21710 29 Mile RdRay, MI 48096

Property Details for 21710 29 Mile Rd

Year built

1925

Lot size

0.65 AC

Property size (Sq ft)

3,752 SF

Zone code

B-2

Property type

Retail space

APN

21-05-22-227-001

APU

210522227001

Description

This exceptional investment opportunity in Ray, Michigan presents a 3,752 square foot, two-story building situated on a 0.65-acre lot at 21710 29 Mile. The property boasts three units: two upstairs apartments, each measuring 938 square feet with two bedrooms and one bathroom, currently generating rental income. The substantial 1,876 square foot lower level is currently used as living quarters but is easily adaptable for various commercial uses, including retail, office space, or a store, offering significant potential for increased revenue. Each unit benefits from a private entrance. The property enjoys a highly visible location with substantial traffic flow, making it ideal for a business seeking high exposure. The current rental income is below market average, suggesting a strong potential for increased profitability and a capitalization rate of 8% or more. The expansive lot provides ample room for future expansion. A land contract option is available, and all reasonable offers will be considered. This multi-unit property offers a compelling blend of residential and commercial income potential, making it an attractive investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $1,147,131

  6.5%

  $1,058,890

  7%

  $983,255

• Comparable approach

  Method

  Valuation

  Relative Method

  $884,424

  Geo Method

  $884,424

• Alternative Use

  Use

  Valuation

  Residential

  $893,213

  Hospitality

  $818,179

  Educational

  $680,715

  Medical

  $704,126

  Retail

  $1,058,890

Location Insight

City

Ray

County

Macomb

State

Michigan

Latitude

42.7611

Longitude

-82.9036

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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