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Elevator Building 1938 Franklin St

28,078 SF 93% Leased Office Building Detroit, MI 48207 $3,950,000 ($141/SF) 9% Cap Rate

Lofts Michigan Detroit 1938 Franklin St, Detroit, MI 48207

INVESTMENT HIGHLIGHTS

  • Newly renovated with modern amenities, including high ceilings, exposed brick, and ample natural light
  • Features new roof systems, energy-efficient windows, and new HVAC units
  • Situated in the East Riverfront district, with easy access to downtown, Eastern Market, and Lafayette Park

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
93%
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 112
  • 1,998 SF
  • Office
  • Full Build-Out
  • Now

The Elevator Building offers unique loft office spaces in the heart of Rivertown. The building hosts a community of creative professionals working in media, architecture and design, wellness, community services, and other fields. The spaces feature ample light, high ceilings, and exposed brick and beams. Hop on a Mo-Go or a scooter for a short ride to downtown along the Riverwalk, or ride up to Lafayette Park and Eastern Market on the Dequindre Cut.

Space Size Space Use Condition Available
1st Fl-Ste 112 1,998 SF Office Full Build-Out Now

1st Fl-Ste 112

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

1st Fl-Ste 112

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

The Elevator Building offers unique loft office spaces in the heart of Rivertown. The building hosts a community of creative professionals working in media, architecture and design, wellness, community services, and other fields. The spaces feature ample light, high ceilings, and exposed brick and beams. Hop on a Mo-Go or a scooter for a short ride to downtown along the Riverwalk, or ride up to Lafayette Park and Eastern Market on the Dequindre Cut.

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

OFFICE PROPERTIES IN NEARBY NEIGHBORHOODS

NEARBY LISTINGS

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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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