17242 Greydale AveDetroit, MI 48219

Property Details for 17242 Greydale Ave

Year built

1940

Lot size

0.63 AC

Property size (Sq ft)

12,040 SF

Zone code

B4

Property type

Outlet malls

APN

22112707.

APU

22112707

Description

This exceptional 12,040-square-foot warehouse and storefront property, located at 17242 Greydale Ave, Detroit, MI 48219, presents a unique investment opportunity. Situated on a 0.63-acre lot (27,387 square feet), this single-tenant building boasts a prime location in the revitalizing Old Redford submarket, near the Redford Theatre and a thriving community village. Built in 1940 and extensively renovated in 2020, the property features a 16-foot clear ceiling height, two drive-in doors, and ample parking for 20 vehicles. The flexible space, zoned B3, is ideal for various uses including retail, industrial, manufacturing, distribution, or a creative studio. The open floor plan offers 12,040 square feet of vacant space, ready for immediate occupancy. The building benefits from a new roof and twelve rooftop AC units. This property offers high visibility due to its location at a major intersection. Available November 1, 2024, this property is also available for sale and is located in an Opportunity Zone.

• CAP approach

  CAP return

  Valuation

  6%

  $3,029,821

  6.5%

  $2,796,758

  7%

  $2,596,990

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,838,078

  Geo Method

  $2,838,078

• Alternative Use

  Use

  Valuation

  Residential

  $2,359,170

  Hospitality

  $2,160,987

  Educational

  $1,797,916

  Medical

  $1,859,749

  Retail

  $2,796,758

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4166

Longitude

-83.2558

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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