Three-Story Retail
For Sale
$1,650,000
1461-1473 Gratiot Ave, Detroit, MI 48207
Three-story retail building just off I-75 in Eastern Market, offering flexible space for storefront concepts.
Property Size10,264 SF
Price / SF$160.76
Days on Market150
Property Features for 1461-1473 Gratiot Ave
General Information
Standard status
Active
Size
10,264 SF
Property subtype
Retail
Zoning
B4
Site & Location
Neighborhood
Lafayette Park
Building Details
Building Size
10,264 SF
Year Built
1915
Stories
3
Listing Agency:
Signature Associates - Southfield
Listed By:
Christopher J. Monsour
(248) 948-0107
Source:
Cpix.resimplifi
Added: Jun 2
Changed: Oct 25
Last Checked: Oct 28 at 4:50AM
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 Signature Associates - Southfield
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property is a three-story retail building comprising storefront and retail space. It is offered for sale as a multi-level asset designed to support multiple retail uses within a single building structure.
Located on Gratiot Ave in Detroit’s Eastern Market area, the building sits just off I-75, providing convenient vehicular access for customers and tenants. The listing highlights its placement in a well-known commercial corridor.
This configuration can work for operators looking for retail presence in a multi-level format, whether for a single flagship concept or multiple storefront tenants. As a for-sale investment, it also appeals to buyers seeking a straightforward retail building opportunity in a defined market location with direct freeway adjacency.
Located on Gratiot Ave in Detroit’s Eastern Market area, the building sits just off I-75, providing convenient vehicular access for customers and tenants. The listing highlights its placement in a well-known commercial corridor.
This configuration can work for operators looking for retail presence in a multi-level format, whether for a single flagship concept or multiple storefront tenants. As a for-sale investment, it also appeals to buyers seeking a straightforward retail building opportunity in a defined market location with direct freeway adjacency.
Key Highlights
- 3‑story retail building located just off I‑75 in Eastern Market
- Year built: 1915
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,421
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,528,420
$2.5M
Cap Rate 7%
$1,806,014
$1.8M
Cap Rate 9%
$1,404,678
$1.4M
Market Conditions
NOI Build-Up for 10,264 SF
Gross rent
$190.9K $18.60/SF
− Vacancy
−$10.3K −$1.00/SF
EGI
$180.6K $17.60/SF
− OpEx
−$54.2K −$5.28/SF
NOI
$126.4K $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 Rate 5%
$2,528,420
Cap Rate 7%
$1,806,014
Cap Rate 9%
$1,404,678
Alternative Uses
Best Use
Retail
$1.81M
$1.58M – $2.11M
NOI $126,421 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,499 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 26%
Chase Bank
Shops & Services
3,760 visits/mo
0.3 miles
BP
Shops & Services
3,606 visits/mo
0.4 miles
Sala Thai
Dining
3,150 visits/mo
0.4 miles
Comerica Bank
Shops & Services
1,757 visits/mo
0.5 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Detroit, MI
Similar Off Market Nearby
- Sweet Ambiance Events — 1442 Brush St, Detroit, MI 48226
- Flowers for Dreams — 1490 Gratiot Ave, Detroit, MI 48207
Frequently Asked Questions
What type of property is this?
Storefront property - Three-story retail building just off I-75 in Eastern Market, offering flexible space for storefront concepts.
Where is this storefront property located?
The property is located at 1461-1473 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3‑story retail building located just off I‑75 in Eastern Market; Year built: 1915
