626 Harper is an existing 16,143 square foot office / light industrial building located in Tech Town, Detroit, Michigan. The building is currently occupied by Brophy, a branding, marketing, and production agency. The building is on approximately .55 acres of land, and has 22 gated parking spaces, with a garage bay in the rear. The building consists of 13 office spaces, and two large common office areas. At one point, Brophy had 55 employees working out of the building.
The Location
Tech Town, Detroit is home to numerous large employers in the manufacturing, warehouse, automotive, Health, and Government industries. Companies such as Ford Health Care, Quicken Loans, Blue Cross Blue Shield, and the Michigan State Government occupy millions of square feet all within a mile of 626 Harper. The building is also surrounded by several million dollars of planned future developments that include hospitals, apartment buildings, warehouses, and industrial space.
The Investment
626 Harper would make a great investment for an owner user, or an individual who is looking to lease out the space. As an owner user, the property has an abundance of office and storage space for employees / material, as well as gated parking. As an investor, the average rent in the area is around $12 / SF NNN, which would return an approximate 12% CAP rate on the investment.
