2960 12 Mile RdBerkley, MI 48072

Property Details for 2960 12 Mile Rd

Year built

1952

Lot size

0.29 AC

Property size (Sq ft)

12,800 SF

Zone code

BI

Property type

Retail space

APN

04-25-07-455-031

APU

42507455031

Description

This exceptional 12,761-square-foot retail property, situated on approximately one acre of land at 2960 Twelve Mile Rd, Berkley, MI 48072 (cross streets: Robina & Wakefield), presents a unique investment opportunity. Originally constructed in 1941 and renovated in 1993, this Class A building features a single-story design and boasts 68 parking spaces. Currently, the property includes three small street-level retail tenants (approximately 671 square feet each) and a larger 10,696-square-foot space previously occupied by Rite Aid, which is expected to vacate within 90 days. The building's iconic theater marquee, leased by the City of Berkley, adds significant character and community value. The property is zoned for downtown uses (APN: 25-07-455-031

• CAP approach

  CAP return

  Valuation

  6%

  $2,965,900

  6.5%

  $2,737,750

  7%

  $2,542,200

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,245,200

  Geo Method

  $1,245,200

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,249,780

  Mixed-Use / Specialty

  $2,764,000

  Hospitality / Lodging

  $2,074,740

  Office

  $2,785,080

  Institutional / Educational

  $2,886,320

  Residential Income

  $3,376,990

  Multifamily

  $3,850,560

  Automotive / Energy

  $2,473,980

  Parking / Income-Based Land

  $818,167

  Restaurant / Food Service

  $1,514,430

  Healthcare / Senior Housing

  $2,797,500

Location Insight

City

Berkley

County

Oakland

State

Michigan

Latitude

42.5034

Longitude

-83.1891

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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