Detroit Property in
For Sale
$825,000
3553 W Vernor, Detroit, MI 48216
Well-maintained 11,282 SF building with parking in Detroit's Mexicantown.
Property Size11,282 SF
Lot Size0.37 Acres
Days on Market267
Property Features for 3553 W Vernor
General Information
Standard status
Active
Size
11,282 SF
Lot size
0.37 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$447
Building Details
Building Size
11,282 SF
Year Built
1923
Listing Agency:
O'Connor Real Estate
(313) 963-9891
Listed By:
Ryan P Cooley · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 11
Last Checked: Aug 20 at 9:56AM
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 Real Estate
Investment Insights
Based on property information with market context.
Located in Detroit's Mexicantown neighborhood, a few blocks from Ford's Michigan Central Station, the property at 3553 W. Vernor was formerly St. Anthonys Church. The building is approximately 11,282 square feet and has been well-maintained, featuring updated electrical and HVAC systems. It includes an event hall with original hardwood floor, chandeliers and arched windows, as well as private offices and former living spaces. An adjacent 16-car parking lot is also included.
Key Highlights
- Large, beautifully maintained building (approx. 11,282 sq ft) suitable for various uses.
- Impressive, light‑flooded event hall with original hardwood floor, chandeliers, and arched windows.
- Updated electrical and HVAC systems.
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
$54,872
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
6.65%
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%
$1,097,440
$1.1M
Cap Rate 7%
$783,886
$783.9K
Cap Rate 9%
$609,689
$609.7K
Market Conditions
NOI Build-Up for 11,282 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
$82.6K $7.32/SF
− Vacancy
−$4.2K −$0.37/SF
EGI
$78.4K $6.95/SF
− OpEx
−$23.5K −$2.08/SF
NOI
$54.9K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /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%
$1,097,440
Cap Rate 7%
$783,886
Cap Rate 9%
$609,689
Alternative Uses
Best Use
Retail
$1.99M
$1.74M – $2.32M
NOI $138,959 @ 7.0% cap · market cap 16.84%
Second Best
Industrial
$783.9K
$685.9K – $914.5K
NOI $54,872 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,220 @ 7.0% cap · market cap 21.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
14k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
6,050 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
4,295 visits/mo
0.2 miles
Citgo
Shops & Services
4,108 visits/mo
0.2 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
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Well-maintained 11,282 SF building with parking in Detroit's Mexicantown.
Where is this church & religious facility located?
The property is located at 3553 W Vernor Detroit, MI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Large, beautifully maintained building (approx. 11,282 sq ft) suitable for various uses.; Impressive, light‑flooded event hall with original hardwood floor, chandeliers, and arched windows.; Updated electrical and HVAC systems.
