68074 Main StRichmond, MI 48062

Property Details for 68074 Main St

Year built

1905

Lot size

0.28 AC

Property size (Sq ft)

4,144 SF

Zone code

B-2

Property type

Retail space

APN

07-06-01-163-002

APU

70601163002

Description

This exceptional 4,144 square foot industrial property located at 68074 S Main, Richmond, MI, presents a unique investment opportunity. Currently leased to a thriving antique market and furniture retailer on a long-term agreement, this property guarantees immediate and consistent rental income. The building, situated on a 0.28-acre lot, boasts a rich history, having previously served as a successful music studio. The main level is beautifully appointed with multiple rooms, currently subleased to various antique vendors. The upper level offers significant untapped potential for expansion or additional rental income. A large, dry basement is currently used for cold storage by a neighboring business, generating supplemental revenue. The property includes a private parking lot, adding to its convenience and appeal. Offered at $269,999, this well-maintained building represents a chance to acquire a landmark property with a proven track record of success in a vibrant community. Its established tenancy and diverse income streams make it an attractive investment for discerning buyers seeking a stable and profitable venture. The property's history and current use combine to create a unique and compelling investment opportunity. Don't miss this chance to own a piece of Richmond's commercial history.

• CAP approach

  CAP return

  Valuation

  6%

  $1,266,980

  6.5%

  $1,169,520

  7%

  $1,085,983

• Comparable approach

  Method

  Valuation

  Relative Method

  $976,827

  Geo Method

  $976,827

• Alternative Use

  Use

  Valuation

  Residential

  $986,534

  Hospitality

  $903,660

  Educational

  $751,835

  Medical

  $777,691

  Retail

  $1,169,520

Location Insight

City

Richmond

County

Macomb

State

Michigan

Latitude

42.803

Longitude

-82.7493

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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