6902 Chicago RdWarren, MI 48092
- Healthcare properties
- 52,997 SF
Property Details for 6902 Chicago Rd
- Year built
- 1938
- Lot size
- 6.09 AC
- Property size (Sq ft)
- 52,997 SF
- Zone code
- MZ
- Property type
- Healthcare properties
- Property subtype
- Assisted living facilities
- APN
- 12-13-04-451-010
- APU
- 121304451010
Description
This exceptional 70,486 square foot mixed-use property, located at 6902 Chicago Road in Warren, Michigan (48092), presents a rare investment opportunity. Built in 1938 and renovated in 1977, this two-story building sits on a substantial 6.09-acre lot and is currently configured as a 160-person behavioral health residential/outpatient facility. The property boasts attractive grounds featuring a baseball diamond, basketball court, and picnic areas, creating a unique and appealing setting. A maintenance shed is conveniently located on-site. The property is zoned "O" and benefits from its proximity to the General Motors Tech Center. The land value is calculated at $107.82 per square foot, reflecting the significant potential of this location. Note that a deed restriction is in place. The asking price for this substantial property is $7,600,000. This presents a compelling opportunity for investors seeking a large-scale property with significant redevelopment potential in a desirable location. The property's size, amenities, and strategic location near the General Motors Tech Center make it a truly unique offering.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $10,774,594
- 6.5%
- $9,945,779
- 7%
- $9,235,366
-
Comparable approach
- Method
- Valuation
- Relative Method
- $5,700,940
- Geo Method
- $5,700,940
-
Alternative Use
- Use
- Valuation
- Residential
- $12,616,640
- Hospitality
- $11,556,775
- Educational
- $9,615,101
- Medical
- $9,945,779
- Retail
- $14,956,823
Location Insight
- City
- Warren
- County
- Macomb
- State
- Michigan
- Latitude
- 42.5234
- Longitude
- -83.0359
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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