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1938 Franklin St Detroit, MI 48207

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For Sale
$3,950,000

High-cap, 96% occupied, prime location

Property size:
28,078 SF

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

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Listing Contact
Vincent Mazzola
Vincent Mazzola

Listing Agency: O'Connor Real Estate Listing Agent: Vincent Mazzola

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

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 Profile Insight Report Location Intelligence

Current Use by Public Records

Urban Solace Mind ... Gym & Fitness Center Fit by Chrisy ... Gym & Fitness Center Phlora Co. Photography Service Iron & Light Collaborative ... (Bike/Boat/Book/etc) Store PRG Business Management Consultant

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

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.
More about this property
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