23055 Telegraph RdSouthfield, MI 48033

Property Details for 23055 Telegraph Rd

Year built

1989

Lot size

1.66 AC

Property size (Sq ft)

4,242 SF

Zone code

I-1

Property type

Banks

APN

76-24-29-476-024

APU

762429476024

Description

This exceptional 4,438 square foot retail property, formerly a Bank of America branch, presents a unique investment opportunity in Southfield, Michigan. Located at 23055 Telegraph Rd, this 1.66-acre site boasts a highly desirable B-3 zoning classification and has already received site plan approval for a car wash, significantly streamlining the development process. The asking price is $1,995,000, translating to $449.53 per square foot. The property's prime location on Telegraph Road, just north of 9 Mile Road, ensures high visibility and accessibility, making it ideal for a variety of commercial uses beyond the approved car wash. Given its strategic location and existing approvals, this property offers significant potential for immediate development or a lucrative ground lease arrangement. The property's history as a well-established financial institution adds to its appeal, providing a solid foundation for future success. Detailed site plans and zoning information are readily available. This is a rare opportunity to acquire a turnkey property in a thriving commercial corridor. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $824,081

  6.5%

  $760,690

  7%

  $706,355

• Comparable approach

  Method

  Valuation

  Relative Method

  $412,669

  Geo Method

  $412,669

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,475,860

  Mixed-Use / Specialty

  $761,034

  Hospitality / Lodging

  $562,324

  Office

  $759,695

  Institutional / Educational

  $792,261

  Residential Income

  $926,945

  Multifamily

  $1,094,790

  Automotive / Energy

  $679,080

  Parking / Income-Based Land

  $231,324

  Restaurant / Food Service

  $402,340

  Healthcare / Senior Housing

  $777,293

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4582

Longitude

-83.2797

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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