Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    141 Elizabeth St Detroit, MI 48201

    Property Lookup

    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    141 Elizabeth St Detroit, MI 48201

    View on Map
    • Land
    • 0.78 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 141 Elizabeth St

    Lot size
    0.78 lot acres
    Property type
    Land

    Description

    This exceptional 0.78-acre land parcel in Detroit, Michigan, presents a unique investment opportunity. Located at 141 W Elizabeth St, Wayne County, zip code 48201 (42.3367169, -83.0535454), the property is zoned for commercial and residential use. The site is currently part of a larger development project but is available for sale separately. This fee-simple ownership offers the potential to construct a multi-unit residential building

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0535
    Latitude
    42.3367

    Comparable in this City

    • Value Estimation by Request
      0.40 Acres

      80-92 Willis St

      Mixed-use properties • 4,533 SF
      80-92 Willis St, Detroit, MI 48201
      View Details
    • Value Estimation by Request
      0.11 Acres

      2712 Cass Ave

      Mixed-use properties • 0.11 Acres
      2712 Cass Ave, Detroit, MI 48201
      View Details
    • Value Estimation by Request
      0.09 Acres

      3939 3 Ave

      Land • 0.09 Acres
      3939 3 Ave, Detroit, MI 48201
      View Details
    • Value Estimation by Request

      615 Hancock St, Unit 12

      GARDEN APT, COURT APT (5+ UNITS)
      615 Hancock St, Detroit, MI 48201-3705
      View Details
    • Value Estimation by Request
      1,094 SF

      248 Mack Ave, Unit 2

      GARDEN APT, COURT APT (5+ UNITS) • 1,094 SF
      248 Mack Ave, Detroit, MI 48201-2463
      View Details
    • Value Estimation by Request
      917 SF

      112 Watson St, Unit 26

      HIGH-RISE APARTMENTS • 917 SF
      112 Watson St, Detroit, MI 48201-2739
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Historic Iodent Loft Building Investment

      Mixed-use building with residential, office, and retail spaces in Detroit.
      2233 Park Ave, Detroit, MI 48201
      View Details
    • $6,500,000

      Historic Building in Willis-Selden District

      Historic building with development potential in prestigious Midtown location.
      677 Selden St, Detroit, MI 48201
      View Details
    • $730,000
      7,823 SF

      Detroit Multifamily Redevelopment Opportunity

      Prime real estate in Detroit's historic, sought-after neighborhood.
      250 Eliot St, Detroit, MI 48201
      View Details
    • Contact for pricing
      11,000 SF

      Midtown Detroit Mixed-Use Opportunity

      Prime mixed-use development site in vibrant Midtown Detroit.
      3745-3759 Cass Ave, Detroit, MI 48201
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Detroit Retail Space For Lease

      Retail space available for lease in Detroit, Michigan.
      3444 2Nd Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Midtown Detroit Retail Opportunity

      Former Rite Aid space with ample parking in Detroit's Cultural District.
      4612 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Office Space in Midtown Detroit

      Office space for rent in Detroit's Midtown area.
      4219 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Midtown Detroit Office Building

      Five-story office building in Midtown Detroit with redevelopment potential.
      2727 2Nd Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Detroit Office Space Available

      Office space available for rent at 3663 Woodward Avenue.
      3663 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Detroit Commercial Property For Rent

      Commercial property available for rent in Detroit, Michigan.
      50 E Canfield St, Detroit, MI 48201
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    141 Elizabeth St
    Detroit, MI 48201
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!