Detroit Automotive Garage For
For Sale
$144,000
13241 FENKELL St, Detroit, MI 48227
Three-bay automotive garage in Detroit, approximately 1,500 square feet.
Property Size1,271 SF
Lot Size0.16 Acres
Price / SF$96
Days on Market156
Property Features for 13241 FENKELL St
General Information
Standard status
Active
Size
1,271 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$700
Building Details
Building Size
1,271 SF
Year Built
1930
Listing Agency:
Herbert J Hill Realty Real Estate Master
(313) 341-2656
Listed By:
Herbert J Hill Jr · License #6504381646
(313) 341-2656
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 4:50AM
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 Herbert J Hill Realty Real Estate Master
Investment Insights
Based on property information with market context.
This is a three-bay full-service automotive garage located in Detroit. The property, built in 1930, features an estimated 1,500 square feet of garage space. The roof is in like-new condition, and the interior is clean.
Key Highlights
- Three bay full service automotive garage.
- Great location in the City of Detroit.
- Like new roof.
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
$7,296
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
5.07%
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%
$145,920
$145.9K
Cap Rate 7%
$104,229
$104.2K
Cap Rate 9%
$81,067
$81.1K
Market Conditions
NOI Build-Up for 1,500 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
$11.0K $7.32/SF
− Vacancy
−$558 −$0.37/SF
EGI
$10.4K $6.95/SF
− OpEx
−$3.1K −$2.08/SF
NOI
$7.3K $4.86/SF
Area
ZIP 48227
Vacancy
5.08%
Lease Rate
$7.32 /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%
$145,920
Cap Rate 7%
$104,229
Cap Rate 9%
$81,067
Alternative Uses
Best Use
Retail
$189.4K
$165.7K – $221.0K
NOI $13,258 @ 7.0% cap · market cap 9.21%
Second Best
Industrial
$104.2K
$91.2K – $121.6K
NOI $7,296 @ 7.0% cap · market cap 5.07%
Theoretical Best
Multifamily LT 5
$244.0K
$213.5K – $284.7K
NOI $17,082 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
19k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Electronics 6%
Exxon
Shops & Services
7,377 visits/mo
0.4 miles
Marathon Petroleum
Shops & Services
4,637 visits/mo
0.5 miles
BP
Shops & Services
4,093 visits/mo
0.4 miles
Citgo
Shops & Services
1,737 visits/mo
0.2 miles
Boost Mobile
Electronics
1,072 visits/mo
0.4 miles
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 Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Three-bay automotive garage in Detroit, approximately 1,500 square feet.
Where is this auto shop located?
The property is located at 13241 FENKELL St Detroit, MI.
What is the asking price?
The asking price for this property is $144,000.
What are key features of this property?
This property features: Three bay full service automotive garage.; Great location in the City of Detroit.; Like new roof.
