Building Details

Year Built 1918

Buildings 1

Stories 2

Listing Agency: O'Connor Realty Detroit, LLC

Listed By: Vincent Mazzola · License #6501387170 Show Phone

Source: Katie-k

Added: Jul 17 Changed: Oct 7 Last Checked: Oct 7 at 4:11PM

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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

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Investment Insights

Based on property information with market context.

This two-story mixed-use building contains 2,930 square feet and occupies a corner position along Gratiot Avenue. The property is fully occupied, with La Ventana Cafe serving as the established commercial occupant. Significant work has been completed on the building’s MEP systems, and the exterior includes a distinctive facade that contributes to its street presence.

The property is located within walking distance of Eastern Market and Downtown Detroit, placing the building near two established city destinations. Its Gratiot Avenue setting and corner configuration provide a clearly defined commercial presence within the surrounding corridor.

Key Highlights

• 2,930‑square‑foot, two‑story mixed‑use building
• Fully occupied with La Ventana Cafe as the commercial occupant
• Corner property along Gratiot Avenue’s commercial corridor

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,666

Cap Rate

6.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$773,320 $773.3K

Cap Rate 7%

$552,371 $552.4K

Cap Rate 9%

$429,622 $429.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,930 SF

Gross rent

$54.5K $18.60/SF

− Vacancy

−$2.9K −$1.00/SF

EGI

$51.6K $17.60/SF

− OpEx

−$12.9K −$4.40/SF

NOI

$38.7K $13.20/SF

Area

Detroit, MI

Vacancy

5.40%

Lease Rate

$18.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$773,320

Cap Rate 7%

$552,371

Cap Rate 9%

$429,622

Alternative Uses

Best Use

Specialty Retail

$552.4K

$483.3K – $644.4K (±1% cap)

NOI $38,666 @ 7.0% cap · market cap 6.44%

Second Best

Mixed Use

$497.3K

$435.1K – $580.1K (±1% cap)

NOI $34,808 @ 7.0% cap · market cap 5.80%

Theoretical Best

Office A

$646.4K

$565.6K – $754.1K (±1% cap)

NOI $45,246 @ 7.0% cap · market cap 7.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Coffee shops

Suggested Use

Top Pick Daycare Center Kitchen & Bath Showroom HVAC Service (Bike/Boat/Book/etc) Store Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,335

Businesses Nearby

13k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

9,554 visits/mo 0.4 miles

Chase Bank Shops & Services

3,760 visits/mo 0.4 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

Market

Vacancy Rate% for Retail in Detroit, MI

7.5% 2019

9.2% 2020

8.5% 2021

7.3% 2022

7.9% 2023

7% 2024

7% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully occupied property with substantial MEP work and a distinctive facade.

Where is this mixed-use property located?

The property is located at 1494 Gratiot Ave Detroit, MI.

What is the asking price?

The asking price for this property is $600,000.

What are key features of this property?

This property features: 2,930‑square‑foot, two‑story mixed‑use building; Fully occupied with La Ventana Cafe as the commercial occupant; Corner property along Gratiot Avenue’s commercial corridor