1432 Gratiot AveDetroit, MI 48207

Property Details for 1432 Gratiot Ave

Year built

1932

Lot size

0.05 AC

Property size (Sq ft)

4,576 SF

Zone code

B4

Property type

Retail space

APN

07000779.

APU

7000779

Description

This exceptional 5,476 square foot industrial property, situated on a 0.05-acre lot at 1432 Gratiot in Detroit, Michigan, presents a compelling investment opportunity. The building, a historically significant four-unit structure located in the vibrant Eastern Market district, offers significant value-add potential. Currently configured as four apartments, the property boasts unique architectural details. The two second-floor units feature a desirable loft style with exposed brick, hardwood floors, and abundant natural light. The two first-floor units, originally storefronts, retain their original tin ceilings and have been converted into apartments, each with a full basement. This versatile layout allows for a variety of uses. A new owner could maintain the existing apartment configuration, or capitalize on the ground floor's potential for commercial use, integrating a business into the Eastern Market's thriving environment. The building is in excellent condition and is ready for immediate occupancy. The property is being sold "as is," with all terms and conditions subject to buyer's verification and acceptance. Highest and best offers are due by February 4th, 2025, at 5:00 PM. This is a rare chance to acquire a well-maintained, historically significant property in a prime Detroit location with strong potential for a high return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,210,136

  6.5%

  $1,117,049

  7%

  $1,037,260

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,078,658

  Geo Method

  $1,078,658

• Alternative Use

  Use

  Valuation

  Residential

  $942,273

  Hospitality

  $863,117

  Educational

  $718,103

  Medical

  $742,800

  Retail

  $1,117,049

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3439

Longitude

-83.0381

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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