Corktown Retail Building Near
For Sale
$725,000
2647 Michigan Ave, Detroit, MI 48216
4,000 SF retail building near Michigan Central Station.
Property Size4,035 SF
Price / SF$179.68
Days on Market313
Property Features for 2647 Michigan Ave
General Information
Standard status
Active
Size
4,035 SF
Building Details
Year Built
1927
Listing Agency:
O'Connor Realty Detroit, LLC
Listed By:
Vincent Mazzola · License #6501387170
(313) 704-2678
Source:
Katie-k
Added: Nov 27, 2025
Changed: Sep 13
Last Checked: Oct 5 at 9:25PM
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 4,000-square-foot retail building is located in the heart of Corktown, steps from Fords Michigan Central Station. The property offers the potential to be reconfigured into up to three distinct retail spaces, suitable for a variety of uses. Architectural elements include original hardwood floors and exposed brick walls. Recent upgrades include improvements to the HVAC and electrical systems.
Key Highlights
- Prime location in the heart of Corktown, steps from Fords Michigan Central Station.
- 4,000‑square‑foot retail building** with potential for reconfiguration into up to three separate spaces.
- Characterful architectural elements including original hardwood floors and exposed brick walls.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,699
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$993,980
$994.0K
Cap Rate 7%
$709,986
$710.0K
Cap Rate 9%
$552,211
$552.2K
Market Conditions
NOI Build-Up for 4,035 SF
Gross rent
$75.1K $18.60/SF
− Vacancy
−$4.1K −$1.00/SF
EGI
$71.0K $17.60/SF
− OpEx
−$21.3K −$5.28/SF
NOI
$49.7K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$993,980
Cap Rate 7%
$709,986
Cap Rate 9%
$552,211
Alternative Uses
Best Use
Retail
$710.0K
$621.2K – $828.3K
NOI $49,699 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$890.1K
$778.9K – $1.04M
NOI $62,310 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
9,396 visits/mo
0.5 miles
Marathon Petroleum
Shops & Services
6,050 visits/mo
0.3 miles
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Retail space - 4,000 SF retail building near Michigan Central Station.
Where is this retail space located?
The property is located at 2647 Michigan Ave Detroit, MI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Prime location in the heart of Corktown, steps from Fords Michigan Central Station.; 4,000‑square‑foot retail building** with potential for reconfiguration into up to three separate spaces.; Characterful architectural elements including original hardwood floors and exposed brick walls.
