3475 Fort StLincoln Park, MI 48146

Property Details for 3475 Fort St

Year built

1946

Lot size

0.11 AC

Property size (Sq ft)

4,144 SF

Property type

Investment properties

Property subtype

Live-work space

APN

45 012 08 1802 001

APU

45012081802001

Description

This exceptional mixed-use property, located at 3475 Fort Street in Lincoln Park, Michigan, presents a unique investment or owner-user opportunity. The building, constructed in 1941, boasts a substantial 4,144 square feet situated on a 0.11-acre lot. Its zoning is designated B-1, allowing for a variety of commercial uses. The asking price is $215,000, translating to a price per square foot of $51.88. Currently configured as a mixed-use space, the property includes two one-bedroom residential units upstairs and retail space on the first floor. This prime location on heavily traveled Fort Street offers excellent visibility and accessibility, making it an ideal choice for a savvy investor seeking strong rental income or a business owner looking for a unique space to operate from. The building's age presents potential for renovation and value enhancement, aligning with the current market demand for updated mixed-use properties in this area. This is a rare opportunity to acquire a well-positioned mixed-use building in a thriving Michigan community. The property's versatility and location make it a compelling investment prospect with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $803,024

  6.5%

  $741,253

  7%

  $688,306

• Comparable approach

  Method

  Valuation

  Relative Method

  $387,630

  Geo Method

  $387,630

• Alternative Use

  Use

  Valuation

  Residential

  $919,153

  Hospitality

  $841,940

  Educational

  $700,484

  Medical

  $724,575

  Retail

  $1,089,642

Location Insight

City

Lincoln Park

County

Wayne

State

Michigan

Latitude

42.2347

Longitude

-83.1797

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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