19621 Wood StMelvindale, MI 48122

Property Details for 19621 Wood St

Lot size

0.30 AC

Zone code

R1 1 FA

Property type

Commercial real estate

APN

47 011 02 0121 300

APU

47011020121300

Description

This exceptional 6,000 square foot special purpose property, located at 19621 Wood St, Melvindale, MI 48122, presents a unique investment opportunity. Built in 1965, this former Mary Magdalen Convent sits on a 0.3-acre lot within the Mary Magdalen Parish Campus, offering convenient freeway access. The property boasts a full basement and is fully air-conditioned, adding to its functionality and appeal. A fully equipped kitchen is already in place, eliminating the need for significant renovations. The asking price is $300,000, and the property is move-in ready, making it an attractive option for a variety of potential uses. The property's APN is 47 011 02 0121 300. Its prime location in Wayne County, Michigan, combined with its existing features, makes this a compelling opportunity for buyers seeking a versatile and well-maintained property with significant potential. The building's substantial size and convenient amenities present a blank canvas for creative repurposing, catering to a diverse range of commercial or community-focused ventures. This is a rare chance to acquire a piece of local history with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $3,080,350

  6.5%

  $2,843,400

  7%

  $2,640,300

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,222,380

  Geo Method

  $1,222,380

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,359,690

  Retail / Commercial

  $2,795,070

  Mixed-Use / Specialty

  $2,821,870

  Hospitality / Lodging

  $2,118,180

  Office

  $2,843,400

  Institutional / Educational

  $2,946,750

  Residential Income

  $3,447,690

  Multifamily

  $3,931,180

  Automotive / Energy

  $2,525,780

  Parking / Income-Based Land

  $835,297

  Restaurant / Food Service

  $1,546,130

  Healthcare / Senior Housing

  $2,856,080

Location Insight

City

Melvindale

County

Wayne

State

Michigan

Latitude

42.2751

Longitude

-83.1963

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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