37415 Cherry Hill RdWestland, MI 48186

Property Details for 37415 Cherry Hill Rd

Year built

1974

Lot size

0.58 AC

Property size (Sq ft)

2,562 SF

Property type

Grocery and convenience stores

APN

56 053 99 0020 001

APU

56053990020001

Description

This exceptional 2,562 square foot commercial building sits on a 0.58-acre lot in the desirable Westland, MI area. Its prime location offers unparalleled accessibility and visibility for a wide range of businesses. Previously utilized as a multi-purpose space, including a grocery store, retail shop, and venue for children's parties and fitness classes, this property demonstrates remarkable adaptability. The building's flexible layout and ample square footage provide significant opportunities for customization to suit diverse operational needs. The commercial-light industrial zoning allows for a variety of uses, including but not limited to office space, retail establishments, and light industrial operations. This presents a unique chance to acquire a well-situated property with a proven track record of successful commercial ventures. The building's history showcases its versatility and resilience, making it an attractive investment for entrepreneurs and established businesses alike. Its strategic location within Westland ensures high foot traffic and easy access to major transportation routes, maximizing exposure and convenience. The 0.58-acre lot offers ample parking and potential for future expansion or outdoor amenities. This is a rare opportunity to secure a versatile and well-positioned commercial property in a thriving Westland community. The asking price of $398,900 reflects the property's significant potential and prime location. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $644,718

  6.5%

  $595,124

  7%

  $552,615

• Comparable approach

  Method

  Valuation

  Relative Method

  $603,917

  Geo Method

  $603,917

• Alternative Use

  Use

  Valuation

  Residential

  $502,009

  Hospitality

  $459,838

  Educational

  $382,580

  Medical

  $395,737

  Retail

  $595,124

Location Insight

City

Westland

County

Wayne

State

Michigan

Latitude

42.3093

Longitude

-83.409

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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