1938 Franklin Street Detroit, MI $ 3,950,000
1938 Franklin Street
$ 3,950,000
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1938 Franklin Street

Detroit, MI, 48207
$ 3,950,000
Bedrooms-- Baths-- Sq 28,078

Monthly Estimate*

$ 24,321

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1938 Franklin Street, Detroit, MI 48207 - Image 12
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1938 Franklin Street, Detroit, MI 48207 - Image 14

Commercial Property for sale in Detroit, MI

for $3,950,000. This 28,078 square foot building was built in 1900 on a lot size of 0.62.

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

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Commercial Active

Price

$ 3,950,000

Property Type

Commercial

Taxes

$ 54,312

Style

RealEstateOnly

Lot Size

0.62

Year Built

1900

Town/City

Detroit

County/Region

Wayne

MLS | Web ID

20240079430

Features
General
Sewer PublicSewer
Possession SubjectToTenantRights
Roof Rubber
Security Features BuildingSecurity FireAlarm SecurityFence SecuritySystem
Construction Materials Brick
Year Built 1900
Levels Two
Property Subtype RealEstateOnly
Current Use Office Retail
County Wayne
Net Operating Income 354399.0
Operating Expense 166128.0
New Construction N
Property Type CommercialSale
HOA N
Attached Garage N
Subdivision Name SUB OF LOT 2 WITHERELL FARM (PLATS)
Garage Y/N N
Status Active
Directions In Detroit's Riverfront & adjacent to the Dequindre cut greenway
City DetroitCity_Wayne
Senior Community Y/N N
High School District Detroit
Zoning Description Commercial
MLS Area Area05053DetWoodwardMcclellanSoMack
Lot Size Units Acres
Carport Y/N N
Land Lease Y/N N
Tax Annual Amount 54312.7
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Standard Status Active
Occupancy Type Tenant
Tax Assessed Value 628573
TaxOtherAnnualAssessmentAmount 0.0
Expected Active Date 2024-10-20
Legal Description S FRANKLIN W 19.09 FT ON N BG W 16.86 FT ON S LINE 13 LOTS 14 THRU 16 SUB OF LOT 2 WITHERELL FARM L1 P37 PLATS W C R 9/3 13&14 SUB OF LOT 1 WITHERELL FARM L1 P76 PLATS W C R 9/6 26 978 SQ FT 08/16
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Exterior
Water Source Public
Lot Size Area 0.62
Spa N
Building Area Total 28078.0
Lot Dimensions 200x120
Lot Size Acres 0.62
Waterfront Y/N N
Road Frontage Type Paved
Crops Included Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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Interior
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Above Grade Finished Area 28078.0
Half Baths 0
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Internal Only
Street Number 1 1938
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* Excluded Features
List By
Vincent Mazzola

Listing Agent

O'connor Realty Detroit, Llc

Broker

(313) 963-9891

Phone

Affordability Calculator

$28,847
Per Month
84%
16%
0%
Monthly Principal & Interest
$24,321
Monthly Property Taxes
$4,526
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
848539 Elementary School
848135 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
10/21/2024$3,950,000 Listed Price

Map


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1938 Franklin Street, Detroit, MI, 48207 is a Commercial Property for sale at $3,950,000 with 28,078 sqft and a lot size of 0.62. 1938 Franklin Street was built in 1900. The property's zip code is 48207 which is in Detroit, MI