Eastern Market Brick
For Sale
$1,150,000
1357 Division St, Detroit, MI 48207
Three-story, 11,520 SF warehouse suitable for creative office or lofts.
Property Size11,520 SF
Lot Size0.08 Acres
Price / SF$99.83
Days on Market165
Property Features for 1357 Division St
General Information
Standard status
Active
Size
11,520 SF
Lot size
0.08 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,274
Building Details
Building Size
11,520 SF
Year Built
1927
Listing Agency:
O'Connor Real Estate
(313) 963-9891
Listed By:
Sloane Walsh · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Mar 10
Changed: Aug 16
Last Checked: Aug 20 at 8:15AM
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 O'Connor Real Estate
Investment Insights
Based on property information with market context.
Constructed in 1927, this three-story brick warehouse features Art Deco architectural details on its facade. The 11,520-square-foot property is located in Eastern Market and is suitable for adaptive reuse conversion into creative office space or residential lofts. The current owner has maintained the property, renovating select suites as needed. The building offers mostly open floor plans, presenting a blank canvas for developers or users seeking proximity to Detroit’s historic open-air market. One of the nearby parking lots can be included in the sale. This property is part of a collection of properties for sale in and around Eastern Market and can be purchased individually or in multiples.
Key Highlights
- Prime Eastern Market Location: Steps away from Detroit's historic open‑air market.
- Adaptive Reuse Potential: Ideal for creative office space or residential lofts.
- Substantial Size: 11,520‑square‑foot, three‑story brick warehouse.
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
$82,089
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
7.14%
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%
$1,641,780
$1.6M
Cap Rate 7%
$1,172,700
$1.2M
Cap Rate 9%
$912,100
$912.1K
Market Conditions
NOI Build-Up for 11,520 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
$100.9K $8.76/SF
− Vacancy
−$4.3K −$0.38/SF
EGI
$96.6K $8.38/SF
− OpEx
−$14.5K −$1.26/SF
NOI
$82.1K $7.13/SF
Area
Detroit, MI
Vacancy
4.30%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,641,780
Cap Rate 7%
$1,172,700
Cap Rate 9%
$912,100
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $116,708 @ 7.0% cap · market cap 10.15%
Second Best
Warehouse
$1.17M
$1.03M – $1.37M
NOI $82,089 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,895 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
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.
Similar Off Market Nearby
- Your Personal Vault — 432 Mechanic St, Detroit, MI 48226
- Eastern Market Cold Storage Co — 2531 Riopelle St, Detroit, MI 48207
- Egro-Stroh — 1000 Maple St, Detroit, MI 48207
- Self Storage — 1520 Broadway St, Detroit, MI 48226, United States
- Fox Receiving — Detroit, MI 48201
Frequently Asked Questions
What type of property is this?
Warehouse - Three-story, 11,520 SF warehouse suitable for creative office or lofts.
Where is this warehouse located?
The property is located at 1357 Division St Detroit, MI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Prime Eastern Market Location: Steps away from Detroit's historic open‑air market.; Adaptive Reuse Potential: Ideal for creative office space or residential lofts.; Substantial Size: 11,520‑square‑foot, three‑story brick warehouse.
