2948 Biddle AveWyandotte, MI 48192

Property Details for 2948 Biddle Ave

Lot size

0.09 AC

Property type

Investment properties

Property subtype

Live-work space

APN

57 011 08 0004 002

APU

57011080004002

Description

This exceptional commercial property in the thriving waterfront community of Downtown Wyandotte presents a unique investment opportunity. The property encompasses three buildings totaling approximately 16,600 square feet, currently housing a successful grocery and deli (approximately 10,000 sq ft), a leased yogurt shop (approximately 4,200 sq ft), and a medical office (approximately 2,400 sq ft). All three commercial buildings feature full dry basements ideal for storage. Above the commercial spaces, the property includes four occupied residential units: three two-bedroom units and one three-bedroom unit, providing additional rental income. An additional 1,200 square feet of unfinished space on the second floor, boasting exposed brick and rounded windows, offers significant potential for development. On-site laundry facilities and ample common areas cater to residents. The property sits on a 0.25-acre lot in the heart of Downtown Wyandotte's vibrant social district, benefiting from high foot traffic and a strong local economy fueled by upscale restaurants, a concert venue, numerous bars and shops, and regular community events. The property is currently fully occupied, generating consistent income streams. All showings require prior arrangement. Please do not disturb tenants or employees. This is a rare chance to acquire a substantial, income-producing property in a highly desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $705,208

  6.5%

  $650,961

  7%

  $604,464

• Comparable approach

  Method

  Valuation

  Relative Method

  $366,677

  Geo Method

  $366,677

• Alternative Use

  Use

  Valuation

  Residential

  $807,192

  Hospitality

  $739,383

  Educational

  $615,158

  Medical

  $636,314

  Retail

  $956,913

Location Insight

City

Wyandotte

County

Wayne

State

Michigan

Latitude

42.2036

Longitude

-83.1496

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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