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    1938 Franklin St Detroit, MI 48207

    Sponsored
    For Sale
    $3,950,000

    High-cap, 96% occupied, prime location

    Property size:
    28,078 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional Detroit office building, situated on the vibrant riverfront at 1938 Franklin St, offers 28,078 square feet of creative, executive, and traditional office space. Built in 1900 and extensively renovated in 2010, this Class B, two-story building boasts a 9% capitalization rate and impressive 96.5% occupancy (as of October 20, 2024). The property features a diverse tenant base with a mix of short-term (3-5 year) leases, ensuring consistent cash flow. Modern amenities include a conference room, kitchenette, bike storage, high-speed Wi-Fi, and a private shower room. Capital improvements encompass a new roof, energy-efficient windows, updated HVAC systems, and renovated bathrooms. The building's location provides unparalleled access to the Detroit Riverwalk, Dequindre Cut, and numerous nearby amenities, including restaurants, parks, and entertainment venues. The 0.62-acre lot is zoned SD-4. The asking price for this stabilized investment opportunity is $3,950,000. The property's strong occupancy and diverse tenant mix, coupled with its prime location and recent renovations, make it an attractive investment opportunity. Minimal broker fees are anticipated due to the tenants' self-management of leasing arrangements. The simple, transparent pricing structure, with flat monthly rates, further enhances its appeal.

    Property Features for 1938 Franklin St

    General Information

    Property type
    Office space
    Square Feet
    28,078 SF
    Class
    B
    Lot Size
    27,007 SF

    Building Details

    Year Built/Renovated
    1900/2010
    Buildings
    1
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Urban Solace Mind ... Yoga Studio Fit by Chrisy ... Personal Trainer Phlora Co. Photography Service Iron & Light Collaborative ... Photography Studio PRG Business Management Consultant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0265794
    Latitude
    42.3347438

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    FAQs

    What type of property is this?
    Office space - High-cap, 96% occupied, prime location
    Where is this office space located?
    The property is located at 1938 Franklin St Detroit, MI.
    What is the asking price?
    The asking price for this property is $3,950,000.
    Request Owner's contact information
    1938 Franklin St Detroit, MI 48207
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    Detroit, MI 48207
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1938 Franklin St Detroit, MI 48207
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