3841 8 Mile RdDetroit, MI 48221

Property Details for 3841 8 Mile Rd

Year built

1957

Lot size

0.15 AC

Property size (Sq ft)

4,820 SF

Zone code

B4

Property type

Office buildings

APN

02006206.003L

APU

02006206003L

Description

This exceptional 2,000 square foot storefront, located at 3841 W. Eight Mile in Detroit, Michigan, 48221, presents a compelling investment opportunity. Priced at $220,000 ($110/sq ft), this property is situated in the B4 General Business District, offering a wide range of permitted uses. The building is conveniently located just two blocks east of Livernois Avenue and west of Woodward Avenue, benefiting from high visibility and easy access to major roadways. This location is within the Green Acres community, a 24-hour patrolled area. The property's 2,000 square feet provide ample space for a variety of retail or street retail ventures. Its strategic position within Detroit's thriving Livernois Avenue district ensures strong potential for attracting customers and building a successful business. This is an ideal opportunity for investors seeking a high-return property in a dynamic and rapidly developing area of Detroit. The property is zoned B4, allowing for diverse business applications. This is a standalone offering, though an adjacent property is also available for purchase.

• CAP approach

  CAP return

  Valuation

  6%

  $1,002,490

  6.5%

  $925,375

  7%

  $859,277

• Comparable approach

  Method

  Valuation

  Relative Method

  $450,863

  Geo Method

  $450,863

• Alternative Use

  Use

  Valuation

  Residential

  $1,147,465

  Hospitality

  $1,051,072

  Educational

  $874,479

  Medical

  $904,554

  Retail

  $1,360,301

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4459

Longitude

-83.1386

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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