Live-Work and Restaurant
For Sale
Contact for pricing
1250 Library Street, Detroit, MI 48226
Renovated, 100% occupied mixed-use building with bi-level lofts and an in-house Cuban restaurant.
Property Size32,100 SF
Price / SF$183.80
Days on Market331
Property Features for 1250 Library Street
General Information
Standard status
Active
Size
32,100 SF
Property subtype
Multifamily, Mixed Use, Land, Office, Retail
Occupancy
100%
Units
Multifamily Units
8
Office Units
1
Additional Details
Business Included
Yes
Building Details
Year Built
1907
Tenancy
Multi
Listing Agency:
Taurean Real Estate
Listed By:
Lisa Debs · License #6502432599
Source:
Crexi
Added: Sep 11, 2025
Changed: Jul 10
Last Checked: Aug 6 at 10:39AM
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 Taurean Real Estate
Investment Insights
Based on property information with market context.
1250 Library is a renovated, owner-cared for mixed-use building offering eight traditional-style live/work lofts, one office, and one art studio, plus Vicentes Cuban Cuisine. The interiors feature exposed ductwork and brick with original maple floors, along with high ceilings throughout. Units are bi-level and include in-unit essentials such as dishwashers, refrigerators, gas ranges, and washers and dryers, supporting day-to-day convenience for residents and operators.
The property is in a walkable setting with a Walk Score of 98. It is positioned within walking distance of multiple sport stadiums, concert venues, restaurants, Campus Martius, the Opera House, and the River Walk, placing amenities and events within easy reach.
With a fully occupied operating mix of live/work space, professional space, and a conventional restaurant concept on site, this offering is suited for buyers seeking a turn-key building with established tenant occupancy at the time of sale. Financials are available upon NDA, non-circumvention, and proof of funds, and the offering materials are referenced as available through the attached brochure/OM.
The property is in a walkable setting with a Walk Score of 98. It is positioned within walking distance of multiple sport stadiums, concert venues, restaurants, Campus Martius, the Opera House, and the River Walk, placing amenities and events within easy reach.
With a fully occupied operating mix of live/work space, professional space, and a conventional restaurant concept on site, this offering is suited for buyers seeking a turn-key building with established tenant occupancy at the time of sale. Financials are available upon NDA, non-circumvention, and proof of funds, and the offering materials are referenced as available through the attached brochure/OM.
Key Highlights
- 100% occupied mixed‑use building built in 1907 featuring 8 traditional style live/work lofts, plus 1 office and 1 art studio
- In‑house Vicentes Cuban Cuisine on site
- Owned, renovated, and cared for since 1992
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$423,614
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,472,280
$8.5M
Cap Rate 7%
$6,051,629
$6.1M
Cap Rate 9%
$4,706,822
$4.7M
Market Conditions
NOI Build-Up for 32,100 SF
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.
Gross rent
$597.1K $18.60/SF
− Vacancy
−$32.2K −$1.00/SF
EGI
$564.8K $17.60/SF
− OpEx
−$141.2K −$4.40/SF
NOI
$423.6K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,472,280
Cap Rate 7%
$6,051,629
Cap Rate 9%
$4,706,822
Alternative Uses
Best Use
Specialty Retail
$6.05M
$5.30M – $7.06M
NOI $423,614 @ 7.0% cap · market cap 7.18%
Second Best
Mixed Use
$5.45M
$4.77M – $6.36M
NOI $381,348 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$7.08M
$6.20M – $8.26M
NOI $495,697 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,812
Businesses Nearby
Explore this area
Business Placement
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Renovated, 100% occupied mixed-use building with bi-level lofts and an in-house Cuban restaurant.
Where is this live-work space located?
The property is located at 1250 Library Street Detroit, MI.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 100% occupied mixed‑use building built in 1907 featuring 8 traditional style live/work lofts, plus 1 office and 1 art studio; In‑house Vicentes Cuban Cuisine on site; Owned, renovated, and cared for since 1992
