35150 Michigan AveWayne, MI 48184

Property Details for 35150 Michigan Ave

Year built

1962

Lot size

0.29 AC

Property size (Sq ft)

14,400 SF

Property type

Office buildings

APN

55 003 11 0097 001

APU

55003110097001

Description

This exceptional 14,400-square-foot retail building, located at 35150 W. Michigan Ave in Wayne, Michigan (zip code 48184), presents a unique investment opportunity. Built in 1962, this single-building property boasts a desirable B-4 zoning, allowing for flexible office or retail use. The building features a striking two-story lobby atrium, a full basement, a spiral staircase, nine offices, a conference room, six restrooms, a break room, and ample storage areas. Its former use as a bank provides unique features including teller desks, a vault, a security system, and fireproof cabinets. The property includes 10 on-site parking spaces, supplemented by convenient free municipal parking. Situated in downtown Wayne, west of Detroit, between South Wayne and Newberry Street, this location benefits from high traffic volume and proximity to numerous retail, entertainment, and dining establishments. The building's beautiful floor plan and convenient location near public transportation make it an ideal space for a variety of businesses. The asking price is $650,000, translating to $45.14 per square foot.

• CAP approach

  CAP return

  Valuation

  6%

  $2,465,106

  6.5%

  $2,275,483

  7%

  $2,112,948

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,346,976

  Geo Method

  $1,346,976

• Alternative Use

  Use

  Valuation

  Residential

  $2,821,599

  Hospitality

  $2,584,569

  Educational

  $2,150,331

  Medical

  $2,224,284

  Retail

  $3,344,960

Location Insight

City

Wayne

County

Wayne

State

Michigan

Latitude

42.2828

Longitude

-83.3848

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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