Renovated Creative Office
1938 Franklin Street Unit SourceFi Detroit, MI 48207
1938 Franklin Street Unit SourceFi, Detroit, MI, 48207
$3,950,000
For Sale
$3,950,000
Newly renovated elevator building with creative office space, high ceilings, exposed brick, and extensive building upgrades.
Property Size28,078 SF
Price / SF$140.68
Days on Market642
Property Features for 1938 Franklin Street Unit SourceFi
General Information
- Standard status
- Active
- Size
- 28,078 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing Agency
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed by
Vincent Mazzola · License #6501387170
Source
Xome
Added: Oct 18, 2024 Updated: Jul 18 at 2:46 am Checked: Jul 20 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 O'Connor Realty Detroit, LLC
Investment Insights
Based on property information with market context.
This newly renovated elevator building provides creative office space with features that reflect an industrial aesthetic, including ample natural light, high ceilings, and exposed brick and beams. Capital improvements include new roof systems, energy-efficient windows, new HVAC units, and renovated bathrooms. Tenant amenities include a conference room, kitchenette, bike storage, high-speed Wi-Fi, and a private shower room.
Located at 1938 Franklin Street Unit SourceFi on Detroit’s East Riverfront, the building offers direct proximity to the Riverwalk and the Dequindre Cut, providing walk, bike, or scooter access toward downtown, Eastern Market, and Lafayette Park.
The building is described as hosting a community of creative professionals, with spaces supporting a variety of media, architecture, fashion, wellness, community services, and other related uses.
Located at 1938 Franklin Street Unit SourceFi on Detroit’s East Riverfront, the building offers direct proximity to the Riverwalk and the Dequindre Cut, providing walk, bike, or scooter access toward downtown, Eastern Market, and Lafayette Park.
The building is described as hosting a community of creative professionals, with spaces supporting a variety of media, architecture, fashion, wellness, community services, and other related uses.
Key Highlights
- Newly renovated elevator building on Detroit’s East Riverfront offering creative workspace with ample light and high ceilings
- Features exposed brick and beams for an industrial‑era look in updated office spaces
- Capital improvements include new roof systems, energy‑efficient windows, new HVAC units, and renovated bathrooms
Local Financial Insights For Office B
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 | $491.9k | $17.52 |
| − Vacancy | −$112.7k | −$4.01 |
| EGI | $379.3k | $13.51 |
| − OpEx | −$94.8k | −$3.38 |
| NOI | $284.5k | $10.13 |
28,078 SF · lease $17.52/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.06M
$3.56M – $4.74M
NOI $284,457 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.19M
$5.42M – $7.23M
NOI $433,588 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Urban Solace Mind ...
Gym & Fitness Center
Fit by Chrisy ...
Gym & Fitness Center
Phlora Co.
Photography Service
Iron & Light Collaborative ...
(Bike/Boat/Book/etc) Store
PRG
Business Management Consultant
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FAQs
What type of property is this?
Creative space - Newly renovated elevator building with creative office space, high ceilings, exposed brick, and extensive building upgrades.
Where is this creative space located?
The property is located at 1938 Franklin Street Unit SourceFi Detroit, MI.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Newly renovated elevator building on Detroit’s East Riverfront offering creative workspace with ample light and high ceilings; Features exposed brick and beams for an industrial‑era look in updated office spaces; Capital improvements include new roof systems, energy‑efficient windows, new HVAC units, and renovated bathrooms
