Prime Detroit Investment
For Sale
$3,059,094
828 W Fisher Fwy, Detroit, MI 48201
Eight parcels near University of Michigan's Detroit campus for sale.
Property Size13,000 SF
Lot Size0.14 Acres
Days on Market165
Property Features for 828 W Fisher Fwy
General Information
Standard status
Active
Size
13,000 SF
Lot size
0.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$54,498
Building Details
Building Size
13,000 SF
Year Built
1895
Units
12
Listing Agency:
JNA Real Estate
(734) 497-5558
Listed By:
Rashad Elabed · License #6501406301
(734) 497-5558
Source:
Elliman
Added: Mar 11
Changed: Aug 12
Last Checked: Aug 22 at 11:55AM
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 JNA Real Estate
Investment Insights
Based on property information with market context.
This offering includes eight parcels, featuring an additional building, available together. The property is located across from the University of Michigan’s Innovation Center Detroit campus, which is currently under development. Situated in a vibrant downtown location, the property is within reach of Detroit’s expanding business core and cultural attractions, with convenient access to main transit routes. The interiors feature natural light and large windows, creating a versatile space suitable for residential, commercial, or mixed-use purposes, subject to local zoning regulations. The building has a modern exterior and a flexible layout. The property is suited for maximizing both rental revenue and long-term property value. Dedicated parking and accessibility by car and on foot enhance the convenience of this downtown asset. Major city landmarks, including Fox Theatre and Comerica Park, are minutes away, with dining options such as Selden Standard and Grey Ghost Detroit, along with a Whole Foods Market and nearby parks. Walkability and access to public transit, such as the QLine and Detroit People Mover, add to the property's appeal. This sale represents a strategic investment opportunity.
Key Highlights
- Strategic location directly across from the University of Michigan Innovation Center Detroit campus.
- Includes eight parcels, featuring another building, offered together.
- Versatile space suitable for residential, commercial, or mixed‑use purposes.
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
$154,440
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
5.05%
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%
$3,088,800
$3.1M
Cap Rate 7%
$2,206,286
$2.2M
Cap Rate 9%
$1,716,000
$1.7M
Market Conditions
NOI Build-Up for 13,000 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
$280.8K $21.60/SF
− Vacancy
−$33.7K −$2.59/SF
EGI
$247.1K $19.01/SF
− OpEx
−$92.7K −$7.13/SF
NOI
$154.4K $11.88/SF
Area
Detroit, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$3,088,800
Cap Rate 7%
$2,206,286
Cap Rate 9%
$1,716,000
Alternative Uses
Best Use
Mixed Use
$2.21M
$1.93M – $2.57M
NOI $154,440 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$1.95M
$1.70M – $2.27M
NOI $136,379 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,750 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Eight parcels near University of Michigan's Detroit campus for sale.
Where is this mixed-use property located?
The property is located at 828 W Fisher Fwy Detroit, MI.
What is the asking price?
The asking price for this property is $3,059,094.
What are key features of this property?
This property features: Strategic location directly across from the University of Michigan Innovation Center Detroit campus.; Includes eight parcels, featuring another building, offered together.; Versatile space suitable for residential, commercial, or mixed‑use purposes.
