Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    277 Gratiot Ave Detroit, MI 48226

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    3,696 SF floor plates in Broadway Historic District.

    Property size:
    3,696 SF
    Lot size:
    0.10 Acres

    Property Features for 277 Gratiot Ave

    General Information

    Size
    3,696 SF
    Lot size
    0.10 Acres

    We can help!

    Listing Contact
    Jasper Hanifi
    Source: Moodyscre

    Listing Agent: Jasper Hanifi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic District Office Space Available

    This property offers approximately 30,000 square feet of office space across eight stories. Each floor provides 3,696 rentable square feet, presenting a unique opportunity for a tenant to occupy an entire floor. Situated in the Broadway Historic District at the intersection of Gratiot Avenue and Broadway, the location provides convenient access to amenities in Greektown and the Central Business District. Area freeways are easily accessible from the property. Common area renovations are currently underway.
    Location Intelligence

    Current Use by Public Records

    PC Pickup Lawrence ... Computer Service L R Sowell ... Attorney RockCity FoodSafety Training Centre Ivey Property Management ... Real Estate Agency North American Bingo ... Manufacturer

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.045613
    Latitude
    42.334848

    Nearby Similar for Lease

    • $6,000 /Mo
      3,919 SF

      Former Bank Building on Five Mile

      Prime commercial space in Redford, suitable for various businesses.
      26095 5 Mile Rd, Redford, MI 48239
      View Details
    • $2,000 /Mo
      2,200 SF

      Detroit Retail Space For Rent

      Retail space in high-demand area with national chains nearby.
      15390 Gratiot Ave, Detroit, MI 48205
      View Details
    • $2,500 /Mo
      2,778 SF

      Redford Industrial Building For Rent

      Spacious 2,778 sq ft industrial building on busy intersection.
      25885 Eight Mile Rd, Redford, MI 48240
      View Details
    • $5,000 /Mo
      7,020 SF

      Industrial Building on 8 Mile

      Light industrial building for lease with renovated office space.
      1521 E Eight Mile Rd, Detroit, MI 48220
      View Details
    • $6,000 /Mo
      13,735 SF

      Detroit Industrial/Commercial Space Available

      Versatile industrial/commercial space for rent in Detroit, Michigan.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • New
      $900 /Mo
      1,400 SF

      Turnkey Salon Opportunity

      Fully equipped salon with 7 stations.
      19430 Van Dyke St, Detroit, MI 48234
      View Details
    • $1,800 /Mo
      6,288 SF

      Detroit Retail Space For Lease

      Retail spaces available in Detroit with excellent frontage and exposure.
      8866 Greenfield Rd, Detroit, MI 48228
      View Details
    • $2,500 /Mo
      6,000 SF

      Detroit Warehouse and Office Space

      Two warehouse units available for lease in Detroit.
      8843 Mark Twain St, Detroit, MI 48228
      View Details
    • $3,000 /Mo
      2,034 SF

      Corktown Commercial Property For Rent

      Prime commercial property in Corktown, perfect for restaurant or store.
      3406 Tillman St, Detroit, MI 48208
      View Details
    • $1,200 /Mo
      1,400 SF

      Turnkey Office Space Available

      Office space with lobby, fireplace, offices, kitchenette, and storage.
      18244 W Mcnichols Rd, Detroit, MI 48219
      View Details
    • $89,900
      1,394 SF

      Retail Opportunity on W. Warren

      Established cell phone retail and repair shop for immediate operation.
      16541 W Warren Ave, Detroit, MI 48228
      View Details
    • $1,000 /Mo
      1,742 SF

      Renovated Retail Space in Detroit

      Recently renovated retail space with upgraded electrical and modern finishes.
      18113 Wyoming St, Detroit, MI 48221
      View Details

    FAQs

    What type of property is this?
    Office space - 3,696 SF floor plates in Broadway Historic District.
    Where is this office space located?
    The property is located at 277 Gratiot Ave Detroit, MI.
    What are key features of this property?
    This property features: - Full floor tenant opportunity with 3,696 RSF floor plates.; - Located in the Broadway Historic District at the corner of Gratiot & Broadway.; - Immediate proximity to Greektown & CBD amenities.
    (248) 351-2020
    Request Owner's contact information
    277 Gratiot Ave Detroit, MI 48226
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    277 Gratiot Ave
    Detroit, MI 48226
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    277 Gratiot Ave Detroit, MI 48226
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jasper Hanifi
    (248) 351-2020
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.