Mixed-Use
For Sale
Contact for pricing
1515 West Lafayette Boulevard, Detroit, MI 48216
Detroit asset located minutes from Downtown and the Michigan Avenue corridor.
Property Size13,000 SF
Price / SF$165.38
Days on Market109
Property Features for 1515 West Lafayette Boulevard
General Information
Standard status
Active
Size
13,000 SF
Property subtype
Industrial, Mixed Use
Building Details
Stories
2
Listing Agency:
NAI Farbman
(248) 351-4367
Listed By:
Jacob Brown · License #6501461436
Source:
Crexi
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 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 NAI Farbman
Investment Insights
Based on property information with market context.
This mixed-use property is located at 1515 West Lafayette Boulevard in Detroit, Michigan. The property information reports a size of 13,000, with no unit specified.
The asset is positioned minutes from Downtown Detroit and the Michigan Avenue corridor, providing a defined urban location for mixed-use commercial consideration.
The asset is positioned minutes from Downtown Detroit and the Michigan Avenue corridor, providing a defined urban location for mixed-use commercial consideration.
Key Highlights
- Mixed‑use property at 1515 West Lafayette Boulevard
- Reported property size of 13,000
- Minutes from Downtown Detroit
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
$154,440
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
7.18%
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%
$3,088,800
$3.1M
Cap Rate 7%
$2,206,286
$2.2M
Cap Rate 9%
$1,716,000
$1.7M
Market Conditions
NOI Build-Up for 13,000 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
$280.8K $21.60/SF
− Vacancy
−$33.7K −$2.59/SF
EGI
$247.1K $19.01/SF
− OpEx
−$92.7K −$7.13/SF
NOI
$154.4K $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 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%
$3,088,800
Cap Rate 7%
$2,206,286
Cap Rate 9%
$1,716,000
Alternative Uses
Best Use
Mixed Use
$2.21M
$1.93M – $2.57M
NOI $154,440 @ 7.0% cap · market cap 7.18%
Second Best
Industrial
$903.3K
$790.4K – $1.05M
NOI $63,228 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,750 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
Explore this area
Business Placement
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Detroit asset located minutes from Downtown and the Michigan Avenue corridor.
Where is this mixed-use property located?
The property is located at 1515 West Lafayette Boulevard Detroit, MI.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Mixed‑use property at 1515 West Lafayette Boulevard; Reported property size of 13,000; Minutes from Downtown Detroit
