Detroit Restaurant Property Listed for $500,000
O'Connor Real Estate listed the 3401 Riopelle Street site in Detroit after a prior $2 million asking price.
Updated on Oct. 2, 2026 in Openings & Closings
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O'Connor Real Estate listed the property at 3401 Riopelle Street in Detroit for $500,000 in September 2026. The site currently houses the restaurant Amore da Roma.
Why it matters
The new listing price represents a significant reduction from the $2 million valuation placed on the property in 2024. Interested parties must submit their offers by October 9, 2026.
The property occupies 5,603 square feet on a plot measuring just under 3/4 of an acre. The current restaurant lease held by Guy Pelino is set to expire in July 2027.
The players
O'Connor Real Estate
This is the real estate firm responsible for listing the property at 3401 Riopelle Street.
Guy Pelino
He is the current restaurant operator who signed a 10-year lease for the site and plans to retire in 2027.
Amore da Roma
This restaurant currently operates out of the building located at 3401 Riopelle Street.
Roma Café
This historic institution operated at the site for 127 years before closing in 2017.
The details
The site, located in Detroit's Eastern Market, has a long history, previously serving as the home of the Roma Café for 127 years before its closure in 2017. Current tenant Guy Pelino, who signed a 10-year lease, plans to retire when his agreement concludes in 2027.
Timeline
Roma Café closed in July 2017 after 127 years of operation.
Amore da Roma opened at the address in December 2017.
The property was listed for $2 million in 2024.
O'Connor Real Estate listed the property for $500,000 in September 2026.
Interested parties must submit offers for the property by October 9, 2026.
Market Landscape
The sale reflects the ongoing evolution of the Eastern Market district, shifting away from long-standing legacy institutions toward new ownership models. This listing positions the site as a significant redevelopment opportunity within a historically dense commercial corridor.
The future of the site depends on the transition of the property ownership when the current lease expires in 2027. Shoppers and diners may see changes to the building's operations or long-term tenancy following the completion of the sale.
The takeaway
Potential investors should note that the property is sold with an active lease that remains in effect until mid-2027. Buyers must factor the remaining time on the lease and the tenant's retirement plans into their long-term development strategy for the Eastern Market site.
Further reading
For more information on commercial shifts in the area, visit Detroit Openings & Closings.
Source note: This article includes information reported by Detroit Free Press.
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