Restaurant and Retail
For Sale
$520,000
1360 W Fort Street, Detroit, MI 48226
Established restaurant property with dine-in seating, a self-serve station, and an included commercial kitchen plus an interior retail store.
Property Size2,504 SF
Price / SF$207.67
Days on Market297
Property Features for 1360 W Fort Street
General Information
Standard status
Active
Size
2,504 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Highway Access
Yes
Amenities
3
25130
Building Details
Year Built
19
Listing Agency:
Dorsett Brokerage Development & Mgmt Group LLC
(313) 622-8292
Listed By:
Jamel Dorsett
(313) 622-8292
Source:
Xome
Added: Oct 19, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:07AM
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 Dorsett Brokerage Development & Mgmt Group LLC
Investment Insights
Based on property information with market context.
This sale includes a long-running restaurant business and the real estate. The space features a spacious dine-in seating area, a self-serve station, and a fully equipped commercial kitchen. A retail store is located inside the restaurant and can be leased immediately for additional revenue.
The property is described as a highly visible corner location with easy access to major roads and expressways, including the Detroit Riverfront, downtown, and the new Gordie Howe International Bridge development.
For an operator or developer, the seller also notes opportunities to continue the existing concept, expand the site, or build upward given the corner visibility.
The property is described as a highly visible corner location with easy access to major roads and expressways, including the Detroit Riverfront, downtown, and the new Gordie Howe International Bridge development.
For an operator or developer, the seller also notes opportunities to continue the existing concept, expand the site, or build upward given the corner visibility.
Key Highlights
- Business and real estate sold together at 1360 W Fort Street in Detroit’s Corktown district
- Restaurant has been in operation at this location for over 35 years
- Interior includes dine‑in seating area plus a self‑serve station
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
$33,045
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
6.35%
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%
$660,900
$660.9K
Cap Rate 7%
$472,071
$472.1K
Cap Rate 9%
$367,167
$367.2K
Market Conditions
NOI Build-Up for 2,504 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
$46.6K $18.60/SF
− Vacancy
−$2.5K −$1.00/SF
EGI
$44.1K $17.60/SF
− OpEx
−$11.0K −$4.40/SF
NOI
$33.0K $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 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%
$660,900
Cap Rate 7%
$472,071
Cap Rate 9%
$367,167
Alternative Uses
Best Use
Specialty Retail
$472.1K
$413.1K – $550.8K
NOI $33,045 @ 7.0% cap · market cap 6.35%
Second Best
Retail
$440.6K
$385.5K – $514.0K
NOI $30,842 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$552.4K
$483.3K – $644.5K
NOI $38,667 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
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
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with dine-in seating, a self-serve station, and an included commercial kitchen plus an interior retail store.
Where is this conventional restaurant located?
The property is located at 1360 W Fort Street Detroit, MI.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Business and real estate sold together at 1360 W Fort Street in Detroit’s Corktown district; Restaurant has been in operation at this location for over 35 years; Interior includes dine‑in seating area plus a self‑serve station
