6902 Chicago RdWarren, MI 48092

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

Assisted living facilities

Property subtype

Retirement homes

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.

• 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

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