Newly Renovated Retail
For Sale
$60,000
13043 Puritan Street Unit SourceFi, Detroit, MI 48227
Newly renovated and move-in ready retail space on Puritan Street, suited for retail, office, or professional services.
Property Size500 SF
Price / SF$120
Days on Market199
Property Features for 13043 Puritan Street Unit SourceFi
General Information
Standard status
Active
Size
500 SF
Property subtype
Industrial
Amenities
3
2090
Building Details
Year Built
19
Listing Agency:
EXP Realty Main
(248) 924-1377
Listed By:
Damian Hickman
(248) 924-1377
Source:
Xome
Added: Jan 19
Changed: Jul 31
Last Checked: Aug 6 at 3:50AM
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 Main
Investment Insights
Based on property information with market context.
This newly renovated commercial retail space is presented as move-in ready and designed to support a flexible mixed-use concept. The layout is described as suitable for retail, office, professional services, or creative use, with the flexibility to adapt to different tenant needs.
The property is located at 13043 Puritan Street in Detroit, MI 48227. The offering is positioned for an end user or operator seeking a space that can be tailored for multiple commercial formats.
If you’re looking for a retail-focused space with recent updates and the ability to accommodate a range of business uses, this property’s described configuration and condition align with retail, office, professional services, and creative applications.
The property is located at 13043 Puritan Street in Detroit, MI 48227. The offering is positioned for an end user or operator seeking a space that can be tailored for multiple commercial formats.
If you’re looking for a retail-focused space with recent updates and the ability to accommodate a range of business uses, this property’s described configuration and condition align with retail, office, professional services, and creative applications.
Key Highlights
- Newly renovated commercial retail space
- Move‑in ready condition
- Flexible 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
Current Use
Location Intelligence
Trade Area within ½ mile
885
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Newly renovated and move-in ready retail space on Puritan Street, suited for retail, office, or professional services.
Where is this retail space located?
The property is located at 13043 Puritan Street Unit SourceFi 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: Newly renovated commercial retail space; Move‑in ready condition; Flexible for retail, office, professional services, or creative use
