Mixed-Use Property with
New
For Sale
$225,000
18750 Woodward Ave, Detroit, MI 48203
Office and residential areas have separate entrances, with the apartment occupying the second level.
Property Size3,440 SF
Price / SF$140.63
Days on Market2
Property Features for 18750 Woodward Ave
General Information
Standard status
Active
Size
3,440 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,629
Building Details
Building Size
3,440 SF
Year Built
1941
Buildings
1
Listing Agency:
Oak and Stone Real Estate
Listed By:
Christian Brown
(248) 980-7952
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 3:03PM
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 Oak and Stone Real Estate
Investment Insights
Based on property information with market context.
This Woodward Avenue mixed-use property combines approximately 1,600 square feet of office space with a two-bedroom apartment upstairs. The office has two separate entrances, while the apartment has its own address and two balconies. Public records list 1,482 square feet of living space, separate from the office area. The building dates to 1941.
The property is on Woodward Avenue in Detroit. Its walk score is 50, bike score is 56, and transit score is 52.
The property is on Woodward Avenue in Detroit. Its walk score is 50, bike score is 56, and transit score is 52.
Key Highlights
- Approximately 1,600 square feet of office space
- Second‑level apartment with two bedrooms, a separate address, and two balconies
- Office area has two separate entrances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,008
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$380,160
$380.2K
Cap Rate 7%
$271,543
$271.5K
Cap Rate 9%
$211,200
$211.2K
Market Conditions
NOI Build-Up for 1,600 SF
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.
Gross rent
$34.6K $21.60/SF
− Vacancy
−$4.1K −$2.59/SF
EGI
$30.4K $19.01/SF
− OpEx
−$11.4K −$7.13/SF
NOI
$19.0K $11.88/SF
Area
Detroit, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$380,160
Cap Rate 7%
$271,543
Cap Rate 9%
$211,200
Alternative Uses
Best Use
Mixed Use
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 8.45%
Second Best
Office B
$231.6K
$202.6K – $270.2K
NOI $16,210 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$353.0K
$308.9K – $411.8K
NOI $24,708 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and residential areas have separate entrances, with the apartment occupying the second level.
Where is this mixed-use property located?
The property is located at 18750 Woodward Ave Detroit, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Approximately 1,600 square feet of office space; Second‑level apartment with two bedrooms, a separate address, and two balconies; Office area has two separate entrances
