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23199359
23199354

1400 Gratiot Ave, Detroit, MI 48207

WA
MI 6501411463
NAI Farbman
HY
MI 6501433927
NAI Farbman Southfield
Listed by NAI Farbman, NAI Farbman Southfield
Unpriced
399 days on market
Updated 20 days ago
Opportunity zone

EASTERN MARKET / Retail / Office Value-Add Opportunity

Details
APN 07-000783
Property Type Retail, Multifamily (+2)
Sub Type Restaurant, Apartment Building
Square Footage 20,000
Net Rentable (SqFt) 19,430
Occupancy 20%
Tenancy Multi
Broker Co-Op Yes
Class B
Year Built 1923
Year Renovated 2023
Buildings 1
Stories 5
Acreage 0.120
Zoning B4
Investment Type Owner/User
Occupancy Date 04/30/2025

Mixed-Use 20,000 SF Office / User or Investor Sale Opportunity

Marketing description

The viola building - is a restored 5-story mixed-use office/retail building, located on the busy sec of gratiot ave and russell st. at the gateway to eastern market. The original 1923 building was renovated in 2018 and 2020/2023 with additional improvements planned for 2025. the building has received ±$1.50 mm in capital upgrades, making significant additions such an elevator, new windows, new roof and dedicated furnaces per floor. The building is scheduled for planned additional improvements to the main corridor and hallway, lighting, adding murals/art and a lot more fresh paint throughout the interior. The viola building provides for ample lower-level storage space. The unique property consists of prime ground floor retail/restaurant space with four floors of office and live/workspace with skyline views. The newly installed elevator provides easy access to units, which have wide open floor plate throughout with sealed concrete floors, in suite restrooms and kitchens. Located at the busy sec of gratiot ave and russell st. at the gateway to eastern market in a qualified opportunity zone (qoz). excellent walk, bike and transit scores in the thriving eastern market area. Located directly across the new development with 440 apartments coming across the street. Area is part of the project green light detroit partnering with the detroit police department. Retail / restaurant / office / co-working space / live-workspace 20,000 sf office 4,000 sf open floor plans, in suite restrooms, kitchenettes 4,000 sf ground floor retail/restaurant 3,000 sf basement/storage views of downtown detroit skyline new roof, windows, hvac and elevator available street parking along gratiot ave (front) the service drive (back) ample additional surface parking on/walkable off site walking distance to eastern market, ford field, comerica park, campus martius, brush park, city modern detroit people mover provides access to nearby attractions to greektown, cadillac center, broadway, bricktown, grand circus park, campus martius, renaissance center

Investment highlights

  • ±20,000 SF, 5-Story Office Building Located in the Eastern Market, Detroit, Michigan
  • 20% Occupancy
  • Beginning 2020 through 2025 the Building has Received ±$1.50 MM in Capital Upgrades
  • Located on the Busy SEC of Gratiot Ave and Russell St. at the Gateway to Eastern Market
  • Qualified Opportunity Zone (QOZ)
  • General Business District (B4)
  • Walkable to the Local Dining, Sports and Entertainment Districts

Listing Contacts

WA
MI 6501411463
NAI Farbman
HY
MI 6501433927
NAI Farbman Southfield
Listed by NAI Farbman, NAI Farbman Southfield

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