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
Lot Size0.26 Acres
Days on Market177
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
Listed By:
Vincent Mazzola · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Mar 11
Changed: Sep 3
Last Checked: Sep 1 at 9:28PM
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 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 = 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
$259,934
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
6.19%
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%
$5,198,680
$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
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
$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 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%
$5,198,680
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.
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
Questions? Ask Rey
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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.
