24480 Grand River AveDetroit, MI 48219

Property Details for 24480 Grand River Ave

Year built

1965

Lot size

0.37 AC

Property size (Sq ft)

3,457 SF

Zone code

B4

Property type

Retail properties

Property subtype

Turn key restaurants

APN

22007678-84

APU

2200767884

Description

This exceptional 4,000-square-foot commercial property, located at 24480 Grand River Ave in Detroit, Michigan, 48219, presents a rare leasing opportunity. Situated on a 0.37-acre lot, this single-tenant building offers versatile space suitable for retail, office, or restaurant use, with medical office and traditional office subtypes. Built in 1960 and extensively renovated in 2020, the property features a 16-foot ceiling height and ample parking with 30 spaces. The building is a single-story structure with no elevators. The property benefits from a high-traffic location on Grand River Avenue, north of Grand River and east of Telegraph, ensuring excellent visibility and accessibility. The zoning is B4. The space will be delivered as a white box, allowing for complete customization to suit the tenant's specific needs. A new roof and HVAC system are in place. Exterior lighting illuminates the fully paved parking lot. Lease terms are triple net. This prime location offers significant potential for businesses seeking high visibility and convenient access to a substantial customer base. The property's recent renovation ensures modern functionality and efficiency.

• CAP approach

  CAP return

  Valuation

  6%

  $869,941

  6.5%

  $803,023

  7%

  $745,664

• Comparable approach

  Method

  Valuation

  Relative Method

  $814,887

  Geo Method

  $814,887

• Alternative Use

  Use

  Valuation

  Residential

  $677,380

  Hospitality

  $620,476

  Educational

  $516,229

  Medical

  $533,983

  Retail

  $803,023

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.427

Longitude

-83.2825

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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