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 Market104
Property Features for 1461-1473 Gratiot Ave
General Information
Standard status
Active
Size
10,264 SF
Property subtype
Retail
Zoning
B4
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: Sep 4
Last Checked: Sep 13 at 4:29AM
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
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 = 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
$126,421
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
7.66%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
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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
