32129 Block StGarden City, MI 48135

Property Details for 32129 Block St

Year built

1985

Lot size

0.62 AC

Property size (Sq ft)

5,421 SF

Property type

Warehouses

APN

35 004 05 0003 000

APU

35004050003000

Description

This exceptional 5,703 square foot creative office space, located at 32129 Block St in Garden City, Michigan (48135), presents a unique investment opportunity. The single-story, Class C building, constructed in 1985, sits on a 2-acre lot and is currently vacant. Recently renovated and expanded, the property boasts a light manufacturing permitted zoning, offering versatility for various creative businesses. All equipment, including state-of-the-art kilns and specialized tools, is included in the sale price of $1,600,000 ($280.55/sq ft). The building's history includes a decade-long successful ceramics business, demonstrating its suitability for creative endeavors. The previous owners are available for a transitional period to ensure a smooth handover. The property's strong financial history and potential for expansion make it an attractive investment with significant growth opportunities. This is a rare chance to acquire a well-equipped, established space in a prime location with a proven track record of success. The property is ready for immediate occupancy and offers a unique blend of functionality and creative potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,043,220

  6.5%

  $1,886,050

  7%

  $1,751,330

• Comparable approach

  Method

  Valuation

  Relative Method

  $811,329

  Geo Method

  $811,329

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $972,113

  Mixed-Use / Specialty

  $972,552

  Hospitality / Lodging

  $718,614

  Office

  $970,841

  Institutional / Educational

  $1,012,460

  Residential Income

  $1,184,580

  Multifamily

  $1,399,070

  Automotive / Energy

  $867,821

  Parking / Income-Based Land

  $295,617

  Restaurant / Food Service

  $514,165

  Healthcare / Senior Housing

  $993,330

Location Insight

City

Garden City

County

Wayne

State

Michigan

Latitude

42.3294

Longitude

-83.3575

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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