235 Burke StRiver Rouge, MI 48218

Property Details for 235 Burke St

Lot size

0.37 AC

Zone code

R1 ONE

Property type

Commercial real estate

APN

50 005 02 0128 000

APU

50005020128000

Description

This freestanding, two-story retail building, totaling 8,410 square feet, presents a unique investment opportunity in River Rouge, Michigan. Built in 1965, the property is situated on a 0.38-acre lot and boasts a fenced parking area. Located on Burke Street, just off Jefferson Avenue, it benefits from high daily traffic counts exceeding 4,562 vehicles. The building's Neighborhood Mixed Use (NMU) zoning, within a Green Overlay District, allows for diverse uses including cannabis, retail, office, and multi-family development. The strong synergy of the location is enhanced by a dense residential population and nearby national tenants. An adjacent parcel is available for purchase, providing potential for expansion of parking. The asking price is $525,000, translating to $62.43 per square foot. This property offers significant potential for a variety of businesses or developers seeking a prime location in a thriving community. The building's history and versatile zoning make it an attractive proposition for those seeking a high-traffic, well-located investment. The existing structure provides a solid foundation for immediate occupancy or redevelopment, catering to a range of potential uses. The ample parking and proximity to Jefferson Avenue further enhance its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $3,286,040

  6.5%

  $3,033,270

  7%

  $2,816,610

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,507,580

  Geo Method

  $1,507,580

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,740,140

  Retail / Commercial

  $3,305,900

  Mixed-Use / Specialty

  $3,175,590

  Hospitality / Lodging

  $2,175,510

  Office

  $3,033,270

  Institutional / Educational

  $3,258,970

  Residential Income

  $3,812,990

  Multifamily

  $5,230,190

  Automotive / Energy

  $2,793,400

  Parking / Income-Based Land

  $1,081,070

  Restaurant / Food Service

  $1,398,690

  Healthcare / Senior Housing

  $3,378,050

Location Insight

City

River Rouge

County

Wayne

State

Michigan

Latitude

42.2716

Longitude

-83.1338

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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