Auto Repair Property with Fenced
New
For Sale
$550,000
2930 Central St, Detroit, MI 48209
Operating automotive facility with specialized service equipment, a secured outdoor yard, and grandfathered repair and dealer licensing.
Property Size4,087 SF
Days on Market6
Property Features for 2930 Central St
General Information
Standard status
Active
Size
4,087 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Business Included
Yes
Service Bays
4
Taxes and HOA fees
Annual Taxes
$3,552
Building Details
Building Size
4,087 SF
Year Built
1954
Listing Agency:
Golden Key Realty Group LLC
(313) 565-0000
Listed By:
Sam Mahdi
(313) 565-0000
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 18 at 10:32AM
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 Golden Key Realty Group LLC
Investment Insights
Based on property information with market context.
This automotive property includes the real estate, an established auto repair business, machinery, and equipment. The facility is fitted with four newer heavy-duty hoists and a drive-on alignment machine, along with additional automotive equipment that remains in place. A fenced yard adds secured outdoor space for vehicle staging, storage, or operational use.
The property is currently grandfathered for both auto repair and dealer licensing, supporting continued automotive use and dealership operations. Built in 1954, the facility is located at 2930 Central St in Detroit, Michigan. Walk Score is 73, Bike Score is 68, and Transit Score is 41.
The property is currently grandfathered for both auto repair and dealer licensing, supporting continued automotive use and dealership operations. Built in 1954, the facility is located at 2930 Central St in Detroit, Michigan. Walk Score is 73, Bike Score is 68, and Transit Score is 41.
Key Highlights
- Four newer heavy‑duty hoists included
- Drive‑on alignment machine and additional equipment remain
- Large fenced yard for vehicle staging or outdoor storage
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
$50,339
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
9.15%
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%
$1,006,780
$1.0M
Cap Rate 7%
$719,129
$719.1K
Cap Rate 9%
$559,322
$559.3K
Market Conditions
NOI Build-Up for 4,087 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
$76.0K $18.60/SF
− Vacancy
−$4.1K −$1.00/SF
EGI
$71.9K $17.60/SF
− OpEx
−$21.6K −$5.28/SF
NOI
$50.3K $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 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%
$1,006,780
Cap Rate 7%
$719,129
Cap Rate 9%
$559,322
Alternative Uses
Best Use
Retail
$719.1K
$629.2K – $839.0K
NOI $50,339 @ 7.0% cap · market cap 9.15%
Second Best
Industrial
$284.0K
$248.5K – $331.3K
NOI $19,878 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$901.6K
$788.9K – $1.05M
NOI $63,113 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
24k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 72%
Shops & Services 28%
McDonald's
Dining
17,304 visits/mo
0.2 miles
BP
Shops & Services
3,579 visits/mo
0.3 miles
Mobil
Shops & Services
2,991 visits/mo
0.2 miles
Demographics for 48209, MI
27,096
Population
11,020
Households
2.5
Avg Household Size
30
Median Age
10%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
3,985
Density / Sq Mi
$42,152
Median Household Income
$30,091
Median Earnings
$843
Median Rent
$82,800
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Operating automotive facility with specialized service equipment, a secured outdoor yard, and grandfathered repair and dealer licensing.
Where is this auto shop located?
The property is located at 2930 Central St Detroit, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four newer heavy‑duty hoists included; Drive‑on alignment machine and additional equipment remain; Large fenced yard for vehicle staging or outdoor storage
