Renovated Storefront With
New
For Sale
$550,000
6541 Woodward Ave, Detroit, MI 48202
Updated commercial space with an open layout, high ceilings, and contemporary finishes.
Property Size2,700 SF
Days on Market2
Property Features for 6541 Woodward Ave
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,117
Amenities
modern storefront
open interior layout
high ceilings
quality contemporary finishes
Building Details
Building Size
2,700 SF
Year Built
1942
Year Renovated
2019
Buildings
1
Listing Agency:
O'Connor Real Estate
Listed By:
Vincent Mazzola · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 3:22PM
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.
This storefront property was fully renovated in 2019 and offers a modern commercial setting with an open ground-floor plan, high ceilings, and contemporary finishes. An approximately 2,700 SF basement extends the usable area and connects to the main level through an open staircase. The additional space can support retail, service, showroom, studio, or other commercial functions.
The building fronts Woodward Avenue in Detroit’s New Center neighborhood, placing it within a mixed-use district with direct access to a prominent city corridor. The surrounding area records a walk score of 83, a bike score of 74, and a transit score of 53. Originally built in 1942, the property combines an established building shell with substantial modern improvements.
The building fronts Woodward Avenue in Detroit’s New Center neighborhood, placing it within a mixed-use district with direct access to a prominent city corridor. The surrounding area records a walk score of 83, a bike score of 74, and a transit score of 53. Originally built in 1942, the property combines an established building shell with substantial modern improvements.
Key Highlights
- Fully renovated in 2019
- Approximately 2,700 SF basement connected by an open staircase
- Open interior layout with high ceilings and contemporary finishes
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
$33,256
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
6.05%
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%
$665,120
$665.1K
Cap Rate 7%
$475,086
$475.1K
Cap Rate 9%
$369,511
$369.5K
Market Conditions
NOI Build-Up for 2,700 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
$50.2K $18.60/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$47.5K $17.60/SF
− OpEx
−$14.3K −$5.28/SF
NOI
$33.3K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$665,120
Cap Rate 7%
$475,086
Cap Rate 9%
$369,511
Alternative Uses
Best Use
Retail
$475.1K
$415.7K – $554.3K
NOI $33,256 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$595.6K
$521.2K – $694.9K
NOI $41,694 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,750
Businesses Nearby
74k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 38%
McDonald's
Dining
27,503 visits/mo
0.4 miles
White Castle
Dining
14,009 visits/mo
0.2 miles
BP
Shops & Services
12,413 visits/mo
0.4 miles
Citizens Bank
Shops & Services
5,642 visits/mo
0.1 miles
Sunoco
Shops & Services
5,159 visits/mo
0.5 miles
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Brazelton's Floral — 2686 W Grand Blvd, Detroit, MI 48208
- Flowers Deborah S — 2799 W Grand Blvd # K9, Detroit, MI 48202, United States
- LaShee Floral & Events — 3031 E Grand Blvd, Detroit, MI 48202, United States
- Eloquent Petals & Blumz Florist — 2868 E Grand Blvd, Detroit, MI 48202
- Michael B. Anthony — 1600 Clay St #142, Detroit, MI 48211
Frequently Asked Questions
What type of property is this?
Storefront property - Updated commercial space with an open layout, high ceilings, and contemporary finishes.
Where is this storefront property located?
The property is located at 6541 Woodward Ave Detroit, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Fully renovated in 2019; Approximately 2,700 SF basement connected by an open staircase; Open interior layout with high ceilings and contemporary finishes
