Corktown Retail Opportunity For
For Sale
$450,000
Pending
2200 Vermont St, Detroit, MI 48216
Retail property in Detroit's Corktown neighborhood, near Michigan Avenue.
Property Size1,500 SF
Lot Size0.28 Acres
Days on Market266
Property Features for 2200 Vermont St
General Information
Standard status
Pending
Size
1,500 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$411
Building Details
Building Size
1,500 SF
Year Built
1953
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed By:
Ryan P Cooley · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 21 at 1:02PM
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 Realty Detroit, LLC
Investment Insights
Based on property information with market context.
This property offers a combined 0.28 acres, equivalent to 12,023 square feet of land. It includes an existing 1,500-square-foot, one-story building constructed of painted brick. Situated at the corner of Vermont and Dalzelle Streets, the location is one block from Michigan Avenue, placing it in the Corktown neighborhood of Detroit.
Key Highlights
- Prime Corktown location, just one block from Michigan Avenue.
- Combined 0.28 acres (12,023 square feet) of land.
- Existing 1,500‑square‑foot one‑story building.
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
$18,475
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
4.11%
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%
$369,500
$369.5K
Cap Rate 7%
$263,929
$263.9K
Cap Rate 9%
$205,278
$205.3K
Market Conditions
NOI Build-Up for 1,500 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
$27.9K $18.60/SF
− Vacancy
−$1.5K −$1.00/SF
EGI
$26.4K $17.60/SF
− OpEx
−$7.9K −$5.28/SF
NOI
$18.5K $12.32/SF
Area
Detroit, MI
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 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%
$369,500
Cap Rate 7%
$263,929
Cap Rate 9%
$205,278
Alternative Uses
Best Use
Retail
$263.9K
$230.9K – $307.9K
NOI $18,475 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$330.9K
$289.5K – $386.1K
NOI $23,163 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 39%
Home Improvements & Furnishings 9%
Mobil
Shops & Services
9,396 visits/mo
0.2 miles
White Castle
Dining
8,727 visits/mo
0.0 miles
Marathon
Shops & Services
7,847 visits/mo
0.2 miles
SUBWAY
Dining
5,168 visits/mo
0.2 miles
Brooks Lumber
Home Improvements & Furnishings
3,030 visits/mo
0.3 miles
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail property in Detroit's Corktown neighborhood, near Michigan Avenue.
Where is this storefront property located?
The property is located at 2200 Vermont St 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: Prime Corktown location, just one block from Michigan Avenue.; Combined 0.28 acres (12,023 square feet) of land.; Existing 1,500‑square‑foot one‑story building.
