Remodeled Multi-Use Commercial
For Sale
$1,300,000
12869 W Artesian Street, Detroit, MI 48223
Turn-key event space with commercial kitchen and flexible layout.
Property Size7,500 SF
Days on Market137
Property Features for 12869 W Artesian Street
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Zoning
Commercial, Light Industri
Taxes and HOA fees
Annual Taxes
$4,168
Building Details
Building Size
7,500 SF
Year Built
1950
Listing Agency:
G S Inc
(248) 809-9386
Listed By:
Garland Solomon
Source:
Irishhillsfivestarhomes
Added: Apr 9
Changed: Aug 23
Last Checked: Aug 22 at 9:32AM
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 features front office space, a reception area, and a lobby, along with two restrooms. Currently operating as an event space, it is suitable for receptions, cabarets, baby showers, proms, and other special gatherings. The property includes a fully updated, full-service commercial kitchen with high-quality appliances, ideal for catering and large-scale events. New matching tables and chairs enhance the space, offering a ready-to-go setup for hosting. Modern amenities, a stylish interior, and a flexible layout make this venue suitable for entrepreneurs looking to step into an established, turn-key operation. The property includes furnaces, updated electrical throughout, and a large fenced yard with a remote-controlled gate and alarm system. Three bay doors are located at the rear. It is also suitable for a variety of other uses such as industrial, manufacturing, collision repair, auto service, or warehouse operations. The bike score is 37, indicating it is somewhat bikeable. The walk score is 35, indicating car-dependent surroundings. The transit score is 46, indicating some transit options are available.
Key Highlights
- Turn‑key, established event space ready for immediate operation.
- Fully updated, full‑service commercial kitchen with high‑quality appliances.**
- Flexible layout suitable for various uses: event space, industrial, manufacturing, auto service, or warehouse.
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
Property Profile
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 - Turn-key event space with commercial kitchen and flexible layout.
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: Turn‑key, established event space ready for immediate operation.; Fully updated, full‑service commercial kitchen with high‑quality appliances.**; Flexible layout suitable for various uses: event space, industrial, manufacturing, auto service, or warehouse.
