Park Shelton Building

Overview

±21,042 SF of Ground Floor Retail: Four commercial units along Woodward Avenue in Midtown Detroit’s cultural coreHistoric & Iconic Architecture: Built in 1926 and listed on the National Register of Historic Places84% Leased to Premier Local Operators: Strong tenant roster made up of a combination of local eateries, cultural arts, boutique shopping, and professional servicesImmediate Foot Traffic: Tenants benefit from built-in consumer traffic generated by over 200 residential units above, direct adjacency to Wayne State University, and a QLine Station steps from the front entranceDeeded Covered Parking Spaces: Offering includes ownership of over 60 deeded parking spaces in the attached parking structure and can be monetized independentlyCondominium Ownership Structure: Commercial Unit owner is responsible for only ±5.21% of capital improvement cost, with the majority borne by residential unit owners—significantly reducing long-term CAPEX exposureValue Add Component: New owner can unlock additional income by leasing the ±3,415 SF of vacant space and implementing an automated parking system to significantly increase parking revenueNOI: ± $366,000Asking Price: $3,950,000 (9.25% Cap Rate)