20500 Greenfield RdDetroit, MI 48235

Property Details for 20500 Greenfield Rd

Year built

1999

Lot size

0.92 AC

Property size (Sq ft)

6,581 SF

Zone code

B4

Property type

Grocery and convenience stores

APN

22050451.

APU

22050451

Description

This exceptional 2700-square-foot retail space presents a lucrative business opportunity in a high-traffic area, boasting over 50,000 cars daily. Previously occupied by a pharmacy generating over $400,000 annually, this single-tenant building offers a versatile layout ideal for various uses. The property is conveniently attached to a gas station, ensuring consistent customer flow. The interior features a spacious lobby, two doctor's exam rooms (suitable for adaptation), a comfortable sitting area, and two offices. Computers and past client contact information (from the previous pharmacy) may be available. A substantial work area is secured behind a floor-to-ceiling bulletproof wall. The property is city-approved for restaurant or café use, and possesses the potential for a drive-through addition. Ample parking and driving space are readily available. This turnkey opportunity combines high visibility, established infrastructure, and significant revenue potential in a thriving commercial zone. Don't miss this chance to establish or expand your business in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,012,065

  6.5%

  $1,857,291

  7%

  $1,724,627

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,551,279

  Geo Method

  $1,551,279

• Alternative Use

  Use

  Valuation

  Residential

  $1,566,694

  Hospitality

  $1,435,084

  Educational

  $1,193,973

  Medical

  $1,235,035

  Retail

  $1,857,291

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4441

Longitude

-83.1998

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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