68476 Main StRichmond, MI 48062

Property Details for 68476 Main St

Year built

1940

Lot size

0.36 AC

Property size (Sq ft)

5,531 SF

Zone code

B-2

Property type

Retail space

APN

07-06-01-152-001

APU

70601152001

Description

This exceptional 5,531 square foot retail property, located at 68476 Main St, Richmond, MI 48062, presents a unique investment opportunity. Built in 1940, this building sits on a 0.47-acre lot and boasts 180 feet of road frontage, ensuring high visibility and accessibility. The property features a full basement, a two-car garage, a quaint carriage house, and ample parking for 15+ vehicles. Currently zoned B2 Commercial, the property offers a wide array of potential uses, including but not limited to a bed and breakfast, assisted living facility, daycare, restaurant, attorney's office, or tavern. The spacious layout includes a large second floor, ideal for mixed-use development, such as combining commercial space on the first floor with residential quarters above. The asking price is $210,000, translating to $38 per square foot. The land value alone is also assessed at $38 per square foot. This property presents a chance to revitalize a classic building in a desirable location, offering significant potential for return on investment. The Macomb County location and the property's versatile zoning make this a truly compelling opportunity for a savvy investor. The APN is 0601152001.

• CAP approach

  CAP return

  Valuation

  6%

  $1,691,040

  6.5%

  $1,560,960

  7%

  $1,449,463

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,303,772

  Geo Method

  $1,303,772

• Alternative Use

  Use

  Valuation

  Residential

  $1,316,728

  Hospitality

  $1,206,116

  Educational

  $1,003,474

  Medical

  $1,037,985

  Retail

  $1,560,960

Location Insight

City

Richmond

County

Macomb

State

Michigan

Latitude

42.8057

Longitude

-82.7533

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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