This exceptional 0.4-acre redevelopment opportunity presents a unique chance to capitalize on a prime location in Detroit's Central Business District. The property, encompassing 79,960 square feet, is situated at 1134 Griswold St and 35 State St, in the heart of Capitol Park, and is the last remaining undeveloped site in this vibrant area. The existing six-story building, constructed in 1938, is currently vacant, offering a blank canvas for a wide range of development possibilities. Zoned B5 (Major Business District), the property allows for diverse uses including hospitality, multi-family residential, mixed-use projects, and retail establishments. This strategic location benefits from proximity to significant area developments such as The Stott, The Albert, Book Tower, Hudson's Site, and the Westin Book Cadillac. The property's APN is 02-001993. Furthermore, its location within a Qualified Opportunity Zone presents attractive tax advantages for investors. This is a truly exceptional opportunity to create a landmark development in a rapidly revitalizing urban core. The property's size and zoning provide significant flexibility for a variety of development concepts, making it an ideal investment for discerning developers seeking a high-impact project in a thriving market.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$21,052,566
6.5%
$19,433,136
7%
$18,045,056
Comparable approach
Method
Valuation
Relative Method
$18,765,262
Geo Method
$18,765,262
Alternative Use
Use
Valuation
Residential
$16,392,578
Hospitality
$15,015,513
Educational
$12,492,731
Medical
$12,922,375
Retail
$19,433,136
Location Insight
City
Detroit
County
Wayne
State
Michigan
Latitude
42.3323
Longitude
-83.0483
CBSA code
19820
CBSA name
DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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