Seven-Lot Planned Development
2500 Alter Road Detroit, MI 48215
2500 Alter Road, Detroit, MI, 48215
$350,000
For Sale
$350,000
COMMERCIAL - Detroit, MI
Property Size1,420 SF
Lot Size0.83 Acres
Price / SF$246.48
Days on Market341
Property Features for 2500 Alter Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 21062762.
- Size
- 1,420 SF
- Lot size
- 0.83 Acres
Utilities
- Water source
- Public
Building Details
- Year built
- 1924
Listing agency
Sine & Monaghan LLC
(313) 884-7000
Listed by
Michael DeFauw · License #6501387091
(313) 820-5428
Added: Aug 15, 2025 Updated: Jun 3 at 5:40PM Checked: Jul 21 at 9:06AM
MLS# 50185410
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale development parcel consists of seven vacant lots, including six contiguous parcels that create a substantial unified footprint. An additional lot provides separate optionality for different layouts. One of the lots features a large brick structure with plumbing and electrical utilities already in place, offering an existing improvement that may support a variety of redevelopment concepts.
The property borders Grosse Pointe Park, placing it near the park’s surrounding amenities and convenient access to the area. The site is located at 2500 Alter Road in Detroit, within Wayne County. Zoning is PD (Planned Development), and utilities are described as available to support development planning across the full assemblage.
The configuration is well-suited for buyers and developers looking for flexibility in how they stage a project on a mostly contiguous block while retaining the ability to allocate the separate lot for additional uses. The presence of a brick structure with plumbing and electrical can be a practical consideration for operators evaluating different end-product options within the PD framework.
The property borders Grosse Pointe Park, placing it near the park’s surrounding amenities and convenient access to the area. The site is located at 2500 Alter Road in Detroit, within Wayne County. Zoning is PD (Planned Development), and utilities are described as available to support development planning across the full assemblage.
The configuration is well-suited for buyers and developers looking for flexibility in how they stage a project on a mostly contiguous block while retaining the ability to allocate the separate lot for additional uses. The presence of a brick structure with plumbing and electrical can be a practical consideration for operators evaluating different end-product options within the PD framework.
Key Highlights
- Large development property with seven vacant lots bordering Grosse Pointe Park
- Six contiguous parcels plus one additional lot for flexible development layouts and site planning
- Large brick structure on one lot with plumbing and electrical utilities
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.4k | $18.60 |
| − Vacancy | −$1.4k | −$1.00 |
| EGI | $25.0k | $17.60 |
| − OpEx | −$7.5k | −$5.28 |
| NOI | $17.5k | $12.32 |
1,420 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$249.9K
$218.6K – $291.5K
NOI $17,490 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$313.3K
$274.1K – $365.5K
NOI $21,928 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - A seven-lot development site with six contiguous parcels and utilities, including a brick structure with plumbing and electrical.
Where is this commercial land located?
The property is located at 2500 Alter Road Detroit, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Large development property with seven vacant lots bordering Grosse Pointe Park; Six contiguous parcels plus one additional lot for flexible development layouts and site planning; Large brick structure on one lot with plumbing and electrical utilities
