Free-Standing Office
For Sale
$249,800
12062 BROADSTREET Avenue Detroit City, Wayne, MI 48204
Standalone office building with land contract availability, positioned near the Boston-Edison Historic District.
Property Size3,000 SF
Price / SF$83.27
Days on Market566
Property Features for 12062 BROADSTREET Avenue Detroit City
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$2,507
Building Details
Year Built
1926
Listing Agency:
Keller Williams Legacy
(313) 415-0287
Listed By:
Hassan Zein · License #6501439099
(313) 415-0287
Source:
Exitrealty
Added: Feb 4, 2025
Changed: Aug 23
Last Checked: Aug 23 at 10:10AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This free-standing office building offers a standalone configuration for an owner-user or business operator. The property is listed with 3,396 square feet of space and is presented as a standalone structure suitable for office-focused uses.
The building is located at 12062 Broadstreet Avenue in Detroit, MI 48204. The listing notes that the property sits one block from the Boston-Edison Historic District, and it is marketed as being in a high-traffic, visibility-oriented area.
For buyers considering an acquisition, the seller has indicated that a land contract may be available, subject to terms discussed with the listing agent. The standalone footprint can support tenants or operations that prefer an independent building rather than a shared suite arrangement, while the proximity to the Boston-Edison Historic District may be relevant for office users looking for a recognizable nearby area.
The building is located at 12062 Broadstreet Avenue in Detroit, MI 48204. The listing notes that the property sits one block from the Boston-Edison Historic District, and it is marketed as being in a high-traffic, visibility-oriented area.
For buyers considering an acquisition, the seller has indicated that a land contract may be available, subject to terms discussed with the listing agent. The standalone footprint can support tenants or operations that prefer an independent building rather than a shared suite arrangement, while the proximity to the Boston-Edison Historic District may be relevant for office users looking for a recognizable nearby area.
Key Highlights
- 3,000 SF free‑standing office building
- Year built: 1926
- Land contract available (contact listing agent for details)
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
$10,328
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
4.13%
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%
$206,560
$206.6K
Cap Rate 7%
$147,543
$147.5K
Cap Rate 9%
$114,756
$114.8K
Market Conditions
NOI Build-Up for 3,000 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
$18.0K $6.00/SF
− Vacancy
−$4.2K −$1.41/SF
EGI
$13.8K $4.59/SF
− OpEx
−$3.4K −$1.15/SF
NOI
$10.3K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /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%
$206,560
Cap Rate 7%
$147,543
Cap Rate 9%
$114,756
Alternative Uses
Best Use
Office B
$147.5K
$129.1K – $172.1K
NOI $10,328 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$555.4K
$486.0K – $648.0K
NOI $38,880 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Standalone office building with land contract availability, positioned near the Boston-Edison Historic District.
Where is this office building located?
The property is located at 12062 BROADSTREET Avenue Detroit City Wayne, MI.
What is the asking price?
The asking price for this property is $249,800.
What are key features of this property?
This property features: 3,000 SF free‑standing office building; Year built: 1926; Land contract available (contact listing agent for details)
