15621 W Warren Ave, Detroit, MI 48228

Building Details

Building Size 2,000 SF More

Year Built 1990 More

Listed By: Hussein Hamzah Show Phone

Source: Elliman

Added: Sep 15 Changed: Nov 2 Last Checked: Nov 6 at 10:44AM

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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 Hussein Hamzah

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Investment Insights

Based on property information with market context.

This tenant-occupied restaurant property was built in 1990 and has received extensive recent improvements. Upgrades include a new roof, HVAC system, electrical work, flooring, lighting, interior paint, and an updated bathroom. The building also contains a new commercial kitchen, supporting continued restaurant use.

Located at 15621 W Warren Ave in Detroit, the property has a walk score of 82, a bike score of 50, and a transit score of 47. The surrounding area is rated Very Walkable and Bikeable, with Some Transit access.

Key Highlights

• Tenant‑occupied restaurant property at 15621 W Warren Ave, Detroit, MI 48228
• New commercial kitchen installed
• Recent roof, HVAC, electrical, flooring, lighting, paint, and bathroom improvements

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,360

Cap Rate

6.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$547,200 $547.2K

Cap Rate 7%

$390,857 $390.9K

Cap Rate 9%

$304,000 $304.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,000 SF

Gross rent

$38.4K $19.20/SF

− Vacancy

−$1.9K −$0.96/SF

EGI

$36.5K $18.24/SF

− OpEx

−$9.1K −$4.56/SF

NOI

$27.4K $13.68/SF

Area

ZIP 48228

Vacancy

5.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$547,200

Cap Rate 7%

$390,857

Cap Rate 9%

$304,000

Alternative Uses

Best Use

Specialty Retail

$390.9K

$342.0K – $456.0K (±1% cap)

NOI $27,360 @ 7.0% cap · market cap 6.08%

Second Best

Retail

$351.9K

$307.9K – $410.6K (±1% cap)

NOI $24,634 @ 7.0% cap · market cap 5.47%

Theoretical Best

Office A

$410.8K

$359.4K – $479.3K (±1% cap)

NOI $28,755 @ 7.0% cap · market cap 6.39%

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

Chef Malek Restaurant Palm Grill Restaurant

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Dental Office Parking Lot & Garage HVAC 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.

Location Intelligence

Trade Area within ½ mile

300

Businesses Nearby

16k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 95% Electronics 5%

Citgo Shops & Services

7,640 visits/mo 0.5 miles

Family Dollar Shops & Services

7,485 visits/mo 0.2 miles

Metro by T-Mobile Electronics

860 visits/mo 0.5 miles

Demographics for 48228, MI

53,893

Population

22,620

Households

2.4

Avg Household Size

31

Median Age

11%

College-Educated

78%

High-School Grad

8.9 sq mi

ZIP Area

6,055

Density / Sq Mi

$31,485

Median Household Income

$27,533

Median Earnings

$1,086

Median Rent

$55,100

Median Home Value

Market

Average Price Trend$/SF for Conventional restaurants in Detroit, MI

$148 Jul

$178 Aug

$185 Sep

$197 Oct

Properties on Market for Conventional restaurants in Detroit

Jul

Aug

Sep

Oct

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?

Conventional restaurant - Tenant-occupied restaurant property with a new commercial kitchen and extensive building upgrades.

Where is this conventional restaurant located?

The property is located at 15621 W Warren Ave Detroit, MI.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Tenant‑occupied restaurant property at 15621 W Warren Ave, Detroit, MI 48228; New commercial kitchen installed; Recent roof, HVAC, electrical, flooring, lighting, paint, and bathroom improvements