Iconic Eastern Market Mixed-Use
For Sale
$4,200,000
2453 Russell St, Detroit, MI 48207
Two-story mixed-use property in Eastern Market with office and apartments.
Property Size21,880 SF
Lot Size0.26 Acres
Days on Market266
Property Features for 2453 Russell St
General Information
Standard status
Active
Size
21,880 SF
Lot size
0.26 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,156
Building Details
Building Size
21,880 SF
Year Built
1916
Listing Agency:
O'Connor Real Estate
(313) 963-9891
Listed By:
Sloane Walsh · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 20 at 11:38AM
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.
The two-story mixed-use property at 2453 Russell Street is an iconic building in Eastern Market, serving as a gateway to the neighborhood. The building houses Supino, Gettees, Waka by Baobab Fare, Zefs Coney Island, and Complete Image Manufacturing. The upstairs includes one office and seven apartments. Recent renovations feature new roof systems, energy-efficient windows, and HVAC, offering a modern update with historic character. This property is part of a collection of properties for sale in and around Eastern Market.
Key Highlights
- Iconic Eastern Market building with established tenants.
- Recent renovations include new roof systems, energy‑efficient windows, and HVAC.
- Mixed‑use property with both commercial and residential units.
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
$288,744
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
6.87%
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%
$5,774,880
$5.8M
Cap Rate 7%
$4,124,914
$4.1M
Cap Rate 9%
$3,208,267
$3.2M
Market Conditions
NOI Build-Up for 21,880 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
$407.0K $18.60/SF
− Vacancy
−$22.0K −$1.00/SF
EGI
$385.0K $17.60/SF
− OpEx
−$96.2K −$4.40/SF
NOI
$288.7K $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%
$5,774,880
Cap Rate 7%
$4,124,914
Cap Rate 9%
$3,208,267
Alternative Uses
Best Use
Specialty Retail
$4.12M
$3.61M – $4.81M
NOI $288,744 @ 7.0% cap · market cap 6.87%
Second Best
Retail
$3.85M
$3.37M – $4.49M
NOI $269,494 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$4.83M
$4.22M – $5.63M
NOI $337,877 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use property in Eastern Market with office and apartments.
Where is this mixed-use property located?
The property is located at 2453 Russell St Detroit, MI.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Iconic Eastern Market building with established tenants.; Recent renovations include new roof systems, energy‑efficient windows, and HVAC.; Mixed‑use property with both commercial and residential units.
