Gratiot Avenue Mixed-Use
1494 Gratiot Ave Detroit, MI 48207
1494 Gratiot Ave, Detroit, MI, 48207
$600,000
For Sale
$600,000
Two-story, fully occupied mixed-use building near Eastern Market.
Property Size2,930 SF
Lot Size0.03 Acres
Price / SF$204.78
Days on Market132
Property Features for 1494 Gratiot Ave
General Information
- Standard status
- Active
- Size
- 2,930 SF
- Lot size
- 0.03 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1918
Listing agency
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed by
Vincent Mazzola · License #6501387170
(313) 963-9891
Source
Elliman
Added: Mar 12 Updated: Jul 10 at 3:49PM Checked: Jul 21 at 4:57AM
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 O'Connor Realty Detroit, LLC
Investment Insights
Based on property information with market context.
Located on a highly visible corner of Gratiot's commercial corridor, this two-story, 2,930-square-foot mixed-use building is an investment property. The property is fully occupied and anchored by La Ventana Cafe. The building has had significant investment into its MEP systems and facade. This property is a cashflowing asset within walking distance of Eastern Market and Downtown Detroit.
Key Highlights
- Prime corner location on Gratiot's commercial corridor.
- Fully occupied, cash‑flowing investment property.
- Anchored by established neighborhood cafe (La Ventana Cafe).
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 | $63.3k | $21.60 |
| − Vacancy | −$7.6k | −$2.59 |
| EGI | $55.7k | $19.01 |
| − OpEx | −$20.9k | −$7.13 |
| NOI | $34.8k | $11.88 |
2,930 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$497.3K
$435.1K – $580.1K
NOI $34,808 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$646.4K
$565.6K – $754.1K
NOI $45,246 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mixed-use properties
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FAQs
What type of property is this?
Mixed-use property - Two-story, fully occupied mixed-use building near Eastern Market.
Where is this mixed-use property located?
The property is located at 1494 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime corner location on Gratiot's commercial corridor.; Fully occupied, cash‑flowing investment property.; Anchored by established neighborhood cafe (La Ventana Cafe).
