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20428375
20428376

1938 Franklin ST, Detroit, MI 48207

O'Connor Real Estate
Listed by O'Connor Real Estate
$3,950,000
610 days on market
Updated 7 days ago
Opportunity zone

The Elevator Building on The Riverfront | 9% CAP | 96% Occ

Details
APN W23I002011S015F
Property Type Office, Retail
Sub Type Traditional Office, Storefront
Square Footage 28,078
Cap Rate 9.00%
NOI $354,399
Occupancy 96.5%
Tenancy Multi
Broker Co-Op Yes
Class B
Year Built 1900
Year Renovated 2010
Buildings 1
Stories 2
Acreage 0.620
Zoning SD-4
Investment Type Stabilized
Occupancy Date 10/20/2024

The Elevator Building on Detroit’s Riverfront | 9% CAP | 96% Occupied

Marketing description

The newly renovated Elevator Building offers creative workspace in the heart of Detroit's East Riverfront. The building hosts a community of creative professionals working in media, architecture, fashion, wellness, community services, and other fields. The spaces offer a modern reboot of Detroit's industrial past, featuring ample light, high ceilings, and exposed brick and beams. Capital improvements include new roof systems, energy-efficient windows, new HVAC units, and renovated bathrooms. Amenities have also been added, including a conference room, kitchenette, bike storage, high-speed wifi and a private shower room. Tenants take advantage of the building's direct proximity to the award-winning Riverwalk and the Dequindre Cut to access downtown, Eastern Market and Lafayette Park by foot, bike or scooter. Wednesday October 30th from Noon - 2:00 PM

Investment highlights

Robust and Diverse Tenant Base

Despite the rise in work-from-home trends, the majority of small businesses continue to rely on physical workspaces to operate effectively.

Move-In Ready Spaces

Tenants lease space in its current condition, with no tenant improvement (TI) requirements, ensuring faster occupancy and cost savings.

Minimal Broker Fees

With most tenants opting to handle their own leasing arrangements, broker involvement is limited, keeping transaction costs low.

Simple, Transparent Pricing

Rents are quoted as a flat monthly rate, allowing small space tenants to focus on total costs rather than price per square foot.

Consistent Occupancy Rates

Proven track record of maintaining high occupancy levels, even with relatively short-term lease agreements of 3-5 years.

Diverse and Resilient Tenant Mix

A broad, varied tenant base reduces exposure to credit risk, ensuring stable cash flow and occupancy across different market conditions

Neighbors

Detroit Riverwalk, Dequindre Cut Greenway, Aretha Franklin Amphitheater, Renaissance Center, Joe Muer Seafood, Andiamo, Orleans Landing Apartments, Atwater Brewery, Harbor Town, Meijer, Atwater Beach, Red Hook Coffee, Breadless, Empacho argentinian street food, Stroh River Place, Rattlesnake Club, Bucharest Grill, Harbor town Market

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Listing Contacts

O'Connor Real Estate
Listed by O'Connor Real Estate

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$354,399.00
$29,533.25/mo

Valuation Metrics

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DSCR
8.97%
Cap Rate
8.97%
ROI

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Zoning

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SD4 MixedMixed UseSpecial Development District And Riverfront Mixed Use
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Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics

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