345 9 Mile RdFerndale, MI 48220

Property Details for 345 9 Mile Rd

Year built

1950

Lot size

0.55 AC

Property size (Sq ft)

9,249 SF

Zone code

ME

Property type

Retail properties

Property subtype

Turn key restaurants

APN

24-25-27-454-037

APU

242527454037

Description

This exceptional 11,028 square foot mixed-use property, located at 345 E Nine Mile Rd in Ferndale, Michigan, presents a unique investment opportunity. Built in 1950 and extensively renovated in 2016, this two-story building boasts a prime corner location within a thriving redevelopment area. The property is zoned CBD (Central Business District) and includes 27 parking spaces on a 0.55-acre lot. The versatile space currently functions as a vacant restaurant/bar with a separate music venue, offering significant potential for various uses. The sale includes existing furniture, fixtures, and equipment. Interested parties should contact the City of Ferndale directly for details regarding the liquor license transfer. The property's strategic location, coupled with its recent renovations and ample parking, makes it an ideal investment for savvy entrepreneurs seeking a high-visibility location in a rapidly growing area. The property's APN is 25-27-454-037. This is a rare opportunity to acquire a substantial mixed-use property in a highly desirable location within Oakland County, Michigan, zip code 48220. The surrounding area features new loft condos, office spaces, and retail establishments, ensuring a vibrant and growing customer base.

• CAP approach

  CAP return

  Valuation

  6%

  $2,827,776

  6.5%

  $2,610,254

  7%

  $2,423,808

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,180,182

  Geo Method

  $2,180,182

• Alternative Use

  Use

  Valuation

  Residential

  $2,201,847

  Hospitality

  $2,016,880

  Educational

  $1,678,021

  Medical

  $1,735,730

  Retail

  $2,610,254

Location Insight

City

Ferndale

County

Oakland

State

Michigan

Latitude

42.461

Longitude

-83.1306

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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