Former Bar with Michigan Avenue
For Sale
$562,500
2334 Michigan Avenue, Detroit, MI 48216
Former 2,700-square-foot bar on a 9,017-square-foot site with prominent Michigan Avenue frontage in Corktown.
Property Size2,700 SF
Lot Size0.21 Acres
Price / SF$208.33
Days on Market35
Property Features for 2334 Michigan Avenue
General Information
Standard status
Active
Size
2,700 SF
Lot size
0.21 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$17,007
Building Details
Building Size
2,700 SF
Year Built
1905
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 704-2678
Listed By:
Vincent Mazzola · License #6501387170
Source:
Buyatthelake
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 22 at 12:01PM
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.
A former 2,700-square-foot bar is offered on a 9,017-square-foot site (0.207 acres). The building includes a flexible layout that can support a range of commercial, hospitality, retail, or adaptive reuse applications. The offering includes 2330 and 2334 Michigan Avenue.
Located in the heart of Corktown, the property benefits from prominent Michigan Avenue frontage. The surrounding area includes established businesses and redevelopment activity, with nearby neighbors such as Michigan Central Station, Ford Motor Company, Level 3 Communications, Southwest Greenway, Honeybee Market, Airspace Link, and other Corktown operators and facilities listed in the remarks.
For an owner-user, investor, or developer, this property combines a compact operating footprint with frontage on a major corridor and a layout suited to multiple potential uses.
Located in the heart of Corktown, the property benefits from prominent Michigan Avenue frontage. The surrounding area includes established businesses and redevelopment activity, with nearby neighbors such as Michigan Central Station, Ford Motor Company, Level 3 Communications, Southwest Greenway, Honeybee Market, Airspace Link, and other Corktown operators and facilities listed in the remarks.
For an owner-user, investor, or developer, this property combines a compact operating footprint with frontage on a major corridor and a layout suited to multiple potential uses.
Key Highlights
- Former 2,700‑square‑foot bar on a 9,017‑square‑foot (0.207‑acre) site in Corktown
- Prominent Michigan Avenue frontage with address 2330 and 2334 Michigan Avenue included
- Flexible building layout suited to commercial, hospitality, retail, or adaptive reuse applications
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
$35,631
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
6.33%
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%
$712,620
$712.6K
Cap Rate 7%
$509,014
$509.0K
Cap Rate 9%
$395,900
$395.9K
Market Conditions
NOI Build-Up for 2,700 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
$50.2K $18.60/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$47.5K $17.60/SF
− OpEx
−$11.9K −$4.40/SF
NOI
$35.6K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$712,620
Cap Rate 7%
$509,014
Cap Rate 9%
$395,900
Alternative Uses
Best Use
Specialty Retail
$509.0K
$445.4K – $593.9K
NOI $35,631 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$595.6K
$521.2K – $694.9K
NOI $41,694 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
26k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 34%
Mobil
Shops & Services
9,396 visits/mo
0.3 miles
White Castle
Dining
8,727 visits/mo
0.4 miles
Marathon Petroleum
Shops & Services
6,050 visits/mo
0.4 miles
Firestone Complete Auto Care
Shops & Services
1,470 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cork & Gabel — 2415 Michigan Ave, Detroit, MI 48216
- Restaurante — 3955 Vernor Hwy, Detroit, MI 48216
- Vixen’s on Bagley — 2545 Bagley St, Detroit, MI 48216
- Giovanna's Lounge — 3537 W, 3537 Vernor Hwy, Detroit, MI 48216
- Donovan's Pub — 3003 Vernor Hwy, Detroit, MI 48216
Frequently Asked Questions
What type of property is this?
Bar & Pub - Former 2,700-square-foot bar on a 9,017-square-foot site with prominent Michigan Avenue frontage in Corktown.
Where is this bar & pub located?
The property is located at 2334 Michigan Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $562,500.
What are key features of this property?
This property features: Former 2,700‑square‑foot bar on a 9,017‑square‑foot (0.207‑acre) site in Corktown; Prominent Michigan Avenue frontage with address 2330 and 2334 Michigan Avenue included; Flexible building layout suited to commercial, hospitality, retail, or adaptive reuse applications
