Historic Commercial Space for
For Sale
Contact for pricing
450 W Fort St, Detroit, MI 48226
Prime location, historic charm, and fully occupied by tenants.
Property Size17,901 SF
Price / SF$196.08
Days on Market1039
Property Features for 450 W Fort St
General Information
Standard status
Active
Size
17,901 SF
Class
C
Property subtype
Retail
Zoning
PCA
Building Details
Year Built
1927
Listing Agency:
The Jonna Group at Colliers International
(248) 226-1611
Listed By:
Simon Jonna · License #MI 6501357188
Source:
Crexi
Added: Oct 18, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:54AM
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 The Jonna Group at Colliers International
Investment Insights
Based on property information with market context.
This commercial space offers a prime location and historic charm. The historic property has been a beloved landmark in the area since 1959, and it's fully occupied with a diverse mix of tenants. The property size is 17901 square feet.
Key Highlights
- Fully occupied with a diverse mix of tenants, providing immediate income.
- Prime location.
- Historic charm.
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
$220,485
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
6.28%
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%
$4,409,700
$4.4M
Cap Rate 7%
$3,149,786
$3.1M
Cap Rate 9%
$2,449,833
$2.4M
Market Conditions
NOI Build-Up for 17,901 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
$333.0K $18.60/SF
− Vacancy
−$18.0K −$1.00/SF
EGI
$315.0K $17.60/SF
− OpEx
−$94.5K −$5.28/SF
NOI
$220.5K $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%
$4,409,700
Cap Rate 7%
$3,149,786
Cap Rate 9%
$2,449,833
Alternative Uses
Best Use
Retail
$3.15M
$2.76M – $3.67M
NOI $220,485 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.95M
$3.46M – $4.61M
NOI $276,432 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,474
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 75%
Shops & Services 22%
Home Improvements & Furnishings 3%
Cambria Hotel Detroit Downtown
Hotels & Casinos
13,247 visits/mo
0.2 miles
Hotel Indigo Detroit Downtown
Hotels & Casinos
12,361 visits/mo
0.2 miles
Fort Pontchartrain a Wyndham Hotel
Hotels & Casinos
9,506 visits/mo
0.2 miles
Mobil
Shops & Services
8,172 visits/mo
0.1 miles
Element Detroit At The Metropolitan
Hotels & Casinos
6,858 visits/mo
0.4 miles
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Prime location, historic charm, and fully occupied by tenants.
Where is this retail space located?
The property is located at 450 W Fort St Detroit, MI.
What is the asking price?
The asking price for this property is $3,510,000.
What are key features of this property?
This property features: Fully occupied with a diverse mix of tenants, providing immediate income.; Prime location.; Historic charm.
