Building Details

Building Size 1,271 SF

Year Built 1930

Listing Agency: Herbert J Hill Realty Real Estate Master

Listed By: Herbert J Hill Jr · License #6504381646 Show Phone

Source: Elliman

Added: Mar 10 Changed: Aug 8 Last Checked: Aug 8 at 4:50AM

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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 / Yr

$7,296

Cap Rate

5.07%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $13,258 @ 7.0% cap · market cap 9.21%

Second Best

Industrial

$104.2K

$91.2K – $121.6K (±1% cap)

NOI $7,296 @ 7.0% cap · market cap 5.07%

Theoretical Best

Multifamily LT 5

$244.0K

$213.5K – $284.7K (±1% cap)

NOI $17,082 @ 7.0% cap · market cap 11.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Auto shops

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Parking Lot & Garage HVAC Service Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

469

Businesses Nearby

36k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 78% Dining 16% Home Improvements & Furnishings 6%

BP Shops & Services

8,305 visits/mo 0.3 miles

Marathon Shops & Services

6,169 visits/mo 0.2 miles

Family Dollar Shops & Services

6,109 visits/mo 0.4 miles

Little Caesars Pizza Dining

5,843 visits/mo 0.2 miles

Citgo Shops & Services

4,402 visits/mo 0.3 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

7.5% 2019

9.2% 2020

8.5% 2021

7.3% 2022

7.9% 2023

7% 2024

7% 2025

Questions? Ask Rey

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What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties What are key features of this property?

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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.