Building Details

Year Built 1952

Tenancy Multi

Listing Agency: Woodgate Realty

Listed By: Nahar Ali · License #6501378109 Show Phone

Source: Metrodetroithomeguide

Added: Oct 23 Changed: Oct 25 Last Checked: Oct 28 at 8:53AM

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Investment Insights

Based on property information with market context.

The property comprises three parcels with two retail storefronts and two residential apartments. Together, the buildings contain 3,316 square feet on a 6,534-square-foot land area, with a combined footprint measuring 60 by 100 feet. The mix of commercial and residential space places both uses within one property package.

Located at 16205–16213 W Warren Avenue in Detroit, the property fronts W Warren Avenue and is minutes from the Dearborn border. The surrounding area is described as a dense neighborhood, and the corridor carries steady traffic.

The third parcel is part of the offering alongside the storefronts and apartments.

Key Highlights

• Three‑parcel package with two retail storefronts and two residential apartments
• 3,316 square feet of total building area
• 6,534 square feet of land across a 60' × 100' combined footprint

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,843

Cap Rate

9.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$816,860 $816.9K

Cap Rate 7%

$583,471 $583.5K

Cap Rate 9%

$453,811 $453.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,316 SF

Gross rent

$61.7K $18.60/SF

− Vacancy

−$3.3K −$1.00/SF

EGI

$58.3K $17.60/SF

− OpEx

−$17.5K −$5.28/SF

NOI

$40.8K $12.32/SF

Area

ZIP 48228

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%

$816,860

Cap Rate 7%

$583,471

Cap Rate 9%

$453,811

Alternative Uses

Best Use

Retail

$583.5K

$510.5K – $680.7K (±1% cap)

NOI $40,843 @ 7.0% cap · market cap 9.08%

Second Best

Apartment 5plus

$570.2K

$498.9K – $665.2K (±1% cap)

NOI $39,911 @ 7.0% cap · market cap 8.87%

Theoretical Best

Office A

$681.1K

$596.0K – $794.6K (±1% cap)

NOI $47,677 @ 7.0% cap · market cap 10.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Kitchen & Bath Showroom Parking Lot & Garage Skin Care Clinic

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

2

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

352

Businesses Nearby

Explore this area Business Placement

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

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three parcels combine commercial frontage with residential units along a neighborhood business corridor.

Where is this mixed-use property located?

The property is located at 16205-16213 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: Three‑parcel package with two retail storefronts and two residential apartments; 3,316 square feet of total building area; 6,534 square feet of land across a 60' × 100' combined footprint