3490 12 Mile RdBerkley, MI 48072

Property Details for 3490 12 Mile Rd

Lot size

0.60 AC

Zone code

BV

Property type

Commercial real estate

APN

04-25-07-384-041

APU

42507384041

Description

This exceptional 69,878 square foot industrial property, situated on a 2.6-acre lot in the heart of Berkley, MI, presents a rare investment opportunity. Its highly visible location on 12 Mile Road offers unparalleled accessibility and exposure, with multiple parking lot entrances ensuring convenient access for both employees and customers. The property boasts easy access to Woodward Avenue and is within walking distance of Royal Oak Beaumont, placing it in a vibrant and densely populated area with 15,366 residents and significant daily foot traffic. The expansive space is adaptable to a variety of uses, making it an ideal candidate for redevelopment. The property uniquely includes a parking garage, a significant advantage in this location. The city's plan proposes developing the site into a luxury high-rise condominium complex with ground-level retail, showcasing the immense potential for future development. This is a truly unique opportunity to acquire a substantial industrial property in a thriving community with significant upside potential. The property's size, location, and adaptability make it a compelling investment for discerning buyers seeking a high-impact asset in a prime location. The existing structure offers immediate occupancy potential, while the zoning and location provide a clear path for future development.

• CAP approach

  CAP return

  Valuation

  6%

  $5,934,630

  6.5%

  $5,478,120

  7%

  $5,086,830

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,444,760

  Geo Method

  $2,444,760

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $10,386,400

  Retail / Commercial

  $5,404,140

  Mixed-Use / Specialty

  $5,446,400

  Hospitality / Lodging

  $4,075,950

  Office

  $5,478,120

  Institutional / Educational

  $5,684,050

  Residential Income

  $6,650,330

  Multifamily

  $7,634,990

  Automotive / Energy

  $4,872,040

  Parking / Income-Based Land

  $1,620,500

  Restaurant / Food Service

  $2,964,010

  Healthcare / Senior Housing

  $5,522,090

Location Insight

City

Berkley

County

Oakland

State

Michigan

Latitude

42.5037

Longitude

-83.1952

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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