Mixed-Use Building with Medical
New
For Sale
$1,300,000
Pending
2460 N Florian St SW, Hamtramck, MI 48212
Includes an active dental operation, two apartments, and an additional lot for added flexibility.
Property Size4,070 SF
Days on Market3
Property Features for 2460 N Florian St SW
General Information
Standard status
Pending
Size
4,070 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,611
Building Details
Building Size
4,070 SF
Year Built
1942
Buildings
1
Units
3
Listing Agency:
Real Estate One-Troy
(248) 813-4900
Listed By:
Jack Butris · License #MI 6501294875
(248) 813-4900
Source:
Elliman
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 11:49PM
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 Real Estate One-Troy
Investment Insights
Based on property information with market context.
Built in 1942, this 4,070 SF mixed-use property combines office and medical space with residential accommodations. An active dentist operation occupies the building, while one apartment offers 3 bedrooms, 2 baths, and a finished basement. A second apartment is leased, creating an additional residential component within the property.
The property is located at 2460 N Florian St SW in Hamtramck, Michigan. An extra lot accompanies the building and may support future use, subject to applicable approvals. Walk Score is 80, Bike Score is 52, and Transit Score is 36.
The property is located at 2460 N Florian St SW in Hamtramck, Michigan. An extra lot accompanies the building and may support future use, subject to applicable approvals. Walk Score is 80, Bike Score is 52, and Transit Score is 36.
Key Highlights
- 4,070 SF mixed‑use building constructed in 1942
- Active dentist operation serving as the medical‑use component
- Apartment with 3 bedrooms, 2 baths, and a finished basement
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
$48,352
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
3.72%
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%
$967,040
$967.0K
Cap Rate 7%
$690,743
$690.7K
Cap Rate 9%
$537,244
$537.2K
Market Conditions
NOI Build-Up for 4,070 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
$87.9K $21.60/SF
− Vacancy
−$10.5K −$2.59/SF
EGI
$77.4K $19.01/SF
− OpEx
−$29.0K −$7.13/SF
NOI
$48.4K $11.88/SF
Area
Wayne County, 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%
$967,040
Cap Rate 7%
$690,743
Cap Rate 9%
$537,244
Alternative Uses
Best Use
Mixed Use
$690.7K
$604.4K – $805.9K
NOI $48,352 @ 7.0% cap · market cap 3.72%
Second Best
Healthcare Medical
$612.3K
$535.8K – $714.3K
NOI $42,860 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$753.5K
$659.3K – $879.1K
NOI $52,747 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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 - Includes an active dental operation, two apartments, and an additional lot for added flexibility.
Where is this mixed-use property located?
The property is located at 2460 N Florian St SW Hamtramck, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 4,070 SF mixed‑use building constructed in 1942; Active dentist operation serving as the medical‑use component; Apartment with 3 bedrooms, 2 baths, and a finished basement
