3840 8 Mile RdDetroit, MI 48234

Property Details for 3840 8 Mile Rd

Year built

1962

Lot size

0.43 AC

Property size (Sq ft)

6,562 SF

Zone code

B4

Property type

Retail space

APN

13009144-52

APU

1300914452

Description

This exceptional Detroit storefront, located at 3840 East 8 Mile Rd, presents a unique owner-user opportunity. The property boasts a total of 5,516 square feet, encompassing a 3,025 square foot retail building and a 2,491 square foot auto garage. Completely renovated in 2024, this single-story building is move-in ready and features a 10-foot ceiling height. The property sits on a 0.43-acre lot and is zoned B4, offering flexibility for various retail uses. Its strategic location provides easy access to I-75 and is minutes from I-696, ensuring high visibility and convenient access for customers and employees. The asking price is $475,000, translating to $86.11 per square foot. Built in 1962, this property offers a blend of classic charm and modern functionality, making it an ideal investment for discerning buyers seeking a turnkey retail space in a thriving Detroit location. The property is ready for immediate occupancy and build-out. This is a rare opportunity to acquire a fully renovated, well-located retail space in a high-traffic area of Detroit.

• CAP approach

  CAP return

  Valuation

  6%

  $2,006,256

  6.5%

  $1,851,929

  7%

  $1,719,648

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,546,800

  Geo Method

  $1,546,800

• Alternative Use

  Use

  Valuation

  Residential

  $1,562,171

  Hospitality

  $1,430,940

  Educational

  $1,190,526

  Medical

  $1,231,470

  Retail

  $1,851,929

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.447

Longitude

-83.0664

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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