Eastern Market Storefront
1480 Gratiot Ave Detroit, MI 48207
1480 Gratiot Ave, Detroit, MI, 48207
$425,000
Pending
For Sale
$425,000
Pending
2,243 SF building ideal for creative office or retail.
Property Size2,243 SF
Lot Size0.06 Acres
Days on Market120
Property Features for 1480 Gratiot Ave
General Information
- Standard status
- Pending
- Size
- 2,243 SF
- Lot size
- 0.06 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1965
Listing agency
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed by
Vincent Mazzola · License #6501387170
(313) 963-9891
Source
Elliman
Added: Mar 24 Updated: Jul 6 at 12:02PM Checked: Jul 21 at 6:51AM
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 an active stretch of Gratiot’s commercial corridor in Eastern Market, this 2,243-square-foot building is suitable for creative office or retail space. Constructed for a single-use tenant and well maintained, the historic building features an Art Deco facade. It presents a storefront opportunity in a highly visible location along one of Detroit’s major thoroughfares. This property is part of a collection of properties for sale in and around Eastern Market.
Key Highlights
- Prime location on Gratiot's commercial corridor in Eastern Market.
- 2,243‑square‑foot building suitable for creative office or retail.
- Historic building with Art Deco facade and exceptional storefront.
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 | $41.7k | $18.60 |
| − Vacancy | −$2.3k | −$1.00 |
| EGI | $39.5k | $17.60 |
| − OpEx | −$11.8k | −$5.28 |
| NOI | $27.6k | $12.32 |
2,243 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$394.7K
$345.3K – $460.5K
NOI $27,627 @ 7.0% cap · market cap 6.50%
Second Best
Office B
$324.6K
$284.1K – $378.7K
NOI $22,724 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$494.8K
$433.0K – $577.3K
NOI $34,637 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
Similar Off Market Nearby
- Red Rose Florist — 123 Monroe St, Detroit, MI 48226
- Flowers for Dreams — 1490 Gratiot Ave, Detroit, MI 48207
- Sweet Ambiance Events — 1442 Brush St, Detroit, MI 48226
FAQs
What type of property is this?
Storefront property - 2,243 SF building ideal for creative office or retail.
Where is this storefront property located?
The property is located at 1480 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location on Gratiot's commercial corridor in Eastern Market.; 2,243‑square‑foot building suitable for creative office or retail.; Historic building with Art Deco facade and exceptional storefront.
