Turnkey Event Venue with
12869 W Artesian St, Detroit, MI 48223
For Sale
$1,300,000
Remodeled multi-use building with a full-service commercial kitchen, front office/reception area, and fenced yard with remote gate.
Property Size7,500 SF
Price / SF$173.33
Days on Market115
Property Features for 12869 W Artesian St
General Information
Standard status
Size
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
G S Inc
Listed By:
Garland Solomon
(313) 218-0156
Source:
Katie-k
Added: Jul 17
Changed: Oct 26
Last Checked: Nov 6 at 11:49AM
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 G S Inc
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This remodeled multi-use commercial building is arranged with front office space, a reception area, and a lobby, supported by two restrooms. The property includes a fully updated full-services commercial kitchen with high-quality appliances, along with a ready-to-use setup featuring new matching tables and chairs. Additional improvements listed include updated electrical throughout, furnaces, and an alarm system.
A large fenced yard is included, with a remote-controlled gate. The building has three bay doors located at the rear, supporting flexible use of the rear portion of the facility.
The space is currently operated as an event space, with suitability mentioned for receptions, cabarets, baby showers, and proms, while the property is also described as suitable for other uses such as industrial, manufacturing, collision repair, auto service, or warehouse operations.
A large fenced yard is included, with a remote-controlled gate. The building has three bay doors located at the rear, supporting flexible use of the rear portion of the facility.
The space is currently operated as an event space, with suitability mentioned for receptions, cabarets, baby showers, and proms, while the property is also described as suitable for other uses such as industrial, manufacturing, collision repair, auto service, or warehouse operations.
Key Highlights
- Remodeled multi‑use commercial building with front office, reception area, and lobby
- Full‑service commercial kitchen with high‑quality appliances, plus tables and chairs included
- 2 restrooms and 3 guest facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$98,975
Cap Rate
7.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,979,500
$2.0M
Cap Rate 7%
$1,413,929
$1.4M
Cap Rate 9%
$1,099,722
$1.1M
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$139.5K $18.60/SF
− Vacancy
−$7.5K −$1.00/SF
EGI
$132.0K $17.60/SF
− OpEx
−$33.0K −$4.40/SF
NOI
$99.0K $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 Rate 5%
$1,979,500
Cap Rate 7%
$1,413,929
Cap Rate 9%
$1,099,722
Alternative Uses
Best Use
Specialty Retail
$1.41M
$1.24M – $1.65M
NOI $98,975 @ 7.0% cap · market cap 7.61%
Second Best
Industrial
$521.1K
$456.0K – $608.0K
NOI $36,478 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,817 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
9,319 visits/mo
0.5 miles
Sunoco
Shops & Services
3,827 visits/mo
0.4 miles
Demographics for 48223, MI
22,956
Population
11,264
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$42,324
Median Household Income
$30,119
Median Earnings
$1,013
Median Rent
$87,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
Frequently Asked Questions
What type of property is this?
Wedding venue - Remodeled multi-use building with a full-service commercial kitchen, front office/reception area, and fenced yard with remote gate.
Where is this wedding venue located?
The property is located at 12869 W Artesian St Detroit, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Remodeled multi‑use commercial building with front office, reception area, and lobby; Full‑service commercial kitchen with high‑quality appliances, plus tables and chairs included; 2 restrooms and 3 guest facilities
