Upgraded Coney Island
For Sale
$699,000
1350 W Fort St, Detroit, MI 48226
Fully operational restaurant and building with a renovated kitchen, updated seating, and new commercial equipment.
Property Size2,429 SF
Price / SF$287.77
Days on Market89
Property Features for 1350 W Fort St
General Information
Standard status
Active
Size
2,429 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1952
Listing Agency:
Summit Union Real Estate
Listed By:
Nathaniel Korkis · License #460946
(586) 554-6107
Source:
Katie-k
Added: Jul 20
Changed: Oct 8
Last Checked: Oct 7 at 5:38PM
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 Summit Union Real Estate
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Investment Insights
Based on property information with market context.
This fully operational conventional restaurant includes the building and an established Coney Island food-service operation. Recent improvements include a renovated kitchen, commercial AC equipment, a new grill, walk-in cooler, freezer, and refreshed seating. The business has remained under the same ownership for more than 25 years.
The property sits along a heavily traveled route serving downtown Detroit, opposite the 24-hour Main Post Office. WCCC and Michigan Central Station are nearby, while new residential and mixed-use development surrounds the corridor. Ralph C. Wilson Jr. Centennial Park is directly across the street, and the site is positioned within Detroit’s ongoing riverfront revitalization area.
The property sits along a heavily traveled route serving downtown Detroit, opposite the 24-hour Main Post Office. WCCC and Michigan Central Station are nearby, while new residential and mixed-use development surrounds the corridor. Ralph C. Wilson Jr. Centennial Park is directly across the street, and the site is positioned within Detroit’s ongoing riverfront revitalization area.
Key Highlights
- Fully operational restaurant and building included
- Same ownership for 25+ years
- Renovated kitchen with new grill and commercial AC unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,055
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$641,100
$641.1K
Cap Rate 7%
$457,929
$457.9K
Cap Rate 9%
$356,167
$356.2K
Market Conditions
NOI Build-Up for 2,429 SF
Gross rent
$45.2K $18.60/SF
− Vacancy
−$2.4K −$1.00/SF
EGI
$42.7K $17.60/SF
− OpEx
−$10.7K −$4.40/SF
NOI
$32.1K $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 Rate 5%
$641,100
Cap Rate 7%
$457,929
Cap Rate 9%
$356,167
Alternative Uses
Best Use
Specialty Retail
$457.9K
$400.7K – $534.3K
NOI $32,055 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$535.8K
$468.9K – $625.2K
NOI $37,509 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,295
Businesses Nearby
27k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 50%
Dining 42%
Home Improvements & Furnishings 8%
Cambria Hotel Detroit Downtown
Hotels & Casinos
13,247 visits/mo
0.4 miles
Burger King
Dining
11,274 visits/mo
0.1 miles
Grainger
Home Improvements & Furnishings
2,031 visits/mo
0.2 miles
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully operational restaurant and building with a renovated kitchen, updated seating, and new commercial equipment.
Where is this conventional restaurant located?
The property is located at 1350 W Fort St Detroit, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Fully operational restaurant and building included; Same ownership for 25+ years; Renovated kitchen with new grill and commercial AC unit
