Eastern Market Storefront
For Sale
$425,000
Pending
1480 Gratiot Ave, Detroit, MI 48207
2,243 SF building ideal for creative office or retail.
Property Size2,243 SF
Days on Market197
Property Features for 1480 Gratiot Ave
General Information
Standard status
Pending
Size
2,243 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,781
Building Details
Building Size
2,243 SF
Year Built
1965
Listing Agency:
O'Connor Real Estate
Listed By:
Vincent Mazzola · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Mar 24
Changed: Sep 25
Last Checked: Oct 5 at 6:05PM
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.
Located on an active stretch of Gratiot’s commercial corridor in Eastern Market, this 2,243-square-foot building is suitable for creative office or retail space. Constructed for a single-use tenant and well maintained, the historic building features an Art Deco facade. It presents a storefront opportunity in a highly visible location along one of Detroit’s major thoroughfares. This property is part of a collection of properties for sale in and around Eastern Market.
Key Highlights
- Prime location on Gratiot's commercial corridor in Eastern Market.
- 2,243‑square‑foot building suitable for creative office or retail.
- Historic building with Art Deco facade and exceptional storefront.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,627
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,540
$552.5K
Cap Rate 7%
$394,671
$394.7K
Cap Rate 9%
$306,967
$307.0K
Market Conditions
NOI Build-Up for 2,243 SF
Gross rent
$41.7K $18.60/SF
− Vacancy
−$2.3K −$1.00/SF
EGI
$39.5K $17.60/SF
− OpEx
−$11.8K −$5.28/SF
NOI
$27.6K $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%
$552,540
Cap Rate 7%
$394,671
Cap Rate 9%
$306,967
Alternative Uses
Best Use
Retail
$394.7K
$345.3K – $460.5K
NOI $27,627 @ 7.0% cap · market cap 6.50%
Second Best
Office B
$324.6K
$284.1K – $378.7K
NOI $22,724 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$494.8K
$433.0K – $577.3K
NOI $34,637 @ 7.0% cap · market cap 8.15%
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
1,335
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Detroit, MI
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Similar Off Market Nearby
- Red Rose Florist — 123 Monroe St, Detroit, MI 48226
- 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 - 2,243 SF building ideal for creative office or retail.
Where is this storefront property located?
The property is located at 1480 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location on Gratiot's commercial corridor in Eastern Market.; 2,243‑square‑foot building suitable for creative office or retail.; Historic building with Art Deco facade and exceptional storefront.
