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    1224 Randolph St Detroit, MI 48226

    Sponsored
    For Lease
    $30 SF/Yr ($15,750 /Mo)

    Prime Detroit location, 6,300 sq ft.

    Lot size:
    6,300 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 6,300-square-foot retail or restaurant space is located at 1224 Randolph Street in the heart of Detroit, Michigan. The property, situated on a 0.05-acre lot (APN 01-003928), boasts a charming two-story building constructed in 1929 and extensively renovated in 2013. The building is zoned B-4, offering flexibility for a variety of commercial uses. Currently vacant, the entire 6,300 square feet is available for immediate occupancy. The property's previous use as a restaurant/bar is reflected in the existing commercial kitchen equipment, including a hood system, pizza oven, and coolers, all remaining in place. This presents a unique opportunity for a seamless transition into a similar operation or adaptation for another commercial venture. The property's prime downtown location offers significant potential for outdoor seating, with the possibility of developing a patio area. This single-tenant building presents a rare opportunity to acquire a well-maintained, historically significant property in a thriving Detroit neighborhood. The property is located in Wayne County, Michigan, with a zip code of 48226. The building's excellent condition and existing infrastructure make it an attractive investment for a discerning buyer.

    Property Features for 1224 Randolph St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,300 SF
    Total Rate
    15750

    Building Details

    Year Built/Renovated
    1929/2013
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Available Space
    Size
    6,300 SF
    Rate per SF
    $30

    HighLights

    • 6,300 SF available for lease.
    • Existing restaurant space with hood system, pizza oven, and coolers.
    • Outdoor patio potential in a prime downtown location.
    • Turnkey restaurant/bar opportunity.
    • Rear delivery access.
    • Street parking available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Great Lakes Burger ... Restaurant Giordano's Pizza Restaurant

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0446227
    Latitude
    42.3345012

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    FAQs

    What type of property is this?
    Restaurant - Prime Detroit location, 6,300 sq ft.
    Where is this restaurant located?
    The property is located at 1224 Randolph St Detroit, MI.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: 6,300 SF available for lease.; Existing restaurant space with hood system, pizza oven, and coolers.; Outdoor patio potential in a prime downtown location.
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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
    1224 Randolph St Detroit, MI 48226
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