Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1378 Michigan Ave Detroit, MI 48226-1019

    • Bars
    • 10,305 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0856669
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Bars

    Property Details for 1378 Michigan Ave

    Year built
    1900
    Lot size
    0.10 lot acres
    Property size
    10,305 SF
    Zone code
    B4
    Property type
    Bars
    APN
    06000411.
    APU
    6000411

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $860,000
      Market price range: $405k - $1.22M
      AI Estimate
      $860,000
      Market price range: $405k - $1.22M

    • Alternative Use

      Use
      Estimation
      NIGHTCLUB (COCKTAIL LOUNGE)
      $910,000
      Current use
      COMMERCIAL (GENERAL)
      $940,000
      Change: +4% Conversion: Difficult
      RESTAURANT
      $940,000
      Change: +4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $780,000
      Change: -14% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0655
    Latitude
    42.3318
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $2,320
    $0.00
    $0.00
    $328,900
    -
    $0.00
    $0.00
    $657,800

    Comparable in this City

    • Value Estimation
      $530,000
      4,468 SF

      1540 Woodward Ave

      NIGHTCLUB (COCKTAIL LOUNGE) • 4,468 SF
      1540 Woodward Ave, Detroit, MI 48226-2005
      View Details
    • Value Estimation
      $1,115,000
      9,400 SF

      625 Shelby St

      NIGHTCLUB (COCKTAIL LOUNGE) • 9,400 SF
      625 Shelby St, Detroit, MI 48226-3206
      View Details
    • Value Estimation by Request
      8,494 SF

      349 Monroe St

      NIGHTCLUB (COCKTAIL LOUNGE) • 8,494 SF
      349 Monroe St, Detroit, MI 48226-2928
      View Details
    • Value Estimation
      $625,000
      5,280 SF

      612 Woodward Ave

      NIGHTCLUB (COCKTAIL LOUNGE) • 5,280 SF
      612 Woodward Ave, Detroit, MI 48226-3450
      View Details
    • Value Estimation
      $1,010,000
      8,510 SF

      439 Congress St

      NIGHTCLUB (COCKTAIL LOUNGE) • 8,510 SF
      439 Congress St, Detroit, MI 48226-2912
      View Details
    • Value Estimation
      $8,545,000
      96,600 SF

      404 Congress St

      NIGHTCLUB (COCKTAIL LOUNGE) • 96,600 SF
      404 Congress St, Detroit, MI 48226-3129
      View Details

    Similar Nearby for Sale

    • $7,000,000

      Library Street Mixed-Use Building

      Fully occupied mixed-use building in a prime Detroit location.
      1250 Library St, Detroit, MI 48226
      View Details
    • $3,510,000
      17,901 SF

      Detroit Mixed-Use Investment Opportunity

      Historic Detroit building, 17,901 SF, 100% occupied.
      450 Fort St, Detroit, MI 48226
      View Details
    • $2,000,000
      16,664 SF

      Detroit Restaurant and Retail Opportunity

      Operating restaurant with rehab-ready upper floors near I-375.
      428 Clinton St, Detroit, MI 48226
      View Details
    • Contact for pricing
      6,300 SF

      Downtown Detroit Restaurant Space

      Prime Detroit location, 6,300 sq ft, turnkey restaurant.
      1224 Randolph St, Detroit, MI 48226
      View Details
    • $870,000
      2,417 SF

      Established Restaurant in Downtown Detroit

      Long-standing restaurant in Detroit's downtown with development potential.
      1350 W Fort St, Detroit, MI 48226
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space Near Michigan Central

      Retail property with high traffic, near downtown Detroit.
      3446 Michigan Ave, Detroit, MI 48226
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      6,300 SF

      Downtown Detroit Retail Space

      Prime Detroit location, 6,300 sq ft.
      1224 Randolph St, Detroit, MI 48226
      View Details
    • Contact for pricing
      5,300 SF

      Detroit Retail/Restaurant Space Available

      5,300 SF retail/restaurant space in Detroit's vibrant commercial district.
      1452 Randolph St, Detroit, MI 48226
      View Details
    • $12 SF/Yr
      3,750 SF

      Lafayette Lofts Commercial Spaces

      Versatile Detroit retail spaces available.
      1301 Lafayette Blvd, Detroit, MI 48226
      View Details
    • $35 SF/Yr
      10,000 SF

      Downtown Detroit Retail/Restaurant Space

      Prime Detroit location, flexible space, tenant incentives.
      150 Bagley St, Detroit, MI 48226
      View Details
    • $40 SF/Yr
      6,895 SF

      Detroit Retail/Office Opportunity

      6,895 SF Multi-Use Building in Detroit
      415 Clifford St, Detroit, MI 48226
      View Details
    • $25 SF/Yr
      1,149,710 SF

      Penobscot Building HQ Opportunity

      Iconic Detroit landmark, 685,000 sqft available
      645 Griswold St, Detroit, MI 48226
      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.
    1378 Michigan Ave
    Detroit, MI 48226-1019
    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.