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Property profile & analytics
OFF-MARKET
Estimated value
$1,670,000
Retail space
1307 Broadway St, Detroit, MI 48226-2201
Entity Owned
6-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-1130495
Property summary
AI-generated overview
This fee-simple, 14,300 square foot office building at 1307 Broadway St, Detroit, MI 48226, presents a compelling value-add investment opportunity. Built in 1910, the Class C property offers creative, executive, and traditional office space, currently available for occupancy on October 24, 2023. The asking price is $2,240,000 ($156.64/sq ft). The building boasts frontage on Broadway Avenue and "The Belt" alleyway, placing it in the heart of Downtown Detroit's Arts District. Its exceptional location offers incredible branding opportunities and unparalleled access to major attractions. Within walking distance are Campus Martius, Little Caesars Arena, Comerica Park, Ford Field, the Detroit Opera House, Fox Theatre, and the Fillmore Theatre. Nearby are the Shinola and Element Hotels, and the Q Line. The high-traffic location (10,581 vehicles per day on Broadway Street) and proximity to two major universities (Wayne State and Detroit Mercy), along with numerous Fortune 500 companies headquartered in Michigan, ensures strong tenant demand. This property offers a unique blend of historical charm and modern potential in a thriving urban environment.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1910
Total area
14,300 SF
Lot
0.08 ac (3,485 SF)
Zoning code
B5
APN
01004035.
UPID
US43-1130495
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
VFD Limited Garden Center
-
Kia Key Replacement Detroit MI Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.62M
Blend (final)
Blend
$1.67M
Owner & transaction history
Iconic Broadway LLC · 6 yrs held
Iconic Broadway LLC
since 2019
2 recorded transactions
Zoning & alternative use
B5 · Detroit, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+32.1%
Restaurant
$1.3M
+32.1%
Neighborhood: shopping center
$1.1M
+9.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Detroit submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Detroit submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,305,000
Change: +32% · Conversion: Easy
RESTAURANT
$1,305,000
Change: +32% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,085,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$1.67M
Range $1.50M – $1.84M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$117 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$22,506
Tax year 2020
Assessed value
$1,011,300
Assessed 2024
Previous assessed
$954,800
+5.9% YoY
Effective rate
2.23%
On assessed value
Total market value
$2,022,600
Applied tax rate
82,010.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1910
Heating
FORCED AIR
Buildings
2
Stories
1
Total area
14,300 SF
Lot
0.08 ac (3,485 SF)
Zoning code
B5
APN
01004035.
UPID
US43-1130495
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
B5 · Detroit, MI
Zoning B5 · permitted uses
B5 · Detroit, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Detroit. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.3M
RESTAURANT
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
COMMERCIAL (GENERAL)
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1910
Heating
FORCED AIR
Stories
1
Buildings
2
Lot
0.08 ac
Current owner
From public records · entity-resolved
Iconic Broadway LLC
Entity
Free & Clear · 6 yrs held
Mailing address
124 S OLD WOODWARD AVE STE A, BIRMINGHAM, MI 48009-6119
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 17, 2019
—
Iconic Broadway LLC
Broadway Associates LLC
Deed
—
Nov 10, 2017
—
Iconic-broadway LLC
Broadway Associates LLC
Quit Claim Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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