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    Landmark Office Building with Rooftop Deck Title is generated by Realmo AI

    119 State St, Detroit, MI 48226

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    Move-in-ready suites in a landmark office building with brand-new building systems and an event-ready rooftop deck.

    Type:Office
    Property size:
    41,103 SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:00 am

    Property Features for 119 State St

    General Information

    Standard status
    Active
    Size
    41,103 SF
    Property subtype
    Office

    Building Details

    Year Built
    1931

    Spaces For Lease

    at 119 State St Contact us

    We can help!

    Listing Contact
    Steve Eisenshtadt
    Steve Eisenshtadt

    Listing agent Steve Eisenshtadt

    Listing office Friedman Integrated Real Estate - Corporate

    Listing date Jun 2, 2026

    Source Friedmanrealestate

    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 Friedman Integrated Real Estate - Corporate

    HighLights

    • 41,103 SF landmark office building in Detroit’s Capitol Park District
    • Move‑in‑ready office suites available, including 6,117 RSF plus 1 rooftop deck space
    • Brand‑new building systems: HVAC, roof, elevator, plumbing, fire suppression, EMS system, security
    • Rooftop deck included with outdoor event space and city views
    • Convenient access to Campus Martius, Woodward Ave, and nearby sporting venues
    • Surrounded by numerous parking structures

    Overview

    A landmark office building totaling 41,103 SF, offering 6,117 RSF of move-in-ready space currently available. The property features a rooftop deck designed for events and outdoor gatherings, along with brand-new building systems throughout, including HVAC, roof, elevator, bathrooms, fire suppression, EMS system, security, and plumbing. The result is a streamlined, modern platform for day-to-day operations from the moment you move in.

    Located in the heart of Detroit’s Capitol Park District 6, the building provides easy access to Campus Martius and Woodward Ave, as well as nearby sporting venues. The surrounding area also offers proximity to national retailers and restaurants, with numerous new development projects underway. Tenants benefit from abundant nearby parking structures, supporting both in-office teams and visiting clients.

    This offering is well suited for businesses looking for a downtown headquarters presence with turnkey building infrastructure. The combination of a landmark setting, updated core systems, and the rooftop deck makes the space practical for office use while also supporting periodic client-facing events and team gatherings.
    Location Intelligence

    Current Use by Public Records

    District by Design Furniture & Home Goods Spalding DeDecker Consultant EcoG (Bike/Boat/Book/etc) Store Lear Innovation Center Corporate Office

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Daycare Center Building Supply Gym & Fitness Center Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0494688
    Latitude
    42.3322798

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    FAQs

    What type of property is this?
    Office building - Move-in-ready suites in a landmark office building with brand-new building systems and an event-ready rooftop deck.
    Where is this office building located?
    The property is located at 119 State St Detroit, MI.
    What are key features of this property?
    This property features: 41,103 SF landmark office building in Detroit’s Capitol Park District; Move‑in‑ready office suites available, including 6,117 RSF plus 1 rooftop deck space; Brand‑new building systems: HVAC, roof, elevator, plumbing, fire suppression, EMS system, security
    (248) 324-2000
    We can help!
    Listing Contact
    Steve Eisenshtadt
    Steve Eisenshtadt
    Learn More
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    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
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