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Historic Downtown Redevelopment Opp. 3 Properties Online Auction Sale Detroit, MI
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Investment Highlights
- Subject offering comprises the Leland House Apartments, a nationally registered historic building, and two neighboring parking lots.
- Rare Downtown opportunity providing redevelopment, lease-up, and operational advantages of a National Register of Historic Places property.
- Well-suited for residential, hospitality, condominium, or mixed-use redevelopment, enhancing project economics.
- Tax-incentivized location in Downtown Detroit’s Opportunity Zone and bustling Central Business District with strong public transit.
- Compelling basis offered at pricing that allows for creative capital structuring and long-term value creation.
- 22-story Leland House currently has approximately 150 single occupancy rooms and 120 apartment units, and houses the well-known City Club.
Executive Summary
Discover a one-of-a-kind investment opportunity offering the chance to acquire the historic Leland House Hawkeye property located at 400 Bagley Street in Detroit, Michigan. This irreplaceable historic asset is one of Downtown Detroit’s most recognizable and architecturally significant buildings. The nationally registered building boasts an expansive 392-971-square-foot building size with floor plates well-suited for apartments, condos, hospitality, or a mixed-use program.
While peer assets such as the Book Cadillac, Siren Hotel, Whitney Building, and Fort Shelby have all undergone transformative restorations over the past decade, the Leland continued to operate under its long-standing business model of providing budget-friendly rooms to long-term occupants. Until just recently, it held the distinction of being the oldest continuously operating hotel in Downtown Detroit. Today, it is offered with two neighboring parking lot parcels, one spanning 0.73 acres and the other, 0.38 acres, promoting additional parking alongside the building redevelopment.
400 Bagley Street is in a prime location at the corner of Bagley Street and Cass Avenue, bridging multiple high-growth districts and benefiting from substantial infrastructure investment. More than 6,800 cars pass the signalized intersection daily, providing built-in exposure and accessibility benefits. Wayne County’s Opportunity Zone is an additional benefit, potentially enabling qualified redevelopment projects to take advantage of state-incentivized tax reductions.
Detroit’s Central Business District is a bustling hub with approximately 174,385 daytime employees traveling in and out daily. It is served by the Amtrak commuter rail and public bus routes via the Detroit Department of Transportation, DDOT, and the Suburban Mobility Authority for Regional Transportation, SMART. DDOT operates throughout the city center, while SMART runs from Detroit to surrounding suburbs such as Southfield, Warren, and Troy.
The Leland House represents one of the largest and most unique redevelopment opportunities in Downtown Detroit.
While peer assets such as the Book Cadillac, Siren Hotel, Whitney Building, and Fort Shelby have all undergone transformative restorations over the past decade, the Leland continued to operate under its long-standing business model of providing budget-friendly rooms to long-term occupants. Until just recently, it held the distinction of being the oldest continuously operating hotel in Downtown Detroit. Today, it is offered with two neighboring parking lot parcels, one spanning 0.73 acres and the other, 0.38 acres, promoting additional parking alongside the building redevelopment.
400 Bagley Street is in a prime location at the corner of Bagley Street and Cass Avenue, bridging multiple high-growth districts and benefiting from substantial infrastructure investment. More than 6,800 cars pass the signalized intersection daily, providing built-in exposure and accessibility benefits. Wayne County’s Opportunity Zone is an additional benefit, potentially enabling qualified redevelopment projects to take advantage of state-incentivized tax reductions.
Detroit’s Central Business District is a bustling hub with approximately 174,385 daytime employees traveling in and out daily. It is served by the Amtrak commuter rail and public bus routes via the Detroit Department of Transportation, DDOT, and the Suburban Mobility Authority for Regional Transportation, SMART. DDOT operates throughout the city center, while SMART runs from Detroit to surrounding suburbs such as Southfield, Warren, and Troy.
The Leland House represents one of the largest and most unique redevelopment opportunities in Downtown Detroit.
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- Purchase Agreement
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Property Facts
| Sale Condition | Auction Sale | Number of Properties | 3 |
| Type of Ownership | Fee Simple | Total Building Size | 392,971 SF |
| Sale Type | Investment | Total Land Area | 1.77 AC |
| Status | Active |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Total Building Size | 392,971 SF |
| Total Land Area | 1.77 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
|
Parking Lot
1700-1750 First St, Detroit, MI 48226 |
Land | 31,799 SF | - |
|
Parking Lot
429 Plaza Dr, Detroit, MI 48226 |
Land | 16,553 SF | - |
|
The Leland House Apartments
400 Bagley St, Detroit, MI 48226 |
Multifamily | 392,971 SF | 2026 |
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Sale Advisors
Sale Advisors
Addison Williams, Vice President
Addison Williams is a capital markets broker at Savills who facilitates the sale and purchase of investment real estate nationwide. A 2017 graduate of Michigan State University, he has nearly a decade of industry experience managing transactions across the multifamily, industrial, office, and retail sectors. Addison specializes in connecting sellers with targeted buyers, leveraging his personal network to execute sales, leasebacks, and equity placements. Prior to Savills, Addison spent eight years at CBRE, where he received the 2023 Rising Star Award. His work focuses on disposition and acquisition strategy and execution, providing clients with direct market access to meet their financial objectives.
Gregory Bockart, Vice Chairman, Market Leader
Greg leads a team of tenant-focused brokers specializing in office and industrial tenant representation, leasing, consulting, strategic planning, financial modeling, research services, dispositions, and investment sales. For over a decade in commercial real estate, Greg has been a fierce advocate for corporations and individuals on a local, national and global level. Greg’s clients benefit from his extensive background in structuring and negotiating commercial leases, developing comprehensive and strategic real estate plans, and delivering results based on each client’s unique business or investment requirements. Through creative negotiations, Greg has achieved significant cost reductions and has strategically aligned his clients’ real estate requirements with their business and financial objectives across a broad range of industries, including legal, professional services, industrial and the technology/advertising/media/information services sector.
Peter McGrath, Managing Director
With a background in analysis and urban planning, Peter adds a unique perspective to the commercial real estate industry in Detroit. In addition to a thorough understanding of Metro Detroit’s real estate market, he brings a particular focus on the City of Detroit and urban redevelopment. Peter views his role in the revitalization of the Motor City as one of the highlights of his job.
Prior to joining Colliers, Peter worked for a variety of non-profit organizations in the Detroit area in a research and analytical capacity, such as the Michigan Economic Development Corporation, Cornerstone Schools, Archdiocese of Detroit, and Focus: HOPE. He holds Masters degrees from the University of Michigan and Wayne State University, and a Bachelor’s degree from John Carroll University.
Prior to joining Colliers, Peter worked for a variety of non-profit organizations in the Detroit area in a research and analytical capacity, such as the Michigan Economic Development Corporation, Cornerstone Schools, Archdiocese of Detroit, and Focus: HOPE. He holds Masters degrees from the University of Michigan and Wayne State University, and a Bachelor’s degree from John Carroll University.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Victoria Quade
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Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
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Photos
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Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Historic Downtown Redevelopment Opp.
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