Open-Plan Storefront
New
For Sale
$425,000
6513 Woodward Ave, Detroit, MI 48202
Flexible commercial space with expansive glazing and direct Woodward Avenue frontage.
Property Size2,010 SF
Price / SF$211.44
Days on Market3
Property Features for 6513 Woodward Ave
General Information
Standard status
Active
Size
2,010 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,120
Building Details
Building Size
2,010 SF
Year Built
1942
Listing Agency:
O'Connor Real Estate
Listed By:
Vincent Mazzola · License #6501387170
(313) 963-9891
Source:
Elliman
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 2:43PM
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.
This 2,010-square-foot storefront property provides an open, column-free interior suited to retail, showroom, service, office, or creative uses. The space includes large storefront windows and up to 12-foot clear height, creating a flexible configuration for a range of commercial layouts. Built in 1942, the property fronts Woodward Avenue in Detroit’s New Center neighborhood.
The location scores 83 for walkability, 74 for bike access, and 53 for transit access. Its Woodward Avenue frontage and prominent storefront presentation support customer-facing uses that benefit from visibility along an established Detroit corridor.
The location scores 83 for walkability, 74 for bike access, and 53 for transit access. Its Woodward Avenue frontage and prominent storefront presentation support customer-facing uses that benefit from visibility along an established Detroit corridor.
Key Highlights
- 2,010 SF storefront space along Woodward Avenue
- Column‑free interior with an open configuration
- Up to 12‑foot clear height
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
$24,757
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
5.83%
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%
$495,140
$495.1K
Cap Rate 7%
$353,671
$353.7K
Cap Rate 9%
$275,078
$275.1K
Market Conditions
NOI Build-Up for 2,010 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
$37.4K $18.60/SF
− Vacancy
−$2.0K −$1.00/SF
EGI
$35.4K $17.60/SF
− OpEx
−$10.6K −$5.28/SF
NOI
$24.8K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$495,140
Cap Rate 7%
$353,671
Cap Rate 9%
$275,078
Alternative Uses
Best Use
Retail
$353.7K
$309.5K – $412.6K
NOI $24,757 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.4K
$388.0K – $517.3K
NOI $31,039 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,750
Businesses Nearby
74k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 38%
McDonald's
Dining
27,503 visits/mo
0.4 miles
White Castle
Dining
14,009 visits/mo
0.2 miles
BP
Shops & Services
12,413 visits/mo
0.4 miles
Citizens Bank
Shops & Services
5,642 visits/mo
0.1 miles
Sunoco
Shops & Services
5,159 visits/mo
0.5 miles
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial space with expansive glazing and direct Woodward Avenue frontage.
Where is this storefront property located?
The property is located at 6513 Woodward Ave Detroit, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,010 SF storefront space along Woodward Avenue; Column‑free interior with an open configuration; Up to 12‑foot clear height
