This prestigious Class A office building, New Center One, located at 3031 W Grand Blvd in Detroit, Michigan's Central Business District, offers 608,823 square feet of space across eight stories. Built in 1982 and renovated in 2020, the property features 19 available suites ranging from 371 to 29,507 square feet, with a minimum divisible space of 29,507 square feet. The building boasts 12-foot ceilings to the grid and 18-foot ceilings to the deck, providing ample space and flexibility. Amenities include access to retail stores, banks, daycare, a food court, and a building conference room. With 3500 total parking spaces, including both surface and covered parking, ample parking is readily available. The building is conveniently located near the QLINE station, offering easy access to the CBD, and is within walking distance of Wayne State University and Henry Ford Hospital. Its prime location in the New Center and Northern Midtown Detroit submarket provides excellent walkability (Walk Score of 94), transit access (Transit Score of 55), and bikeability (Bike Score of 89). The property sits on 3.85 acres and includes seven elevators and one freight elevator, along with a sprinkler system. Its proximity to other notable buildings such as the Fisher Building, Cadillac Place, and the Hotel St. Regis further enhances its desirability. The building's zoning is DOWNTOWN DETROIT | CENTRAL BUSINESS DISTRICT (Wayne County, APN 02-001098-101). This is a unique opportunity to secure office space in a highly sought-after location.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$108,808,600
6.5%
$100,438,712
7%
$93,264,512
Comparable approach
Method
Valuation
Relative Method
$48,935,920
Geo Method
$48,935,920
Alternative Use
Use
Valuation
Residential
$124,544,000
Hospitality
$114,081,632
Educational
$94,914,584
Medical
$98,178,840
Retail
$147,644,896
Location Insight
City
Detroit
County
Wayne
State
Michigan
Latitude
42.3703
Longitude
-83.0759
CBSA code
19820
CBSA name
DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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