37385 Goddard RdRomulus, MI 48174

Property Details for 37385 Goddard Rd

Year built

1946

Lot size

0.50 AC

Property size (Sq ft)

8,100 SF

Zone code

CBD-3

Property type

Auto shops

APN

80 078 13 0180 005

APU

80078130180005

Description

This exceptional commercial property in Romulus, Michigan, presents a unique investment opportunity. Located at 37385 Goddard Rd, 48174, this 1.27-acre site boasts a 11,318 square foot building complex comprised of three buildings, all built in 1946 and renovated in 2023. The property includes seven separate lots, with approximately half an acre of vacant land offering significant expansion potential. Currently configured as a used car dealership and auto repair shop, the versatile space features an open floor plan shop area, a lobby/waiting area, multiple private offices, a potential conference room or showroom, and a kitchenette. The building is equipped with 10 and 12-foot overhead doors, providing ample access for various uses. The property benefits from abundant front and side parking. Its prime location near I-94 and the Detroit Metro Airport offers excellent visibility and accessibility. Included in the sale are existing auto repair, auto sales, and salvage licenses. The permitted zoning is commercial. The asking price is $1,199,800, with a price per square foot of $106.01. Parcel I.D. numbers 80078150029000, 80078150030000, 80078150031000, and 80078150032000 are included. Potential buyers are responsible for verifying all information and permitted uses with the city. All data is approximate.

• CAP approach

  CAP return

  Valuation

  6%

  $2,038,335

  6.5%

  $1,881,540

  7%

  $1,747,144

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,909,338

  Geo Method

  $1,909,338

• Alternative Use

  Use

  Valuation

  Residential

  $1,587,149

  Hospitality

  $1,453,820

  Educational

  $1,209,561

  Medical

  $1,251,160

  Retail

  $1,881,540

Location Insight

City

Romulus

County

Wayne

State

Michigan

Latitude

42.2161

Longitude

-83.4043

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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