Detroit Gas Station with
For Sale
$299,000
Pending
3652 GRATIOT Ave, Detroit, MI 48207
Gas station with attached 3-bay garage near Downtown Detroit.
Property Size3,014 SF
Lot Size0.28 Acres
Days on Market152
Property Features for 3652 GRATIOT Ave
General Information
Standard status
Pending
Size
3,014 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,102
Building Details
Building Size
3,014 SF
Year Built
1995
Listing Agency:
RE/MAX Team 2000
(313) 561-0900
Listed By:
Yousef Beydoun · License #6501354088
(313) 561-0900
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:29PM
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 RE/MAX Team 2000
Investment Insights
Based on property information with market context.
This property, located minutes from Downtown Detroit, presents an opportunity to revive a gas station. The structure includes over 3,000 square feet of space and features an attached 3-bay garage. The site is equipped with 4 islands. There is no supply contract or deed restrictions associated with the property. The intended use of the property is for a gas station.
Key Highlights
- Over 3,000sf of space.
- Convenient location minutes from Downtown Detroit.
- Attached 3 bay garage.
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
$14,591
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
4.88%
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%
$291,820
$291.8K
Cap Rate 7%
$208,443
$208.4K
Cap Rate 9%
$162,122
$162.1K
Market Conditions
NOI Build-Up for 3,000 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
$22.0K $7.32/SF
− Vacancy
−$1.1K −$0.37/SF
EGI
$20.8K $6.95/SF
− OpEx
−$6.3K −$2.08/SF
NOI
$14.6K $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%
$291,820
Cap Rate 7%
$208,443
Cap Rate 9%
$162,122
Alternative Uses
Best Use
Specialty Retail
$565.6K
$494.9K – $659.8K
NOI $39,590 @ 7.0% cap · market cap 13.24%
Second Best
Retail
$527.9K
$461.9K – $615.9K
NOI $36,951 @ 7.0% cap · market cap 12.36%
Theoretical Best
Office A
$661.8K
$579.1K – $772.1K
NOI $46,327 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
7,356 visits/mo
0.1 miles
BP
Shops & Services
3,606 visits/mo
0.5 miles
Comerica Bank
Shops & Services
1,757 visits/mo
0.4 miles
Marathon
Shops & Services
1,550 visits/mo
0.2 miles
Citgo
Shops & Services
278 visits/mo
0.5 miles
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
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?
Gas station - Gas station with attached 3-bay garage near Downtown Detroit.
Where is this gas station located?
The property is located at 3652 GRATIOT Ave Detroit, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Over 3,000sf of space.; Convenient location minutes from Downtown Detroit.; Attached 3 bay garage.
