Corktown Redevelopment | Detroit River Views 1200 6th St
612,924 SF Vacant Office Building Online Auction Sale Detroit, MI 48226
Place your bid!
INVESTMENT HIGHLIGHTS
- Detroit Executive Plaza presents investors with an exceptional redevelopment opportunity of a vacant office close to Detroit’s CBD.
- Detroit Executive Plaza has valuable visibility with frontage on John C. Lodge Freeway, allowing for prominent signage on multiple sides.
- Situated in a designated Opportunity Zone, providing potential for incentives to the new owner as they develop the property.
- Prime live, work, and play location at the entrance of Corktown, one of the city’s hottest districts with neighborhoods and development.
- In a bustling area with several new developments, including Ford's Mobility headquarters, the Godfrey Hotel, Elton Park and The Corner apartments.
EXECUTIVE SUMMARY
NAI Farbman is pleased to present The Detroit Executive Center, an opportunity for investors to acquire a well-located redevelopment assemblage. Currently on-site are two towers connected by a Center Core. The North Tower, built in 1971, consists of 21 floors totaling 321,500 square feet. The North Tower also includes a mezzanine, basement, and elevator penthouse suite. The South Tower, built in 1966, features 11 floors totaling 291,400 square feet. The South Tower has a mezzanine space and a basement. The Center Core connects the two towers and comprises 13 floors with a mezzanine, basement, elevator, penthouse, and cooling tower. The properties are conveyed vacant, allowing for an easy transition to new ownership. The existing buildings have spectacular Detroit skyline and river views along with high traffic counts, exceptional visibility, and access from the Lodge Freeway. This a stand-out opportunity to create a unique mixed-use development on the edge of both Corktown and the CBD. Concepts for the site to consider could be a mix of apartments, hotels, offices, and street-level retail.
Located in one of the most significant sites in Detroit, this property is not one to miss. Detroit Executive Plaza has valuable visibility with frontage along the John C. Lodge Freeway allowing for prominent signage on multiple sides of the building for tenants or advertisement (subject to city approval). With immediate freeway access, the property is easily accessible. The location allows for unimpeded skyline views to the east, Ambassador Bridge and Corktown views to the west, and Windsor / Detroit River views to the south.
The largest US city along the Canada-US border, Detroit is renowned as the hub of the United States automotive industry, with the headquarters of General Motors, Ford, and Chrysler located in the metro area. It is the anchor of the second-largest regional economy in the Midwest and the 14th-largest in the US. Detroit has invested over $3.5 billion in public-private partnerships, promoting long-term job growth and economic sustainability. The city has recently achieved an investment-grade credit rating for the first time since 2009 and now has a $230 million budget surplus.
Detroit Executive Plaza presents an ideal destination for investors seeking a new big project in Detroit’s booming neighborhood.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Located in one of the most significant sites in Detroit, this property is not one to miss. Detroit Executive Plaza has valuable visibility with frontage along the John C. Lodge Freeway allowing for prominent signage on multiple sides of the building for tenants or advertisement (subject to city approval). With immediate freeway access, the property is easily accessible. The location allows for unimpeded skyline views to the east, Ambassador Bridge and Corktown views to the west, and Windsor / Detroit River views to the south.
The largest US city along the Canada-US border, Detroit is renowned as the hub of the United States automotive industry, with the headquarters of General Motors, Ford, and Chrysler located in the metro area. It is the anchor of the second-largest regional economy in the Midwest and the 14th-largest in the US. Detroit has invested over $3.5 billion in public-private partnerships, promoting long-term job growth and economic sustainability. The city has recently achieved an investment-grade credit rating for the first time since 2009 and now has a $230 million budget surplus.
