Flex Space with Garage
For Sale
$199,000
3628 Gratiot Ave, Detroit, MI 48207
Commercially zoned building with dual access, natural-light bay windows, and flexible space for business or creative use.
Property Size2,705 SF
Price / SF$73.57
Days on Market92
Property Features for 3628 Gratiot Ave
General Information
Standard status
Active
Size
2,705 SF
Amenities
dual entry/exit access points
large bay windows
brand-new roof
two oversized garage doors
rooftop activation
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Lambrecht Realty LLC
Listed By:
John W Lambrecht · License #6501375482
(313) 449-8558
Source:
Katie-k
Added: Jul 15
Changed: Sep 14
Last Checked: Oct 7 at 3:37PM
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 Lambrecht Realty LLC
Investment Insights
Based on property information with market context.
Built in 1923, this flex space at 3628 Gratiot Avenue combines a commercial zoning designation with features suited to varied business and creative applications. The building has separate entry and exit points, large bay windows that provide natural light, and two oversized garage doors for loading and access. A new roof is also in place.
The property is in Detroit’s McDougall-Hunt area, near Eastern Market, the Heidelberg Project, and the original Faygo plant. Additional adjacent lots are available for purchase, offering a larger ownership configuration for parties seeking to combine the building with neighboring land.
The property is in Detroit’s McDougall-Hunt area, near Eastern Market, the Heidelberg Project, and the original Faygo plant. Additional adjacent lots are available for purchase, offering a larger ownership configuration for parties seeking to combine the building with neighboring land.
Key Highlights
- Flex space at 3628 Gratiot Avenue in Detroit, MI 48207
- Commercial zoning designation
- Two oversized garage doors support access and logistics
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,156
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$263,120
$263.1K
Cap Rate 7%
$187,943
$187.9K
Cap Rate 9%
$146,178
$146.2K
Market Conditions
NOI Build-Up for 2,705 SF
Gross rent
$19.8K $7.32/SF
− Vacancy
−$1.0K −$0.37/SF
EGI
$18.8K $6.95/SF
− OpEx
−$5.6K −$2.08/SF
NOI
$13.2K $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 Rate 5%
$263,120
Cap Rate 7%
$187,943
Cap Rate 9%
$146,178
Alternative Uses
Best Use
Mixed Use
$459.1K
$401.7K – $535.6K
NOI $32,135 @ 7.0% cap · market cap 16.15%
Second Best
Office B
$391.5K
$342.6K – $456.7K
NOI $27,404 @ 7.0% cap · market cap 13.77%
Theoretical Best
Office A
$596.7K
$522.1K – $696.2K
NOI $41,771 @ 7.0% cap · market cap 20.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned building with dual access, natural-light bay windows, and flexible space for business or creative use.
Where is this flex space located?
The property is located at 3628 Gratiot Ave Detroit, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Flex space at 3628 Gratiot Avenue in Detroit, MI 48207; Commercial zoning designation; Two oversized garage doors support access and logistics
