Former Church with Redevelopment
For Sale
$800,000
400 W Grand Blvd, Detroit, MI 48216
Former church structure with additional basement space and potential for adaptive reuse.
Property Size6,688 SF
Price / SF$119.62
Days on Market93
Property Features for 400 W Grand Blvd
General Information
Standard status
Active
Size
6,688 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,171
Building Details
Buildings
1
Listing Agency:
TAP CRE
(313) 306-7653
Listed By:
Patrick Linsdau · License #6501456846
(313) 306-7653
Source:
Exprealty
Added: May 11
Changed: Aug 11
Last Checked: Aug 11 at 8:14AM
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 TAP CRE
Investment Insights
Based on property information with market context.
This 6,688-square-foot former church property includes an architecturally significant structure and a basement measuring over 3200 square feet that is excluded from the stated property size. The site also includes excess land, supporting consideration of adaptive reuse, multifamily conversion, mixed-use development, event space, community use, or residential redevelopment.
Located at 400 W Grand Blvd in Detroit, the property sits along West Grand Boulevard, a historic thoroughfare connecting Detroit neighborhoods, institutions, and cultural landmarks. It is positioned minutes from Corktown, Hubbard Richard, and Downtown Detroit, with nearby residential, commercial, and mixed-use development activity in Corktown and Southwest Detroit.
Located at 400 W Grand Blvd in Detroit, the property sits along West Grand Boulevard, a historic thoroughfare connecting Detroit neighborhoods, institutions, and cultural landmarks. It is positioned minutes from Corktown, Hubbard Richard, and Downtown Detroit, with nearby residential, commercial, and mixed-use development activity in Corktown and Southwest Detroit.
Key Highlights
- 6,688‑square‑foot former church structure
- Basement over 3200 square feet, excluded from the stated property size
- Architecturally significant former church building
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
$70,162
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
8.77%
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%
$1,403,240
$1.4M
Cap Rate 7%
$1,002,314
$1.0M
Cap Rate 9%
$779,578
$779.6K
Market Conditions
NOI Build-Up for 6,688 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
$136.4K $20.40/SF
− Vacancy
−$8.9K −$1.33/SF
EGI
$127.6K $19.07/SF
− OpEx
−$57.4K −$8.58/SF
NOI
$70.2K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,403,240
Cap Rate 7%
$1,002,314
Cap Rate 9%
$779,578
Alternative Uses
Best Use
Mixed Use
$1.14M
$993.2K – $1.32M
NOI $79,453 @ 7.0% cap · market cap 9.93%
Second Best
Apartment 5plus
$1.00M
$877.0K – $1.17M
NOI $70,162 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,278 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
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 - Former church structure with additional basement space and potential for adaptive reuse.
Where is this church & religious facility located?
The property is located at 400 W Grand Blvd 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: 6,688‑square‑foot former church structure; Basement over 3200 square feet, excluded from the stated property size; Architecturally significant former church building
