This property is Off-Market
2051 Rosa Parks Boulevard
Detroit, MI 48216 ·
96,791 SF · Office For Sale
Rosa Parks Office Building
|Building Size||96,791 SF||Occupancy||36%|
|Property Sub-type||Office-Warehouse||Year Built||1937|
|Property Use Type||Investment||Lot Size||3.84 AC|
|Listing ID: 15899469||Date Created: 09/18/2008||Last Updated: 11/30/2009|
The subject property is a 99,747 square foot office/warehouse located in Corktown between Detroit's Central Business District and the Detroit River. It's comprised of 59,830 square feet (60 percent) of office space and 36,961 square feet (37 percent) of warehouse space. The common area is 2,956 square feet (3 percent). The office space is 59 percent occupied and the warehouse space is totally vacant. The office space is occupied by non-profit agencies.
The Asking Price of $895,000 is based on a 18.65 percent cap rate of the current income making this a great offer. The price per square foot is well below replacement cost at $9.25 per square foot. Additionally there is excess land included in this price. With very conservative financing - 7 percent interest, 20-year amortization and 70 percent LTV, this asset produces a first year cash-on-cash return of 26.22 percent. If the property is "stabilized", the returns increase to nearly 40 percent.
Detroit's oldest neighborhood, Corktown is located just west of the downtown commercial district, bounded by Michigan Avenue and Porter Street, and the Lodge and 16th Street.
In recent years, the neighborhood just west of Downtown has seen an influx of new restaurants and places to live. High-end lofts like the revamped Grinnell Piano Warehouse and Sixth Street Lofts and trendy bars and eateries like Slows, Brooklyn Café and Baile Corcaigh have moved into Corktown, whose population is one of the most stable and diverse in the city. Just off Michigan Avenue, the historic district features rows of immaculately restored Victorian-era houses. The neighborhood' s full of dedicated residents, many of whom have roots that go back several generations.
Corktown has faced its share of challenges, but for the most part it has met them head-on. The new development is generating energy, attracting new investors and making Corktown a destination in its own right.
- Priced based on current income
- Short-term upside from leasing vacant space
- Long-term upside from re-development of Tiger Stadium and surrounding area
- 18.65% CAP on current income
- 26.22% first year cash-on-cash return
- Only $8.97 / Square Foot
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