Fenced-Lot Retail
New
For Sale
$175,000
8030 Pitt St, Detroit, MI 48209
Tenant-occupied retail property with updated building systems and an operating licensed food truck.
Property Size1,309 SF
Lot Size0.10 Acres
Price / SF$134.62
Days on Market7
Property Features for 8030 Pitt St
General Information
Standard status
Active
Size
1,309 SF
Lot size
0.10 Acres
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,250
Building Details
Building Size
1,309 SF
Year Built
1975
Year Renovated
2022
Buildings
1
Tenancy
Single
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 963-9891
Listed By:
Griffin Krebsbach · License #6501415617
(313) 963-9891
Source:
Elliman
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 6:15PM
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 Realty Detroit, LLC
Investment Insights
Based on property information with market context.
This retail property includes a 1,300-square-foot building on an approximately 0.10-acre fenced parcel measuring 35 feet by 120 feet. A licensed food truck currently operates from the lot, creating an existing tenant occupancy and an in-place income component. The building received a new roof and electrical improvements in 2022, and a new water service line extends to the structure.
The property is located at 8030 Pitt St in Detroit’s Springwells neighborhood, an area described as densely populated with a residential customer base and consistent local traffic. Transportation scores include a BikeScore of 59, a WalkScore of 29, and a TransitScore of 39.
The property is located at 8030 Pitt St in Detroit’s Springwells neighborhood, an area described as densely populated with a residential customer base and consistent local traffic. Transportation scores include a BikeScore of 59, a WalkScore of 29, and a TransitScore of 39.
Key Highlights
- 1,300 SF retail building on an approximately 0.10‑acre parcel
- 35' x 120' fenced lot
- Licensed food truck currently operates on the lot
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
$16,012
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
9.15%
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%
$320,240
$320.2K
Cap Rate 7%
$228,743
$228.7K
Cap Rate 9%
$177,911
$177.9K
Market Conditions
NOI Build-Up for 1,300 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
$24.2K $18.60/SF
− Vacancy
−$1.3K −$1.00/SF
EGI
$22.9K $17.60/SF
− OpEx
−$6.9K −$5.28/SF
NOI
$16.0K $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%
$320,240
Cap Rate 7%
$228,743
Cap Rate 9%
$177,911
Alternative Uses
Best Use
Specialty Retail
$245.1K
$214.5K – $285.9K
NOI $17,156 @ 7.0% cap · market cap 9.80%
Second Best
Retail
$228.7K
$200.2K – $266.9K
NOI $16,012 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$286.8K
$250.9K – $334.6K
NOI $20,075 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 17%
Electronics 5%
Home Improvements & Furnishings 3%
Family Dollar
Shops & Services
12,939 visits/mo
0.1 miles
La Carreta
Dining
6,162 visits/mo
0.4 miles
BP
Shops & Services
6,071 visits/mo
0.4 miles
BP
Shops & Services
5,772 visits/mo
0.4 miles
Chase Bank
Shops & Services
5,088 visits/mo
0.1 miles
Demographics for 48209, MI
27,096
Population
11,020
Households
2.5
Avg Household Size
30
Median Age
10%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
3,985
Density / Sq Mi
$42,152
Median Household Income
$30,091
Median Earnings
$843
Median Rent
$82,800
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Tenant-occupied retail property with updated building systems and an operating licensed food truck.
Where is this retail space located?
The property is located at 8030 Pitt St Detroit, MI.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,300 SF retail building on an approximately 0.10‑acre parcel; 35' x 120' fenced lot; Licensed food truck currently operates on the lot
