Eastern Market Retail Investment
For Sale
$950,000
Pending
2510 Market St, Detroit, MI 48207
Fully occupied retail building in the heart of Eastern Market.
Property Size2,146 SF
Lot Size0.06 Acres
Days on Market266
Property Features for 2510 Market St
General Information
Standard status
Pending
Size
2,146 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,636
Building Details
Building Size
2,146 SF
Year Built
1962
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed By:
Sloane Walsh · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 9
Last Checked: Aug 21 at 7:56AM
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
Investment Insights
Based on property information with market context.
This single-story, 2,416-square-foot building is located in the heart of Eastern Market. The property is fully occupied and anchored by Joses Tacos (1,213 SF) and Viva La Vida Imports (821 SF), with an additional 382 SF common area. The building's MEP systems and facade have been upgraded. 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
- Prime location in the heart of Eastern Market.
- Fully occupied, cash‑flowing asset with reliable tenants.
- Anchored by established Detroit staple Joses Tacos.
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
$28,320
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
2.98%
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%
$566,400
$566.4K
Cap Rate 7%
$404,571
$404.6K
Cap Rate 9%
$314,667
$314.7K
Market Conditions
NOI Build-Up for 2,146 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
$39.9K $18.60/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$37.8K $17.60/SF
− OpEx
−$9.4K −$4.40/SF
NOI
$28.3K $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%
$566,400
Cap Rate 7%
$404,571
Cap Rate 9%
$314,667
Alternative Uses
Best Use
Specialty Retail
$404.6K
$354.0K – $472.0K
NOI $28,320 @ 7.0% cap · market cap 2.98%
Second Best
Retail
$377.6K
$330.4K – $440.5K
NOI $26,432 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$473.4K
$414.2K – $552.3K
NOI $33,139 @ 7.0% cap · market cap 3.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
12k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 26%
Chase Bank
Shops & Services
3,760 visits/mo
0.3 miles
BP
Shops & Services
3,606 visits/mo
0.4 miles
Sala Thai
Dining
3,150 visits/mo
0.4 miles
Comerica Bank
Shops & Services
1,757 visits/mo
0.5 miles
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 Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- DETROIT MINI DONUT — 214 E Grand River Ave, Detroit, MI 48226
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- Sunday's Best - The Brunch Spot — 1520 Adelaide St, Detroit, MI 48207
Frequently Asked Questions
What type of property is this?
Restaurant - Fully occupied retail building in the heart of Eastern Market.
Where is this restaurant located?
The property is located at 2510 Market St Detroit, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime location in the heart of Eastern Market.; Fully occupied, cash‑flowing asset with reliable tenants.; Anchored by established Detroit staple Joses Tacos.
