Historic Retail Space with Modern
15 E Kirby, Detroit, MI 48202
For Sale
New
$3,250,000
Retail suites sit within a residential building, with covered garage parking included in the sale.
Property Size21,042 SF
Days on Market1
Property Features for 15 E Kirby
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Listing Agency:
O'Connor Real Estate
Listed By:
Vincent Mazzola · License MI #6501387170
(313) 963-9891
Source:
Elliman
Added: Nov 12
Last Checked: Nov 12 at 2:45PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Park Shelton Shops is a retail property in a building constructed in 1926, combining historic character with updated interior finishes. The building contains 228 residential units, providing an established residential population on site. The sale also includes 67 covered parking spaces in an attached garage.
The property fronts Woodward Avenue in Midtown Detroit, across from the Detroit Institute of Arts. Wayne State University and the College for Creative Studies are within blocks. Walk Score is 83, Bike Score is 74, and Transit Score is 53.
The property fronts Woodward Avenue in Midtown Detroit, across from the Detroit Institute of Arts. Wayne State University and the College for Creative Studies are within blocks. Walk Score is 83, Bike Score is 74, and Transit Score is 53.
Key Highlights
- 228 residential units in the building
- Sale includes 67 covered spaces in the attached garage
- On Woodward Avenue, across from the Detroit Institute of Arts
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$259,173
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,183,460
$5.2M
Cap Rate 7%
$3,702,471
$3.7M
Cap Rate 9%
$2,879,700
$2.9M
Market Conditions
NOI Build-Up for 21,042 SF
Gross rent
$391.4K $18.60/SF
− Vacancy
−$21.1K −$1.00/SF
EGI
$370.2K $17.60/SF
− OpEx
−$111.1K −$5.28/SF
NOI
$259.2K $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%
$5,183,460
Cap Rate 7%
$3,702,471
Cap Rate 9%
$2,879,700
Alternative Uses
Best Use
Retail
$3.70M
$3.24M – $4.32M
NOI $259,173 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.64M
$4.06M – $5.42M
NOI $324,936 @ 7.0% cap · market cap 10.00%
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
2,879
Businesses Nearby
74k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Apparel 15%
Dining 13%
Shell
Shops & Services
13,363 visits/mo
0.5 miles
BP
Shops & Services
12,413 visits/mo
0.3 miles
BP
Shops & Services
11,542 visits/mo
0.1 miles
Carhartt
Apparel
11,364 visits/mo
0.2 miles
Barnes & Noble
Shops & Services
10,023 visits/mo
0.3 miles
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Retail space in Detroit, MI
Properties on Market for Retail space in Detroit
Vacancy Rate% for Retail in Detroit, MI
Frequently Asked Questions
What type of property is this?
Retail space - Retail suites sit within a residential building, with covered garage parking included in the sale.
Where is this retail space located?
The property is located at 15 E Kirby Detroit, MI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 228 residential units in the building; Sale includes 67 covered spaces in the attached garage; On Woodward Avenue, across from the Detroit Institute of Arts
