Mixed-Use Building with
3317-3323 Gratiot Ave Detroit, MI 48207
For Sale
$800,000
Corner mixed-use building features fully occupied apartments above and a 1st-floor retail/office space available for lease.
Property Size6,875 SF
Price / SF$116.36
Days on Market365
Property Features for 3317-3323 Gratiot Ave
General Information
- Standard status
- Active
- Size
- 6,875 SF
- Property subtype
- Other
Building Details
- Year Built
- 1911
Listing Agency:
Insite Commercial
(248) 359-9000
Listed By:
Zak Shepler · License #6501407469
(248) 359-9000
Source:
Cpix.resimplifi
Added: Jul 24, 2025
Changed: Jul 23
Last Checked: Jul 23 at 8:28AM
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 Insite Commercial
Investment Insights
Based on property information with market context.
This mixed-use, income-producing property includes 1st floor retail/office space and four apartment units on the 2nd floor. The residential component is fully occupied, with two two-bedroom units and two studio units. The 1st floor retail/office space is available for lease.
The building is located on the corner of Gratiot Avenue and Mack Avenue, immediately north of Downtown Detroit.
Recent building improvements include new plumbing, electrical, doors, and windows throughout, and the roof is reported to be in good condition. Seller financing is available, and the property offers an on-site mix of income from the apartments with a leasing opportunity on the ground level.
The building is located on the corner of Gratiot Avenue and Mack Avenue, immediately north of Downtown Detroit.
Recent building improvements include new plumbing, electrical, doors, and windows throughout, and the roof is reported to be in good condition. Seller financing is available, and the property offers an on-site mix of income from the apartments with a leasing opportunity on the ground level.
Key Highlights
- Corner mixed‑use building on Gratiot Ave and Mack Ave, immediately north of Downtown Detroit
- 1st‑floor retail/office space available for lease
- 4 apartment units above: two 2‑bedroom units and two studio units
Financial Insights For Apartment 5plus
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 | $140.3k | $20.40 |
| − Vacancy | −$9.1k | −$1.33 |
| EGI | $131.1k | $19.07 |
| − OpEx | −$59.0k | −$8.58 |
| NOI | $72.1k | $10.49 |
6,875 SF · lease $20.40/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Retail
$1.21M
$1.06M – $1.41M
NOI $84,679 @ 7.0% cap · market cap 10.58%
Second Best
Mixed Use
$1.17M
$1.02M – $1.36M
NOI $81,675 @ 7.0% cap · market cap 10.21%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,166 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Mixed-use property - Corner mixed-use building features fully occupied apartments above and a 1st-floor retail/office space available for lease.
Where is this mixed-use property located?
The property is located at 3317-3323 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Corner mixed‑use building on Gratiot Ave and Mack Ave, immediately north of Downtown Detroit; 1st‑floor retail/office space available for lease; 4 apartment units above: two 2‑bedroom units and two studio units
