40320 Five Mile RdPlymouth, MI 48170

Property Details for 40320 Five Mile Rd

Year built

1987

Lot size

1.41 AC

Property size (Sq ft)

10,800 SF

Zone code

B-1

Property type

Strip malls

Property subtype

Neighborhood centers

APN

77 051 99 0174 708

APU

77051990174708

Description

Lake Point Plaza, a single-story, 14,747 square foot retail center located at 40320-40420 Five Mile Rd, Plymouth, MI 48170, presents a compelling investment opportunity. Built in 1987 and renovated in 2010, this property sits on a 2.37-acre lot west of Haggerty Road and is zoned for retail use. The building features 89 total parking spaces, providing ample convenience for customers. Currently, there are 2,400 square feet of vacant space available for lease, offering flexibility for various retail uses. The existing tenants benefit from the high traffic area and strong neighborhood demographics. The property boasts 220-volt, 3-phase power, ensuring suitability for a range of businesses. The Wayne County location, with APN 77-051-99-0174-708, offers excellent access to major roadways and a thriving community. This is an exceptional opportunity to acquire a well-maintained retail center in a prime location with immediate income potential and significant upside. The property's single-building design and convenient parking make it an attractive option for both tenants and investors. The available space is ideal for expansion or new business ventures.

• CAP approach

  CAP return

  Valuation

  6%

  $2,717,780

  6.5%

  $2,508,720

  7%

  $2,329,526

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,545,785

  Geo Method

  $2,545,785

• Alternative Use

  Use

  Valuation

  Residential

  $2,116,199

  Hospitality

  $1,938,427

  Educational

  $1,612,748

  Medical

  $1,668,213

  Retail

  $2,508,720

Location Insight

City

Plymouth

County

Wayne

State

Michigan

Latitude

42.3962

Longitude

-83.4424

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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