Eastern Market Warehouse for
For Sale
$2,800,000
Pending
2000 Division St, Detroit, MI 48207
32,000 SF warehouse suitable for creative office or flex space.
Property Size32,000 SF
Lot Size0.47 Acres
Days on Market261
Property Features for 2000 Division St
General Information
Standard status
Pending
Size
32,000 SF
Lot size
0.47 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$41,975
Building Details
Building Size
32,000 SF
Year Built
1969
Listing Agency:
O'Connor Real Estate
(313) 963-9891
Listed By:
Sloane Walsh · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Dec 3, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:38AM
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 O'Connor Real Estate
Investment Insights
Based on property information with market context.
This 32,000-square-foot warehouse is located in Eastern Market. It is suitable for an adaptive reuse conversion for creative office space or industrial/flex space. The current owner has completed an extensive renovation of the building, investing in facade repairs, new windows, a new roof, elevators, and MEP systems. The open floor plan provides possibilities for developers or users looking to be within walking distance of Eastern Market and Downtown Detroit. This property is part of a collection of properties for sale in and around Eastern Market.
Key Highlights
- 32,000 sq ft warehouse ideal for adaptive reuse as creative office or industrial/flex space.
- Extensive recent renovation including facade repairs, new windows, roof, elevators, and MEP systems.
- Open floor plan offering limitless design possibilities.
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
$229,632
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
8.20%
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%
$4,592,640
$4.6M
Cap Rate 7%
$3,280,457
$3.3M
Cap Rate 9%
$2,551,467
$2.6M
Market Conditions
NOI Build-Up for 32,000 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
$384.0K $12.00/SF
− Vacancy
−$30.7K −$0.96/SF
EGI
$353.3K $11.04/SF
− OpEx
−$123.6K −$3.86/SF
NOI
$229.6K $7.18/SF
Area
Detroit, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$4,592,640
Cap Rate 7%
$3,280,457
Cap Rate 9%
$2,551,467
Alternative Uses
Best Use
Office B
$4.63M
$4.05M – $5.40M
NOI $324,190 @ 7.0% cap · market cap 11.58%
Second Best
Flex RnD
$3.28M
$2.87M – $3.83M
NOI $229,632 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$7.06M
$6.18M – $8.24M
NOI $494,153 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Eastern Market Cold Storage Co — 2531 Riopelle St, Detroit, MI 48207
- Egro-Stroh — 1000 Maple St, Detroit, MI 48207
- MI Frozen Food, LLC — 1820 Mack Ave, Detroit, MI 48207
- Hired Muscle Logistics, Labor and Moving — 2200 Hunt St Suite 478, Detroit, MI 48207
Frequently Asked Questions
What type of property is this?
Warehouse - 32,000 SF warehouse suitable for creative office or flex space.
Where is this warehouse located?
The property is located at 2000 Division St Detroit, MI.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 32,000 sq ft warehouse ideal for adaptive reuse as creative office or industrial/flex space.; Extensive recent renovation including facade repairs, new windows, roof, elevators, and MEP systems.; Open floor plan offering limitless design possibilities.
