One-Story Open-Span Industrial
For Sale
$450,000
Pending
520 Bellevue St, Detroit, MI 48207
Built in 1913, this one-story industrial building offers large column-free open space and includes an adjacent lot.
Property Size6,263 SF
Days on Market117
Property Features for 520 Bellevue St
General Information
Standard status
Pending
Size
6,263 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,549
Building Details
Building Size
6,263 SF
Year Built
1913
Stories
1
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 506-5471
Listed By:
Bill Swanson · License #6501381221
(313) 506-5471
Source:
Elliman
Added: Apr 28
Changed: Aug 14
Last Checked: Aug 22 at 7:23AM
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.
Built in 1913, this one-story industrial building features vaulted ceilings and a dramatic open-span layout. The structure includes approximately 6,250 SF +/- total with more than 5,500 SF of open space free of any columns, supporting flexible interior arrangements.
The property also includes the adjacent lot, which can accommodate parking or other outdoor opportunities. Public remarks indicate the building is located about one block from the planned WNBA Riverfront practice facility, with that city council-approved practice facility site described as half a block to the south near the Detroit River adjacent to Belle Isle. BikeScore, walkScore, and transitScore are listed as 83, 72, and 50, respectively.
For redevelopment, this configuration provides substantial unobstructed floor area within a single-story shell, along with nearby outdoor staging potential via the included adjacent lot.
The property also includes the adjacent lot, which can accommodate parking or other outdoor opportunities. Public remarks indicate the building is located about one block from the planned WNBA Riverfront practice facility, with that city council-approved practice facility site described as half a block to the south near the Detroit River adjacent to Belle Isle. BikeScore, walkScore, and transitScore are listed as 83, 72, and 50, respectively.
For redevelopment, this configuration provides substantial unobstructed floor area within a single-story shell, along with nearby outdoor staging potential via the included adjacent lot.
Key Highlights
- Built in 1913, one‑story open‑span industrial building with vaulted ceilings
- 6,250 SF +/- building with more than 5,500 SF of column‑free open space
- Includes the adjacent lot for parking or other outdoor opportunities
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
$30,398
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
6.76%
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%
$607,960
$608.0K
Cap Rate 7%
$434,257
$434.3K
Cap Rate 9%
$337,756
$337.8K
Market Conditions
NOI Build-Up for 6,250 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
$45.8K $7.32/SF
− Vacancy
−$2.3K −$0.37/SF
EGI
$43.4K $6.95/SF
− OpEx
−$13.0K −$2.08/SF
NOI
$30.4K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
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%
$607,960
Cap Rate 7%
$434,257
Cap Rate 9%
$337,756
Alternative Uses
Best Use
Flex RnD
$640.7K
$560.6K – $747.5K
NOI $44,850 @ 7.0% cap · market cap 9.97%
Second Best
Industrial
$434.3K
$380.0K – $506.6K
NOI $30,398 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,514 @ 7.0% cap · market cap 21.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Built in 1913, this one-story industrial building offers large column-free open space and includes an adjacent lot.
Where is this flex space located?
The property is located at 520 Bellevue St Detroit, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Built in 1913, one‑story open‑span industrial building with vaulted ceilings; 6,250 SF +/- building with more than 5,500 SF of column‑free open space; Includes the adjacent lot for parking or other outdoor opportunities
