Building Details

Building Size 1,104 SF

Year Built 1932

Listed By: Faith Ogiemwonyi Show Phone

Source: Elliman

Added: Oct 7 Last Checked: Oct 7 at 2:18PM

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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 Faith Ogiemwonyi

Investment Insights

Based on property information with market context.

This Detroit automotive shop includes a newly installed vehicle hoist, an electrical system updated in 2024, a furnace, and a fence. Part of the roof has also been replaced. The building dates to 1932.

The property is located at 16104 Schoolcraft St in Detroit. Its physical improvements support automotive service uses such as tire repair and vehicle detailing.

Key Highlights

• New hoist installed in 2025
• Electrical system updated in 2024
• Partial roof replacement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,758

Cap Rate

6.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$195,160 $195.2K

Cap Rate 7%

$139,400 $139.4K

Cap Rate 9%

$108,422 $108.4K

Market Conditions

NOI Build-Up for 1,104 SF

Gross rent

$15.2K $13.80/SF

− Vacancy

−$1.3K −$1.17/SF

EGI

$13.9K $12.63/SF

− OpEx

−$4.2K −$3.79/SF

NOI

$9.8K $8.84/SF

Area

ZIP 48227

Vacancy

8.50%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$195,160

Cap Rate 7%

$139,400

Cap Rate 9%

$108,422

Alternative Uses

Best Use

Retail

$139.4K

$122.0K – $162.6K (±1% cap)

NOI $9,758 @ 7.0% cap · market cap 6.14%

Second Best

Industrial

$76.7K

$67.1K – $89.5K (±1% cap)

NOI $5,370 @ 7.0% cap · market cap 3.38%

Theoretical Best

Multifamily LT 5

$179.6K

$157.2K – $209.6K (±1% cap)

NOI $12,573 @ 7.0% cap · market cap 7.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Dental Office HVAC Service Skin Care Clinic Gym & Fitness Center Electrical 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

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

527

Businesses Nearby

17k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 95% Electronics 5%

BP Shops & Services

7,584 visits/mo 0.4 miles

Sunoco Shops & Services

6,252 visits/mo 0.4 miles

K&I Services Inc Shops & Services

2,037 visits/mo 0.5 miles

Metro by T-Mobile Electronics

770 visits/mo 0.5 miles

Demographics for 48227, MI

40,266

Population

19,933

Households

2

Avg Household Size

36

Median Age

12%

College-Educated

83%

High-School Grad

7.5 sq mi

ZIP Area

5,369

Density / Sq Mi

$36,221

Median Household Income

$31,797

Median Earnings

$1,034

Median Rent

$70,900

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Auto shop - Recent electrical, heating, roof, and fencing work supports a range of automotive services.

Where is this auto shop located?

The property is located at 16104 Schoolcraft St Detroit, MI.

What is the asking price?

The asking price for this property is $159,000.

What are key features of this property?

This property features: New hoist installed in 2025; Electrical system updated in 2024; Partial roof replacement