Corktown Collection: Development
1450 6th package, Detroit, MI 48226
For Sale
$1,799,000
Collection of properties in Corktown historic district for redevelopment.
Property Size7,500 SF
Lot Size0.42 Acres
Price / SF$239.87
Days on Market722
Property Features for 1450 6th package
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
Listed By:
Jan Dijkers · License MI #6501338353
(313) 658-6400
Source:
Exitrealty
Added: Nov 19, 2024
Changed: Aug 22
Last Checked: Aug 25 at 9:44AM
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 Berkshire Hathaway HomeServices The Loft Warehouse
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Investment Insights
Based on property information with market context.
This collection of properties represents a development opportunity in the heart of Corktown, adjacent to the central business district and Riverfront. The properties, showcasing various architectural styles, include a triangle-shaped vacant land parcel to the north; a brick 4-unit building at 1450 Sixth, which is occupied and features a newer roof and boiler, with additional basement space for a potential fifth unit; vacant land at 1440 Sixth; and the Worker’s Row House at 1430 Sixth, originally a 3-unit tenement house with a fully stabilized roof, structure, and exterior. Additional land behind the Worker's Row House could accommodate additional residential space or a carriage house. The location is walkable to restaurants along Michigan Avenue and one mile from Ford’s Michigan Central Innovation District. The properties, part of the Corktown historic district, are primarily under tax ID 06004564-743, except for the Worker’s Rowhouse at 1430 6th, which is tax ID 06004563. Zoned B6, General Services District, the site allows for residential, commercial, and mixed-use purposes. The property size is 7500 square feet. This site is located in an Opportunity Zone and Neighborhood Enterprise Zone (New/Rehab), offering immediate cash flow potential and reactivation of vacant structures.
Key Highlights
- Opportunity Zone and Neighborhood Enterprise Zone location offers potential tax benefits.
- Package includes vacant land, an occupied 4‑unit building, additional vacant land, and a stabilized historic row house.
- Zoning is B6, General Services District, allowing for residential, commercial, and mixed‑use development.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,680
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,573,600
$1.6M
Cap Rate 7%
$1,124,000
$1.1M
Cap Rate 9%
$874,222
$874.2K
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$153.0K $20.40/SF
− Vacancy
−$9.9K −$1.33/SF
EGI
$143.1K $19.07/SF
− OpEx
−$64.4K −$8.58/SF
NOI
$78.7K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,573,600
Cap Rate 7%
$1,124,000
Cap Rate 9%
$874,222
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.5K – $1.31M
NOI $78,680 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,817 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,244
Businesses Nearby
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Business Placement
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
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Market
Properties on Market for Commercial land in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - Collection of properties in Corktown historic district for redevelopment.
Where is this commercial land located?
The property is located at 1450 6th package Detroit, MI.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Opportunity Zone and Neighborhood Enterprise Zone location offers potential tax benefits.; Package includes vacant land, an occupied 4‑unit building, additional vacant land, and a stabilized historic row house.; Zoning is B6, General Services District, allowing for residential, commercial, and mixed‑use development.
