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

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%

  $671,582

  6.5%

  $619,921

  7%

  $575,641

• Comparable approach

  Method

  Valuation

  Relative Method

  $336,302

  Geo Method

  $336,302

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,202,750

  Mixed-Use / Specialty

  $620,201

  Hospitality / Lodging

  $458,264

  Office

  $619,110

  Institutional / Educational

  $645,649

  Residential Income

  $755,410

  Multifamily

  $892,194

  Automotive / Energy

  $553,414

  Parking / Income-Based Land

  $188,516

  Restaurant / Food Service

  $327,886

  Healthcare / Senior Housing

  $633,451

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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