23908 Michigan AveDearborn, MI 48124

Property Details for 23908 Michigan Ave

Year built

1951

Lot size

0.04 AC

Property size (Sq ft)

1,359 SF

Zone code

BB

Property type

Office buildings

APN

82 09 213 01 106

APU

820921301106

Description

This 1,400 square foot executive office building, located at 23908 Michigan Avenue in Dearborn, Michigan, is available for $275,000. The property, built in 1951 and renovated in 1982, is classified as a Class C building and sits on a 0.04-acre lot. It features one story and offers two parking spaces. The zoning is BB. The building's ideal location on Michigan Avenue makes it suitable for a variety of uses, including professional offices, small medical practices, or retail businesses. A significant advantage is the proximity to a large municipal parking lot. This presents a convenient parking solution for clients and employees. Furthermore, an adjacent 1,240 square foot building is also available for purchase, presenting an opportunity for expansion or additional income. The property's price per square foot is $196.43. The Wayne County property's APN is 32-09-213-01-106 and the zip code is 48124. This presents a compelling investment opportunity in a desirable Dearborn location.

• CAP approach

  CAP return

  Valuation

  6%

  $232,644

  6.5%

  $214,749

  7%

  $199,410

• Comparable approach

  Method

  Valuation

  Relative Method

  $127,121

  Geo Method

  $127,121

• Alternative Use

  Use

  Valuation

  Residential

  $266,288

  Hospitality

  $243,919

  Educational

  $202,938

  Medical

  $209,917

  Retail

  $315,681

Location Insight

City

Dearborn

County

Wayne

State

Michigan

Latitude

42.3005

Longitude

-83.2703

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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