-product options within the PD framework.
Key Highlights
- Large development property with seven vacant lots bordering Grosse Pointe Park
- Six contiguous parcels plus one additional lot for flexible development layouts and site planning
- Large brick structure on one lot with plumbing and electrical utilities
Local Financial Insights For Retail
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 | $26.4k | $18.60 |
| − Vacancy | −$1.4k | −$1.00 |
| EGI | $25.0k | $17.60 |
| − OpEx | −$7.5k | −$5.28 |
| NOI | $17.5k | $12.32 |
