Eastern Market Warehouse Conversion
1482 Adelaide St Detroit, MI 48207
1482 Adelaide St, Detroit, MI, 48207
$3,200,000
For Sale
$3,200,000
Seven-story, 37,504 SF warehouse suitable for adaptive reuse.
Property Size37,504 SF
Lot Size0.12 Acres
Price / SF$85.32
Days on Market132
Property Features for 1482 Adelaide St
General Information
- Standard status
- Active
- Size
- 37,504 SF
- Lot size
- 0.12 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1927
Listing agency
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed by
Sloane Walsh · License #6501387170
(313) 963-9891
Source
Elliman
Added: Mar 12 Updated: Jul 6 at 12:27PM Checked: Jul 21 at 5:43AM
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 in the heart of Eastern Market, this seven-story warehouse offers 37,504 square feet of space. The property is suitable for an adaptive reuse conversion into creative office space or residential lofts. The current owner has maintained the property, making it development-ready. The open floor plan and high ceilings provide a blank canvas for developers or users seeking a location within one block of Detroit’s historic open-air market. This property is part of a collection of real estate offered for sale in and around Eastern Market.
Key Highlights
- Prime location in the heart of Eastern Market, Detroit.
- Ideal for adaptive reuse conversion into creative office space or residential lofts.
- Development‑ready condition due to current owner's maintenance.
Local Financial Insights For Warehouse
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 | $328.5k | $8.76 |
| − Vacancy | −$14.1k | −$0.38 |
| EGI | $314.4k | $8.38 |
| − OpEx | −$47.2k | −$1.26 |
| NOI | $267.2k | $7.13 |
37,504 SF · lease $8.76/SF/yr · vacancy 4.30% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$3.82M
$3.34M – $4.45M
NOI $267,247 @ 7.0% cap · market cap 8.35%
Second Best
Industrial
$2.61M
$2.28M – $3.04M
NOI $182,408 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$8.27M
$7.24M – $9.65M
NOI $579,147 @ 7.0% cap · market cap 18.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Warehouse - Seven-story, 37,504 SF warehouse suitable for adaptive reuse.
Where is this warehouse located?
The property is located at 1482 Adelaide St Detroit, MI.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime location in the heart of Eastern Market, Detroit.; Ideal for adaptive reuse conversion into creative office space or residential lofts.; Development‑ready condition due to current owner's maintenance.
