Eastern Market Mixed-Use
For Sale
$3,425,000
Pending
1468 Adelaide St, Detroit, MI 48207
Two-story, 21,309 SF mixed-use property in Detroit's Eastern Market.
Property Size21,309 SF
Days on Market469
Property Features for 1468 Adelaide St
General Information
Standard status
Pending
Size
21,309 SF
Property subtype
Commercial
Building Details
Year Built
1916
Listing Agency:
O'Connor Realty Detroit, LLC
Listed By:
Vincent Mazzola · License #6501387170
(313) 704-2678
Source:
Metrodetroithomeguide
Added: Jun 25, 2025
Changed: Oct 1
Last Checked: Oct 5 at 7:16PM
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 Realty Detroit, LLC
Investment Insights
Based on property information with market context.
Located in the heart of Detroit’s historic Eastern Market, the property at 1468 Adelaide Street occupies a visible corner. This two-story mixed-use property has a total area of 21,309 square feet. The property is anchored by Farmer Frank’s restaurant. With nearly 20,000 square feet of vacant space, the property offers potential to be reimagined for future businesses. This property is part of a collection of properties for sale in and around Eastern Market and can be purchased individually or in multiples.
Key Highlights
- Prime location in the heart of Detroit's historic Eastern Market.
- Substantial vacant space (nearly 20,000 sq ft) offering exceptional potential.
- Large 21,309 sq ft mixed‑use property.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$253,151
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,063,020
$5.1M
Cap Rate 7%
$3,616,443
$3.6M
Cap Rate 9%
$2,812,789
$2.8M
Market Conditions
NOI Build-Up for 21,309 SF
Gross rent
$460.3K $21.60/SF
− Vacancy
−$55.2K −$2.59/SF
EGI
$405.0K $19.01/SF
− OpEx
−$151.9K −$7.13/SF
NOI
$253.2K $11.88/SF
Area
Detroit, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,063,020
Cap Rate 7%
$3,616,443
Cap Rate 9%
$2,812,789
Alternative Uses
Best Use
Mixed Use
$3.62M
$3.16M – $4.22M
NOI $253,151 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.70M
$4.11M – $5.48M
NOI $329,059 @ 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
1,165
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story, 21,309 SF mixed-use property in Detroit's Eastern Market.
Where is this mixed-use property located?
The property is located at 1468 Adelaide St Detroit, MI.
What is the asking price?
The asking price for this property is $3,425,000.
What are key features of this property?
This property features: Prime location in the heart of Detroit's historic Eastern Market.; Substantial vacant space (nearly 20,000 sq ft) offering exceptional potential.; Large 21,309 sq ft mixed‑use property.
