Entity Owned 
For Sale
1 / 21
$950,000
2987 Franklin St,Unit 2, Detroit, MI 48207
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Property summary
AI-generated overview
A flexible commercial suite in a multi-use building, configured to support a range of business uses including office, retail, creative, and light industrial. The suite is designed to be used independently or combined with adjacent suites, allowing for expansion of the overall footprint. It is located in Rivertown directly adjacent to the Detroit Riverwalk, with downtown Detroit and Eastern Market nearby, supporting both customer-facing and workspace-oriented uses. The purchase includes access to two parking spaces located in an attached gated parking lot.
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Total area
5,037 SF
Lot
0.07 ac (3,049 SF)
Zoning code
SD4
APN
11000072.002
UPID
US43-4067012
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
-
Advertising Agency Marketing & Advertising
-
Gym & Fitness Center
-
Charitable Organization Social Service Agency
-
Condominium Complex
-
Charitable Organization Social Service Agency
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$855k
Blend (final)
Blend
$470k
Owner & transaction history
Zoning & alternative use
SD4 · Detroit, MI
Zoning description
Recreation District. (7) W1 Waterfront-Industrial District. (8) MKT Market and Distribution District. (9) SD1 Special Development District, Small-Scale, Mixed-Use. (10) SD2 Special Development District, Mixed-Use. (11) S…
General category
MIXED_USE
Top alternative use upside
Apartment house (5+ units)
$1.1M
+133.3%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 15 comparables with addresses
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$470k
Value range
$423k – $517k
±10% around blend
Estimated value / SF
$93 / SF
Confidence
High
15 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
100
Income certainty
100
$423k
blend $470k
$517k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
5,037 SF
Lot area
0.07 ac
Stories
1
APN
11000072.002
Zoning
SD4
Assessed value
$237,800
Annual tax
$7,851
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$7,851
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$460k
Weighted, 15 comps · high confidence
Evidence
15 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
11.9 mi away · 3,990 SF
15.7 mi away · 4,231 SF
15.8 mi away · 4,576 SF
16.0 mi away · 5,816 SF
16.1 mi away · 4,500 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$470k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 293 sales
$91
+2%
County 610 sales
$110
-15%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $93/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Apartment House (5+ Units)
Gross theoretical uplift
+133%
vs current-use indication
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 15 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
7.27%
Selected cap rate for this showrooms
Derived from the Detroit market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 7.27%
9.0%
NOI (est.)
$69k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$950k
Move the market yield to see immediate price impact.
Value / SF
$189
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.77%7.27%7.77%
$62k
$918k
$855k
$800k
$69k
$1.02M
$950k
$888k
$76k
$1.12M
$1.04M
$977k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
15 found
High confidence · county-verified
Closest comparable
$250k
6.1 mi · Dec 2025 · $46/SF
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$7,851
Tax year 2020
Assessed value
$237,800
Assessed 2024
Previous assessed
$221,800
+7.2% YoY
Effective rate
3.30%
On assessed value
Total market value
$475,600
Applied tax rate
82,010.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
For Sale
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
5,037 SF
Lot
0.07 ac (3,049 SF)
Zoning code
SD4
APN
11000072.002
UPID
US43-4067012
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
SD4 · Detroit, MIZoning SD4 · permitted uses
SD4 · Detroit, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
Recreation District. (7) W1 Waterfront-Industrial District. (8) MKT Market and Distribution District. (9) SD1 Special Development District, Small-Scale, Mixed-Use. (10) SD2 Special Development District, Mixed-Use. (11) S…
General category
MIXED_USE
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
0.07 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
SD4
MIXED_USE
Jurisdiction
Detroit, MI
Recorded code
SD4
Official district
SD4
Official district profile
What the municipal code says about SD4
Zoning description
Recreation District. (7) W1 Waterfront-Industrial District. (8) MKT Market and Distribution District. (9) SD1 Special Development District, Small-Scale, Mixed-Use. (10) SD2 Special Development District, Mixed-Use. (11) S…
General category
MIXED_USE
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for SD4 in Detroit, MI.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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