Turnkey Event Venue with
For Sale
$1,300,000
12869 W Artesian Street, Detroit, MI 48223
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 Market126
Property Features for 12869 W Artesian Street
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Industrial
Amenities
3
85392
Building Details
Year Built
19
Listing Agency:
G S Inc
(313) 218-0156
Listed By:
Garland Solomon
(313) 218-0156
Source:
Xome
Added: Apr 6
Changed: Aug 8
Last Checked: Aug 9 at 5:01AM
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
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 = 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
$98,975
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
7.61%
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%
$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
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
$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 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%
$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.
Property 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
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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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 Street 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
