1798 WABASH ST, Detroit, MI 48216
Four-unit retail building with 220-volt electricity, currently non-conforming, and zoned R2 for potential single-family or condo development.
- Added:
- Jun 16, 2024
- Days on Market:
- 735
- Last Refresh:
- Jun 20 at 5:19 am
Property Features for 1798 WABASH ST
General Information
- Standard status
- Active
- Size
- 6,173 SF
- Property subtype
- Retail, Industrial, Land
Building Details
- Year Built
- 1948
Listing agent Lawrence Else License #6502386964
Listing office Realtyflo Inc (313) 466-7253
Listing date Jun 16, 2024
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of Realtyflo Inc
HighLights
- Built in 1948, the property is currently a non‑conforming commercial use.
- Zoned R2 under Detroit’s Master Plan, allowing for single‑family or condo development.
- Over 6,000 SF currently divided into 4 units, with 220‑volt electricity.
- Potential to expand to 6 units and add a second floor (per provided description).
- Located in Detroit’s Corktown, steps from Michigan Central Station.
Overview
Located in Detroit’s Corktown district, the building is described as steps away and adjacent to the newly revitalized Michigan Central Station. The area is also described as being surrounded by local amenities, including cafes, boutique shops, and upscale dining.
For buyers and developers, the site offers a practical combination of an operating multi-unit configuration and redevelopment upside based on the stated R2 zoning. The current layout could be expanded to six units, and the remarks also note an option to add a second floor, providing additional flexibility for how the property may be reconfigured. Whether you’re looking to pursue the existing setup or evaluate a residential conversion consistent with the stated zoning allowances, this building presents a straightforward redevelopment canvas in Corktown.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.8k | $18.60 |
| − Vacancy | −$6.2k | −$1.00 |
| EGI | $108.6k | $17.60 |
| − OpEx | −$32.6k | −$5.28 |
| NOI | $76.0k | $12.32 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.0729688
- Latitude
- 42.3284901
