Fully Equipped Coney Island
W 1350 W Fort Street Unit SourceFi Detroit, MI 48226
W 1350 W Fort Street Unit SourceFi, Detroit, MI, 48226
$699,000
For Sale
$699,000
Turnkey, fully operational restaurant with renovated kitchen, new commercial AC, grill, and walk-in cooler/freezer.
Property Size2,429 SF
Price / SF$287.77
Days on Market72
Property Features for W 1350 W Fort Street Unit SourceFi
General Information
- Standard status
- Active
- Size
- 2,429 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing Agency
(586) 404-3239
Listed by
Summit Union Real Estate
(586) 404-3239
Source
Xome
Added: May 11 Updated: Jul 18 at 3:27 am Checked: Jul 20 at 1:42 am
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
Investment Insights
Based on property information with market context.
This fully operational Coney Island restaurant includes a renovated kitchen and extensive recent upgrades. The improvements noted include a new commercial AC unit, new grill, walk-in cooler, freezer, and updated seating, supporting continued day-to-day operations.
Located on a major high-traffic route feeding directly into downtown, the property is described as across from the 24-hour Main Post Office. The remarks also place the restaurant near WCCC and Michigan Central Station, and directly across from the new Ralph C. Wilson Jr. Centennial Park within the broader Detroit riverfront revitalization area. The offering is presented as available for sale with the same ownership operating the business for 25+ years.
Located on a major high-traffic route feeding directly into downtown, the property is described as across from the 24-hour Main Post Office. The remarks also place the restaurant near WCCC and Michigan Central Station, and directly across from the new Ralph C. Wilson Jr. Centennial Park within the broader Detroit riverfront revitalization area. The offering is presented as available for sale with the same ownership operating the business for 25+ years.
Key Highlights
- Fully operational restaurant and building on a major high‑traffic route feeding into downtown Detroit
- Located across from the 24‑hour Main Post Office and directly across from the Ralph C. Wilson Jr. Centennial Park
- Recent upgrades include a renovated kitchen and a new commercial AC unit
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.2k | $18.60 |
| − Vacancy | −$2.4k | −$1.00 |
| EGI | $42.7k | $17.60 |
| − OpEx | −$10.7k | −$4.40 |
| NOI | $32.1k | $13.20 |
2,429 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
King Grill
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Turnkey, fully operational restaurant with renovated kitchen, new commercial AC, grill, and walk-in cooler/freezer.
Where is this conventional restaurant located?
The property is located at W 1350 W Fort Street Unit SourceFi 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 on a major high‑traffic route feeding into downtown Detroit; Located across from the 24‑hour Main Post Office and directly across from the Ralph C. Wilson Jr. Centennial Park; Recent upgrades include a renovated kitchen and a new commercial AC unit
