Renovated Mixed-Use Commercial
For Sale
Contact for pricing
13043 Puritan Street, Detroit, MI 48227
Newly renovated and move-in ready, this building supports multiple concepts including retail, office, and professional uses.
Property Size500 SF
Price / SF$120
Days on Market190
Property Features for 13043 Puritan Street
General Information
Standard status
Active
Size
500 SF
Property subtype
Mixed Use, Office, Land, Retail
Building Details
Year Built
1946
Listing Agency:
eXp Realty LLC - Michigan
Listed By:
Damian Hickman · License #6501363263
Source:
Crexi
Added: Jan 28
Changed: Jul 10
Last Checked: Aug 5 at 5:09AM
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 eXp Realty LLC - Michigan
Investment Insights
Based on property information with market context.
This newly renovated commercial building is presented as move-in ready, with thoughtful updates designed to accommodate a variety of operating models. The property is suitable for mixed-use plans and can be configured to fit retail, office, professional services, or creative space needs, depending on how you want to deploy the layout.
Located at 13043 Puritan Street in Detroit, MI 48227, the building provides a straightforward commercial platform for owner-operators and investors seeking a single property that can support more than one type of use. Its adaptability makes it practical for tenants looking for flexibility without starting from scratch.
For buyers and operators, the best-fit opportunity is a use that benefits from a polished, recently updated environment and a concept that can evolve. Whether you’re pursuing a storefront-style setup, a service-based office, or a creative workspace, the property is positioned to support that direction with a move-in ready condition and a flexible, multi-purpose design approach.
Located at 13043 Puritan Street in Detroit, MI 48227, the building provides a straightforward commercial platform for owner-operators and investors seeking a single property that can support more than one type of use. Its adaptability makes it practical for tenants looking for flexibility without starting from scratch.
For buyers and operators, the best-fit opportunity is a use that benefits from a polished, recently updated environment and a concept that can evolve. Whether you’re pursuing a storefront-style setup, a service-based office, or a creative workspace, the property is positioned to support that direction with a move-in ready condition and a flexible, multi-purpose design approach.
Key Highlights
- Year built 1946 commercial building.
- Newly renovated and move‑in ready.
- Flexible layout suitable for retail, office, professional services, or creative use.
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
$4,419
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
7.36%
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%
$88,380
$88.4K
Cap Rate 7%
$63,129
$63.1K
Cap Rate 9%
$49,100
$49.1K
Market Conditions
NOI Build-Up for 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
$6.9K $13.80/SF
− Vacancy
−$587 −$1.17/SF
EGI
$6.3K $12.63/SF
− OpEx
−$1.9K −$3.79/SF
NOI
$4.4K $8.84/SF
Area
ZIP 48227
Vacancy
8.50%
Lease Rate
$13.80 /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%
$88,380
Cap Rate 7%
$63,129
Cap Rate 9%
$49,100
Alternative Uses
Best Use
Retail
$63.1K
$55.2K – $73.7K
NOI $4,419 @ 7.0% cap · market cap 7.36%
Second Best
Office B
$24.6K
$21.5K – $28.7K
NOI $1,721 @ 7.0% cap · market cap 2.87%
Theoretical Best
Multifamily LT 5
$81.3K
$71.2K – $94.9K
NOI $5,694 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
636
Businesses Nearby
Explore this area
Business Placement
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Newly renovated and move-in ready, this building supports multiple concepts including retail, office, and professional uses.
Where is this retail space located?
The property is located at 13043 Puritan Street Detroit, MI.
What is the asking price?
The asking price for this property is $60,000.
What are key features of this property?
This property features: Year built 1946 commercial building.; Newly renovated and move‑in ready.; Flexible layout suitable for retail, office, professional services, or creative use.
