23940 Gibraltar RdFlat Rock, MI 48134

Property Details for 23940 Gibraltar Rd

Year built

1954

Lot size

1.39 AC

Property size (Sq ft)

3,222 SF

Property type

Auto shops

APN

58 098 99 0019 002

APU

58098990019002

Description

This exceptional 0.77-acre commercial property, located at 23940 Gibraltar Road in Flat Rock, Michigan, presents a unique investment opportunity. The property boasts a 3,222 square foot retail building constructed in 1954 and renovated in 1961, currently operating at 100% occupancy. The single-story building sits on a sizable lot, offering significant potential for expansion or redevelopment. Priced at $125,000, this translates to a price per square foot of $3.73 and a compelling land value of $162,338 per acre. The property's strategic location near I-75 in Wayne County, Michigan, ensures high visibility and accessibility, benefiting from strong demographics and impressive traffic counts. The O1 zoning designation provides flexibility for various commercial uses. The APN is 58-098-99-0019-002. This property is ideal for investors seeking a strong return on investment in a prime location with significant upside potential. The zip code is 48134.

• CAP approach

  CAP return

  Valuation

  6%

  $810,804

  6.5%

  $748,435

  7%

  $694,975

• Comparable approach

  Method

  Valuation

  Relative Method

  $759,492

  Geo Method

  $759,492

• Alternative Use

  Use

  Valuation

  Residential

  $631,333

  Hospitality

  $578,297

  Educational

  $481,137

  Medical

  $497,684

  Retail

  $748,435

Location Insight

City

Flat Rock

County

Wayne

State

Michigan

Latitude

42.0956

Longitude

-83.2653

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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