1134 Griswold StDetroit, MI 48226

Property Details for 1134 Griswold St

Year built

1910

Lot size

0.40 AC

Property size (Sq ft)

79,608 SF

Zone code

B5

Property type

Retail properties

Property subtype

Retail space

APN

02001993.

APU

2001993

Description

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.

• 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

Property Tax & Assessments

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