Retail Space with Gated
For Sale
$649,000
3627 W Vernor Hwy, Detroit, MI 48216
B4-zoned commercial space with secure off-street parking and a heated garage.
Property Size5,691 SF
Price / SF$114.04
Days on Market47
Property Features for 3627 W Vernor Hwy
General Information
Standard status
Active
Size
5,691 SF
Total Parking Spaces
14
Property subtype
Commercial
Zoning
B4
Site & Location
Neighborhood
Mexicantown
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,510
Amenities
gated parking lot
heated garage
Building Details
Building Size
5,691 SF
Year Built
2002
Buildings
1
Listing Agency:
JTRE Group
Listed By:
Jennifer Tuck
(586) 615-7840
Source:
Elliman
Added: Sep 15
Changed: Oct 25
Last Checked: Oct 30 at 3:17PM
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 JTRE Group
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Investment Insights
Based on property information with market context.
This 5,691-square-foot retail property at 3627 W Vernor Hwy offers a flexible commercial layout within a building constructed in 2002. The space is described as suitable for storefront retail, dining, creative office, medical or physical therapy use, a wellness gym, and boutique hospitality. A gated lot provides 14 dedicated off-street parking spaces, complemented by a 2-car heated garage that can support inventory, equipment, or vehicle storage.
The property sits along the West Vernor commercial district in Southwest Detroit, less than 1 mile from the historic Ford Train Station and near Corktown. Walk Score is 62, Bike Score is 87, and Transit Score is 47. B4 zoning is identified for the property, with the source also describing potential conversion pathways for transient lodging or multi-family mixed-use.
The property sits along the West Vernor commercial district in Southwest Detroit, less than 1 mile from the historic Ford Train Station and near Corktown. Walk Score is 62, Bike Score is 87, and Transit Score is 47. B4 zoning is identified for the property, with the source also describing potential conversion pathways for transient lodging or multi-family mixed-use.
Key Highlights
- 5,691 square feet of retail space
- 14 dedicated off‑street parking spaces in a gated lot
- 2‑car heated garage for storage or vehicle parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,004
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,180,080
$1.2M
Cap Rate 7%
$842,914
$842.9K
Cap Rate 9%
$655,600
$655.6K
Market Conditions
NOI Build-Up for 5,691 SF
Gross rent
$109.3K $19.20/SF
− Vacancy
−$10.9K −$1.92/SF
EGI
$98.3K $17.28/SF
− OpEx
−$39.3K −$6.91/SF
NOI
$59.0K $10.37/SF
Area
Detroit, MI
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,180,080
Cap Rate 7%
$842,914
Cap Rate 9%
$655,600
Alternative Uses
Best Use
Specialty Retail
$1.07M
$938.8K – $1.25M
NOI $75,102 @ 7.0% cap · market cap 11.57%
Second Best
Retail
$1.00M
$876.2K – $1.17M
NOI $70,096 @ 7.0% cap · market cap 10.80%
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,882 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
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Business Placement
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
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Market
Vacancy Rate% for Office in Detroit, MI
Frequently Asked Questions
What type of property is this?
Retail space - B4-zoned commercial space with secure off-street parking and a heated garage.
Where is this retail space located?
The property is located at 3627 W Vernor Hwy Detroit, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 5,691 square feet of retail space; 14 dedicated off‑street parking spaces in a gated lot; 2‑car heated garage for storage or vehicle parking
