Flex Space with Gated
2987 Franklin Street 2 Detroit, MI 48207
Versatile flex space suitable for office, retail, creative, or light industrial use, with gated parking included.
Type:Office
Property size:
5,605 SFPrice / SF:
$169.49/SF- Added:
- Oct 30, 2025
- Days on Market:
- 258
- Last Refresh:
- Jun 20 at 9:22 am
Property Features for 2987 Franklin Street 2
General Information
- Standard status
- Active
- Size
- 5,605 SF
- Property subtype
- Office
Building Details
- Year Built
- 1943
Listing office Jay Taylor & Associates
Listing date Oct 30, 2025
Source Crexi
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 Jay Taylor & Associates
Investment Insights
Based on property information with market context.
This flex-style commercial space is set up for flexible occupancy, supporting a range of uses including office, retail, creative, or light industrial. The property is offered for sale as a standalone unit, with the option to combine with adjacent spaces. It currently has a month-to-month lease in place, and the purchase includes two parking spaces in the attached gated parking lot.
The location is in Rivertown, right next to the Detroit Riverwalk and within minutes of downtown Detroit and the Eastern Market. The surrounding area offers an established mix of commercial and retail activity, while the proximity to the Riverwalk supports a pedestrian-friendly setting.
For tenants and buyers seeking adaptability, this space can fit operations that need a commercial base with the ability to support different formats over time. The month-to-month tenancy can also be useful for an owner or operator looking for flexibility around timing and occupancy. For those needing additional room, the property can be purchased in combination with adjacent units identified as Sections 1, 2, and 4, which may be purchased solo or together with this unit. In combination, the offering is described as totaling 12,000 square feet.
The location is in Rivertown, right next to the Detroit Riverwalk and within minutes of downtown Detroit and the Eastern Market. The surrounding area offers an established mix of commercial and retail activity, while the proximity to the Riverwalk supports a pedestrian-friendly setting.
For tenants and buyers seeking adaptability, this space can fit operations that need a commercial base with the ability to support different formats over time. The month-to-month tenancy can also be useful for an owner or operator looking for flexibility around timing and occupancy. For those needing additional room, the property can be purchased in combination with adjacent units identified as Sections 1, 2, and 4, which may be purchased solo or together with this unit. In combination, the offering is described as totaling 12,000 square feet.
Key Highlights
- Commercial flex space built in 1943 with versatility for office, retail, creative, or light industrial use
- Location in Rivertown next to the Detroit Riverwalk and minutes from downtown Detroit and Eastern Market
- Open to multiple uses and can be combined with adjacent spaces for a larger total offering
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 | $104.3k | $18.60 |
| − Vacancy | −$5.6k | −$1.00 |
| EGI | $98.6k | $17.60 |
| − OpEx | −$29.6k | −$5.28 |
| NOI | $69.0k | $12.32 |
5,605 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$986.2K
$863.0K – $1.15M
NOI $69,036 @ 7.0% cap · market cap 7.27%
Second Best
Office B
$811.2K
$709.8K – $946.4K
NOI $56,784 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,554 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
CAM
Advertising Agency
Yogini Taveras LLC
Gym & Fitness Center
CODE313, Inc.
Charitable Organization
Franklin Lofts
Condominium Complex
CODE313
Charitable Organization
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FAQs
What type of property is this?
Office units - Versatile flex space suitable for office, retail, creative, or light industrial use, with gated parking included.
Where is this office units located?
The property is located at 2987 Franklin Street 2 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: Commercial flex space built in 1943 with versatility for office, retail, creative, or light industrial use; Location in Rivertown next to the Detroit Riverwalk and minutes from downtown Detroit and Eastern Market; Open to multiple uses and can be combined with adjacent spaces for a larger total offering
