Iconic Mixed-Use Building in
For Sale
$4,200,000
2453 Russell St, Detroit, MI 48207
Two-story mixed-use property in Eastern Market with recent renovations.
Property Size21,880 SF
Price / SF$191.96
Days on Market223
Property Features for 2453 Russell St
General Information
Standard status
Active
Size
21,880 SF
Building Details
Year Built
1916
Listing Agency:
O'Connor Realty Detroit, LLC
Listed By:
Vincent Mazzola · License #6501387170
(313) 704-2678
Source:
Katie-k
Added: Mar 11
Changed: Oct 5
Last Checked: Oct 7 at 3:05PM
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
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Investment Insights
Based on property information with market context.
The two-story mixed-use property at 2453 Russell Street is located in Eastern Market and houses Supino, Gettees, Waka by Baobab Fare, Zef’s Coney Island, and Complete Image Manufacturing. The building 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 and can be purchased individually or in multiples.
Key Highlights
- Iconic Eastern Market building with established retail tenants.
- Mixed‑use property featuring both retail and residential spaces (7 apartments and 1 office).
- Recent renovations include new roof systems, energy‑efficient windows, and HVAC.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$259,934
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,198,680
$5.2M
Cap Rate 7%
$3,713,343
$3.7M
Cap Rate 9%
$2,888,156
$2.9M
Market Conditions
NOI Build-Up for 21,880 SF
Gross rent
$472.6K $21.60/SF
− Vacancy
−$56.7K −$2.59/SF
EGI
$415.9K $19.01/SF
− OpEx
−$156.0K −$7.13/SF
NOI
$259.9K $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 Rate 5%
$5,198,680
Cap Rate 7%
$3,713,343
Cap Rate 9%
$2,888,156
Alternative Uses
Best Use
Mixed Use
$3.71M
$3.25M – $4.33M
NOI $259,934 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use property in Eastern Market with recent renovations.
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 retail tenants.; Mixed‑use property featuring both retail and residential spaces (7 apartments and 1 office).; Recent renovations include new roof systems, energy‑efficient windows, and HVAC.
