12170 Dexter AveDetroit, MI 48206

Property Details for 12170 Dexter Ave

Year built

1926

Lot size

0.22 AC

Property size (Sq ft)

37,143 SF

Zone code

B4

Property type

Retail properties

Property subtype

Retail space

APN

12010519.

APU

12010519

Description

This exceptional investment opportunity presents a 33-unit apartment building located at 12170 Dexter Avenue in Detroit, Michigan, 48206. The property, built in 1926, boasts 37,143 square feet across ten stories and sits on a 0.22-acre lot (APN: W12I010519S). Zoned for multi-family use, it features 26 one-bedroom units, six two-bedroom units, and a superintendent's unit. The building, while requiring a full rehabilitation, showcases original luxury details including marble and tile work, offering significant potential for restoration. Its location within the rapidly developing Dexter Corridor provides exceptional upside. The area is experiencing a major revitalization, including over $30 million in awarded grants for streetscape improvements, infrastructure upgrades, and the addition of EV charging stations, new water lines, and pedestrian walkways. Proximity to key areas like New Center, Henry Ford Hospital, and the Joe Louis Greenway further enhances its appeal. The building's potential for high rental rates, particularly given its proximity to employment centers and its appeal to recent graduates and relocating professionals, makes this a compelling investment opportunity in a burgeoning Detroit neighborhood. The asking price is $495,000 ($13 per square foot). This is a chance to capitalize on Detroit's revitalization and establish a strong presence in a rapidly appreciating market.

• CAP approach

  CAP return

  Valuation

  6%

  $11,356,047

  6.5%

  $10,482,504

  7%

  $9,733,754

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,755,378

  Geo Method

  $8,755,378

• Alternative Use

  Use

  Valuation

  Residential

  $8,842,385

  Hospitality

  $8,099,577

  Educational

  $6,738,753

  Medical

  $6,970,509

  Retail

  $10,482,504

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3828

Longitude

-83.1257

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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