31500 Wick RdRomulus, MI 48174

  • Hospitality properties
  • 163,775 SF
For Sale

Property Details for 31500 Wick Rd

Year built
1980
Lot size
9.16 AC
Property size (Sq ft)
163,775 SF
Zone code
RC-REG
Property type
Hospitality properties
Property subtype
Hotels
APN
80 040 99 0012 701
APU
80040990012701

Description

This exceptional investment opportunity presents a fee-simple interest in a 271-key Delta Hotels by Marriott, situated directly adjacent to the Detroit Metropolitan Wayne County Airport (DTW). Boasting 260,885 square feet across a four-story building on a substantial 9.17-acre lot, this property offers significant upside potential. Built in 1980 and extensively renovated between 2014 and 2018, the hotel features modern amenities including a conference center and café, complemented by a complimentary airport shuttle. The property includes 334 parking spaces and is zoned RC-Regional Center. The hotel benefits from attractive assumable financing at a 4.9% interest rate with six years remaining on the term. With a trailing twelve-month revenue of $6.2 million, the property's performance provides a strong foundation for future growth. Its prime location within the DTW corridor ensures convenient access to the airport's substantial passenger traffic (nearly 31 million annually) and numerous daily flights (800+). Furthermore, its proximity to major corporations, including prominent automotive manufacturers, presents additional revenue opportunities. This sale offers a unique chance to acquire an upscale Marriott hotel in a top Midwest MSA at a significant discount to replacement cost. The property is offered unencumbered by management agreements and existing debt.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $31,844,570
    6.5%
    $29,394,988
    7%
    $27,295,346
  • Comparable approach

    Method
    Valuation
    Relative Method
    $36,000,856
    Geo Method
    $36,000,856
  • Alternative Use

    Use
    Valuation
    Residential
    $32,090,786
    Hospitality
    $29,394,988
    Educational
    $24,456,284
    Medical
    $25,297,374
    Retail
    $38,043,108
31500 Wick Rd, Romulus, Michigan

Location Insight

City
Romulus
County
Wayne
State
Michigan
Latitude
42.2391
Longitude
-83.3488
CBSA code
19820
CBSA name
DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$194,084
-
-
$3,094,500
-
-
-
$6,189,000

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