Live-Work and Restaurant
1250 Library Street Unit SourceFi Detroit, MI 48226
1250 Library Street Unit SourceFi, Detroit, MI, 48226
$5,900,000
For Sale
$5,900,000
Eight traditional live/work lofts plus an office, art studio, and Cuban restaurant are 100% occupied.
Property Size32,100 SF
Price / SF$183.80
Days on Market314
Property Features for 1250 Library Street Unit SourceFi
General Information
- Standard status
- Active
- Size
- 32,100 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing Agency
(313) 505-3713
Listed by
Tower Real Estate
(313) 505-3713
Source
Xome
Added: Sep 9, 2025 Checked: Jul 19 at 1:43 am
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 Tower Real Estate
Investment Insights
Based on property information with market context.
1250 Library is a 100% occupied mixed-use building featuring eight traditional-style live/work lofts, one office, one art studio, and Vicentes Cuban Cuisine. The property has been owned, renovated, and cared for since 1992, with finishes including exposed ductwork and brick, original maple floors, and bi-level unit layouts. Each unit is outfitted with in-unit appliances, including dishwashers, refrigerators, gas ranges, and in-unit washer/dryer.
The building is walkable, with a Walk Score of 98, placing it within walking distance of sport stadiums, concert venues, restaurants, Campus Martius, the Opera House, and the River Walk.
Financial information is available upon NDA/Non-Circ/POF, and the property reports a waiting list from interested renters.
The building is walkable, with a Walk Score of 98, placing it within walking distance of sport stadiums, concert venues, restaurants, Campus Martius, the Opera House, and the River Walk.
Financial information is available upon NDA/Non-Circ/POF, and the property reports a waiting list from interested renters.
Key Highlights
- 100% occupied live/work property with 8 traditional style lofts plus 1 office and 1 art studio
- On‑site Vicentes Cuban Cuisine restaurant included as part of the 10 total occupied spaces
- Bi‑level unit layouts with exposed duct work and brick, plus original maple floors and high ceilings
Local Financial Insights For Specialty 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 | $597.1k | $18.60 |
| − Vacancy | −$32.2k | −$1.00 |
| EGI | $564.8k | $17.60 |
| − OpEx | −$141.2k | −$4.40 |
| NOI | $423.6k | $13.20 |
32,100 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Vicente’s Cuban Cuisine
Restaurant
Vicente Cuban Cuisine
Restaurant
Jerome H. Remick ...
Insurance Agency
Library Lofts
Apartment Building
Fieldstone Properties
Property Management Company
Similar For Sale Nearby
FAQs
What type of property is this?
Live-work space - Eight traditional live/work lofts plus an office, art studio, and Cuban restaurant are 100% occupied.
Where is this live-work space located?
The property is located at 1250 Library Street Unit SourceFi 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 live/work property with 8 traditional style lofts plus 1 office and 1 art studio; On‑site Vicentes Cuban Cuisine restaurant included as part of the 10 total occupied spaces; Bi‑level unit layouts with exposed duct work and brick, plus original maple floors and high ceilings
