1938 Franklin St Detroit, MI 48207

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.