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Elevator Building 1938 Franklin St

28,078 SF 97% Leased Office Building Detroit, MI 48207 $3,950,000 ($141/SF) 9% Cap Rate

Lofts Michigan Detroit 1938 Franklin St, Detroit, MI 48207

Executive Summary

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.
Property tours will start Wednesday October 30th from Noon - 2:00 PM

Attachments

Riverfront - Elevator Building - OM

Property Facts

Sale Type
Investment
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
28,078 SF
Building Class
C
Year Built/Renovated
1900/2010
Price
$3,950,000
Price Per SF
$141
Cap Rate
9%
NOI
$355,500
Percent Leased
97%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
14,039 SF
Building FAR
1.04
Lot Size
0.62 AC
Opportunity Zone
Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning
SD-4 - The SD4 District is intended for areas indicated in the Detroit Master Plan as appropriate for high intensity residential and commercial mixed-use.
Parking
22 Spaces (0.78 Spaces per 1,000 SF Leased)

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Fl-Ste 106
  • 1,139 SF
  • Office
  • Partial Build-Out
  • Now

Suite 106 offers 1,139 square feet with high bay space with potential for kitchenette

  • 1st Fl-Ste 108
  • 2,809 SF
  • Office
  • Partial Build-Out
  • Now

Suite 106 offers 1,139 square feet with high bay space with potential for kitchenette Suite 108 offers 2,809 square feet with direct street access, exterior signage rights and full kitchen Suite 112 offers 1,998 square feet with direct street access, exterior signage rights and built-in-bar Suite 202 offers 909 square feet in furnished suite with ample natural rights ($750/month) Suite 208 offers 605 square feet with ample natural light and private bathroom ($950/month)

  • 1st Fl-Ste 112
  • 1,998 SF
  • Office
  • Partial Build-Out
  • Now

Suite 112 1,998 sf with direct street access, exterior signage rights & built-in bar

  • 2nd Fl-Ste 202
  • 909 SF
  • Office
  • Partial Build-Out
  • Now

Suite 202 offers 909 sf furnished suite with ample natural light

Space Size Space Use Condition Available
1st Fl-Ste 106 1,139 SF Office Partial Build-Out Now
1st Fl-Ste 108 2,809 SF Office Partial Build-Out Now
1st Fl-Ste 112 1,998 SF Office Partial Build-Out Now
2nd Fl-Ste 202 909 SF Office Partial Build-Out Now

1st Fl-Ste 106

Size
1,139 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

1st Fl-Ste 108

Size
2,809 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

1st Fl-Ste 112

Size
1,998 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

2nd Fl-Ste 202

Size
909 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

1st Fl-Ste 106

Size 1,139 SF
Space Use Office
Condition Partial Build-Out
Available Now

Suite 106 offers 1,139 square feet with high bay space with potential for kitchenette

1st Fl-Ste 108

Size 2,809 SF
Space Use Office
Condition Partial Build-Out
Available Now

Suite 106 offers 1,139 square feet with high bay space with potential for kitchenette Suite 108 offers 2,809 square feet with direct street access, exterior signage rights and full kitchen Suite 112 offers 1,998 square feet with direct street access, exterior signage rights and built-in-bar Suite 202 offers 909 square feet in furnished suite with ample natural rights ($750/month) Suite 208 offers 605 square feet with ample natural light and private bathroom ($950/month)

1st Fl-Ste 112

Size 1,998 SF
Space Use Office
Condition Partial Build-Out
Available Now

Suite 112 1,998 sf with direct street access, exterior signage rights & built-in bar

2nd Fl-Ste 202

Size 909 SF
Space Use Office
Condition Partial Build-Out
Available Now

Suite 202 offers 909 sf furnished suite with ample natural light

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Walk Score ®
Very Walkable (74)
Bike Score ®
Very Bikeable (82)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Number 09-0000312 Improvements Assessment $0
Land Assessment $0 Total Assessment $741,200

PROPERTY TAXES

Parcel Number
09-0000312
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$741,200
(313) 704-2678

Contact

  • Listing ID: 33581465

  • Date on Market: 10/20/2024

  • Last Updated:

  • Address: 1938 Franklin St, Detroit, MI 48207

More public record information on 1938 Franklin St, Detroit, MI 48207

The Office Property at 1938 Franklin St, Detroit, MI 48207 is currently available for sale. Contact O'Connor Real Estate for more information.

Office PROPERTIES IN NEARBY NEIGHBORHOODS

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Elevator Building | 1938 Franklin St
(313) 704-2678 x

Elevator Building | 1938 Franklin St

Vincent Mazzola

(313) 704-2678

(313) 704-2678

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