Detroit Executive Plaza presents an ideal destination for investors seeking a new big project in Detroit’s booming neighborhood.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
Detroit - MI USA
Market Cap Rate
Detroit - MI USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Office/Residential
Building Size
612,924 SF
Building Class
B
Year Built
1971
Percent Leased
Vacant
Tenancy
Multiple
Building Height
21 Stories
Typical Floor Size
29,187 SF
Slab To Slab
11’
Building FAR
5.12
Lot Size
2.75 AC
Opportunity Zone
Yes
Zoning
B-5 & M-3, Detroit
Parking
67 Spaces (0.11 Spaces per 1,000 SF Leased)
AMENITIES
- Atrium
- Restaurant
- Signage
- Storage Space
- High Ceilings
- Air Conditioning
Walk Score®
Very Walkable (79)
Transit Score®
Excellent Transit (80)
Bike Score®
Very Bikeable (81)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
10,214
74,161
216,219
2020 Population
9,379
73,568
200,776
2029 Population
10,180
72,861
215,099
2024-2029 Projected Population Growth
-0.3%
-1.8%
-0.5%
Daytime Employees
58,970
139,732
173,468
Total Businesses
2,801
12,165
15,896
Average Household Income
$91,317
$64,045
$55,913
Median Household Income
$71,359
$39,254
$35,447
Total Consumer Spending
$153.9M
$761.8M
$1.9B
Median Age
37.6
35.4
35.5
2024 Households
6,281
37,134
92,019
Percent College Degree or Above
23%
16%
12%
Average Home Value
$366,317
$233,652
$181,197
ZONING
| Zoning Code | B-5 & M-3, Detroit |
PROPERTY TAXES
| Parcel Number | 06-00455-462 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $11,057,800 |
SALE ADVISORS
SALE ADVISORS
Todd Szymczak, Senior Vice President
(248) 841-5007
Contact
Todd has been with the NAI Farbman Investment Sales Group since 2005. He has developed a strong reputation for accurate valuations for many sellers who are looking for direction on their real estate holdings. Todd’s sales experience has included both distressed and stabilized properties, including a large number of Multifamily transactions, Small Businesses with real estate, Mobile Home Communities, Hospitality, Senior Living, Industrial, Office and Retail. Todd is a member if the NAI Global Investment Services Group, which exposes listings to a network of elite investment sales brokers within the NAI network who are working for buyers actively looking to make investments. Clients Include Berkadia, C-III Capital, Comerica Bank, CW Capital, Findling Law Firm, Flagstar Bank, Mercantile Bank, Midland Loan Services, Ocwen, ORIX, Zurich Financial and others.
Alis Babi, CCIM, Assistant Vice President - Investment Sales
(248) 351-4370
Contact
Alis joined NAI Farbman in May 2018 and is currently the Assistant Vice President of the Investment Sales Division at NAI Farbman. Alis' responsibilities in the Investment Sales Division include financial analysis of the deals and the selling of investment real estate including retail centers, office buildings, industrial deals, and apartments. She is also responsible for writing Broker's Opinions of Value and creating sales offering memorandums. Alis interacts with clients on various issues and performs the duties that are essential to making a deal, such as research, creating reports and the marketing of the properties.
Prior to joining NAI Farbman, Alis obtained experience contributing toward the disposition of commercial real estate properties, mainly industrial buildings at CBRE|Martin. She assisted brokers and analyzed/managed month-end portfolio updates.
Prior to joining NAI Farbman, Alis obtained experience contributing toward the disposition of commercial real estate properties, mainly industrial buildings at CBRE|Martin. She assisted brokers and analyzed/managed month-end portfolio updates.
Mario Giglio, Assistant Vice President
(248) 302-0127
Contact
Mario Giglio joined NAI Farbman in June 2018 as an Investment Sales Associate in the Investment Sales Division.
Mario’s primary responsibilities in Investment Sales include detailed financial analysis of investment real estate from varying asset classes, as well as the selling of those investment properties. He is also responsible for writing Broker’s Opinions of Value and creating sales Offering Memorandums. Mario interacts with his clients on various issues and performs the duties that are essential to get a deal done. These duties include researching, reporting, and marketing the property.
Prior to joining NAI Farbman, Mario first obtained experience while working at Ramco Gershenson Properties Trust in the Financial Planning and Analysis Department contributing to the essential forecasting and budgeting of the portfolios. He assisted senior financial analysts through financial modeling and valuation.
Mario’s primary responsibilities in Investment Sales include detailed financial analysis of investment real estate from varying asset classes, as well as the selling of those investment properties. He is also responsible for writing Broker’s Opinions of Value and creating sales Offering Memorandums. Mario interacts with his clients on various issues and performs the duties that are essential to get a deal done. These duties include researching, reporting, and marketing the property.
Prior to joining NAI Farbman, Mario first obtained experience while working at Ramco Gershenson Properties Trust in the Financial Planning and Analysis Department contributing to the essential forecasting and budgeting of the portfolios. He assisted senior financial analysts through financial modeling and valuation.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Mary Humphreys
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
