20534 7 Mile RdDetroit, MI 48219

Property Details for 20534 7 Mile Rd

Year built

1948

Lot size

0.10 AC

Property size (Sq ft)

3,166 SF

Zone code

B4

Property type

Retail properties

Property subtype

Retail space

APN

22016907-8

APU

220169078

Description

This vacant, 3,166 square foot commercial property located at 20534 W 7 Mile Rd, Detroit, MI 48219 presents a unique investment opportunity. Situated on a 4,269 square foot lot, this Class C building, constructed in 1948, is zoned B4 and offers significant potential for redevelopment. Currently vacant, the property is ideal for a complete rehabilitation project. The building's versatile nature allows for various uses, including creative office space, medical office space, or storefront retail. Its prime location near the Evergreen shopping center in a busy area of Detroit offers high visibility and accessibility. The asking price is $65,000. The property requires a full rehabilitation, and a city application is required. This is a chance to acquire a well-located building with substantial upside potential in a high-traffic area. The property consists of one building and is currently fully vacant. Detailed plans and specifications are available upon request. This is a rare opportunity to acquire a city-owned property in a desirable location. Serious inquiries only.

• CAP approach

  CAP return

  Valuation

  6%

  $796,712

  6.5%

  $735,427

  7%

  $682,896

• Comparable approach

  Method

  Valuation

  Relative Method

  $746,292

  Geo Method

  $746,292

• Alternative Use

  Use

  Valuation

  Residential

  $620,360

  Hospitality

  $568,246

  Educational

  $472,774

  Medical

  $489,034

  Retail

  $735,427

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4297

Longitude

-83.245

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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