31500 Wick RdRomulus, MI 48174

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

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.

• 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

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

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