877 8 Mile RdHazel Park, MI 48030

Property Details for 877 8 Mile Rd

Year built

1982

Lot size

0.39 AC

Property size (Sq ft)

3,445 SF

Zone code

BI

Property type

Retail space

APN

28-25-36-380-024

APU

282536380024

Description

This exceptional 3,445 square foot storefront property presents a unique redevelopment opportunity for discerning investors. Situated on a prominent 0.47-acre lot at the northwest corner of I-75 and 8 Mile Road in Hazel Park, Michigan, this former car dealership boasts unparalleled visibility and accessibility. The hard corner location ensures maximum exposure to the extremely high traffic counts generated by this major intersection. The building itself offers a flexible layout, including a drive-in showroom, ideal for a variety of retail uses. Monument signage is already in place, providing excellent branding opportunities visible from both I-75 and 8 Mile Road. The property's location in Oakland County, Michigan, zip code 48030, offers easy access to a large consumer base. The asking sale price is available upon request. Alternatively, a lease is available at a gross monthly rate of $3,300 plus utilities. This property is classified as retail, subtype storefront, and represents a compelling investment opportunity for those seeking high-impact commercial real estate in a prime location. The property's size and location make it suitable for a wide range of retail businesses seeking high visibility and accessibility.

• CAP approach

  CAP return

  Valuation

  6%

  $1,053,269

  6.5%

  $972,249

  7%

  $902,802

• Comparable approach

  Method

  Valuation

  Relative Method

  $812,058

  Geo Method

  $812,058

• Alternative Use

  Use

  Valuation

  Residential

  $820,128

  Hospitality

  $751,233

  Educational

  $625,017

  Medical

  $646,512

  Retail

  $972,249

Location Insight

City

Hazel Park

County

Oakland

State

Michigan

Latitude

42.4474

Longitude

-83.0958

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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