Renovated Office Building in
15929 W 7 Mile Rd, Detroit, MI 48235
For Sale
Contact for pricing
Turnkey 1,500 SF office in Detroit's College Park area.
Property Size1,500 SF
Price / SF$65
Days on Market761
Property Features for 15929 W 7 Mile Rd
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Year Renovated
Listing Agency:
P.A. Commercial Corporate & Investment Real Estate
Listed By:
DeVon Jackson · License MI #6501320577
(248) 568-1488
Source:
Crexi
Added: Oct 11, 2024
Changed: Oct 25
Last Checked: Nov 10 at 6:33AM
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 P.A. Commercial Corporate & Investment Real Estate
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Investment Insights
Based on property information with market context.
This 1,500 SF office building, originally constructed in 1955 and renovated in 2006, offers a turnkey solution for business owners seeking a location in the College Park area of Detroit. Zoned B4, the property features a complete buildout, including paneled walls, tile floors, four private offices, a reception area, a breakroom, and two bathrooms. The property also includes available furniture, fixtures, and equipment, along with two dedicated parking spaces.
Key Highlights
- Turnkey office space ready for immediate occupancy.
- Zoned B4, suitable for a variety of business uses.
- Includes furniture, fixtures, and equipment.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,164
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$103,280
$103.3K
Cap Rate 7%
$73,771
$73.8K
Cap Rate 9%
$57,378
$57.4K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$9.0K $6.00/SF
− Vacancy
−$2.1K −$1.41/SF
EGI
$6.9K $4.59/SF
− OpEx
−$1.7K −$1.15/SF
NOI
$5.2K $3.44/SF
Area
ZIP 48235
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$103,280
Cap Rate 7%
$73,771
Cap Rate 9%
$57,378
Alternative Uses
Best Use
Office B
$73.8K
$64.6K – $86.1K
NOI $5,164 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$212.6K
$186.1K – $248.1K
NOI $14,884 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
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Business Placement
Demographics for 48235, MI
45,188
Population
20,946
Households
2.2
Avg Household Size
39
Median Age
15%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
7,288
Density / Sq Mi
$41,011
Median Household Income
$31,545
Median Earnings
$1,151
Median Rent
$79,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Detroit, MI
Properties on Market for Office buildings in Detroit
Vacancy Rate% for Office in Detroit, MI
Frequently Asked Questions
What type of property is this?
Office building - Turnkey 1,500 SF office in Detroit's College Park area.
Where is this office building located?
The property is located at 15929 W 7 Mile Rd Detroit, MI.
What is the asking price?
The asking price for this property is $97,500.
What are key features of this property?
This property features: Turnkey office space ready for immediate occupancy.; Zoned B4, suitable for a variety of business uses.; Includes furniture, fixtures, and equipment.
