Property profile

1842 Michigan Ave Detroit, MI 48216

OFF-MARKET
Office buildings
Property ID
US43-4917214
6,981 SF 0.14 ac lot Built 1895
Entity Owned 8-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional commercial property, located at 1842 Michigan Avenue, presents a unique opportunity in the vibrant Corktown neighborhood. Situated on a 0.3-acre lot at the northeast corner of Michigan and Rosa Parks Avenues, this two-story building offers a total of 7,395 square feet of space, currently entirely vacant and ready for immediate occupancy. The building boasts a flexible layout, with a minimum divisible space of 3,057 square feet and a maximum contiguous space of 4,338 square feet, making it ideal for a variety of retail uses. The property includes 18 parking spaces, a significant advantage in this high-demand area. The building's zoning is B4 & SD-2, allowing for diverse commercial applications. Its proximity to Ford's Michigan Central Station provides exceptional visibility and accessibility. Built in 1890, this property offers a blend of historic charm and modern potential, presenting a rare opportunity to establish a thriving business in a rapidly developing neighborhood. The sale includes the entire 0.3-acre lot, extending behind the building onto Kaline. This prime location and substantial space make this property an exceptional investment opportunity.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1895
Total area 6,981 SF
Lot 0.14 ac (6,098 SF)
Zoning code B4
APN 08000556.
UPID US43-4917214

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • (Bike/Boat/Book/etc) Store
  • Consultant

Location

1842 Michigan Ave Detroit, MI 48216-1332
Detroit metro Census 521400 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$710k
Blend (final) Blend
$260k

Owner & transaction history

since 2018
5 recorded transactions
2019
Price N/A
2018
Price N/A
2018
Price N/A
2011
Price N/A
2004
Price N/A

Zoning & alternative use

B4 · Detroit, MI
Zoning description

), eff. 5-28-2005) Sec. 50-7-3. - Business Districts. Business districts within the City are as follows: (1) B1 Restricted Business District. (2) B2 Local Business and Residential District. (3) B3 Shopping District. (4)…

General category COMMERCIAL
Top alternative use upside
Commercial (general) $635,000 +48.1%
Restaurant $635,000 +48.0%
Neighborhood: shopping center $530,000 +22.9%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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