Mixed-Use Building with
For Sale
$899,000
820 W Baltimore Street, Detroit, MI 48202
Flexible commercial space combines retail or office use with two residential units and an attached garage.
Property Size4,159 SF
Price / SF$216.16
Days on Market10
Property Features for 820 W Baltimore Street
General Information
Standard status
Active
Size
4,159 SF
Property subtype
Industrial
Amenities
3
30107.5
Building Details
Year Built
19
Listing Agency:
Max Broock, REALTORS(r)-Detroit
(248) 830-4970
Listed By:
Erica Collica Swink
(248) 830-4970
Source:
Xome
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 30 at 8:01AM
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 Max Broock, REALTORS(r)-Detroit
Investment Insights
Based on property information with market context.
This mixed-use property combines ground-floor commercial space with two finished residential units above. The commercial portion is suited to retail or office use, while each residence includes two bedrooms and two full bathrooms. An attached garage provides additional enclosed space, and the unfinished basement offers storage or future customization potential.
The property is located at 820 W Baltimore Street in Detroit’s New Center neighborhood, with access to I-75 and the Lodge Freeway. Its combination of commercial, residential, garage, and basement areas supports a live/work configuration or separate occupancy of the business and residential components.
The property is located at 820 W Baltimore Street in Detroit’s New Center neighborhood, with access to I-75 and the Lodge Freeway. Its combination of commercial, residential, garage, and basement areas supports a live/work configuration or separate occupancy of the business and residential components.
Key Highlights
- Ground‑floor space supports retail or office use
- Two residential units, each with 2 bedrooms and 2 full baths
- Attached 1,625 sq. ft. 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
$51,226
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
5.70%
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%
$1,024,520
$1.0M
Cap Rate 7%
$731,800
$731.8K
Cap Rate 9%
$569,178
$569.2K
Market Conditions
NOI Build-Up for 4,159 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
$77.4K $18.60/SF
− Vacancy
−$4.2K −$1.00/SF
EGI
$73.2K $17.60/SF
− OpEx
−$22.0K −$5.28/SF
NOI
$51.2K $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%
$1,024,520
Cap Rate 7%
$731,800
Cap Rate 9%
$569,178
Alternative Uses
Best Use
Retail
$731.8K
$640.3K – $853.8K
NOI $51,226 @ 7.0% cap · market cap 5.70%
Second Best
Mixed Use
$705.8K
$617.6K – $823.5K
NOI $49,409 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$917.5K
$802.8K – $1.07M
NOI $64,224 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,174
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space combines retail or office use with two residential units and an attached garage.
Where is this mixed-use property located?
The property is located at 820 W Baltimore Street Detroit, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Ground‑floor space supports retail or office use; Two residential units, each with 2 bedrooms and 2 full baths; Attached 1,625 sq. ft. garage
