11122 Hayes StDetroit, MI 48213

Property Details for 11122 Hayes St

Year built

1939

Lot size

0.33 AC

Property size (Sq ft)

8,850 SF

Zone code

B4

Property type

Retail space

APN

21056425.

APU

21056425

Description

This 8,850 square foot commercial land parcel in Detroit, Michigan, presents a unique investment opportunity. Located at 11122 Hayes Street, in Wayne County, zip code 48213 (42.4170778, -82.9646499), this special purpose property is priced at $650,000. The property is currently configured as a strip mall, although the listing specifies it as land. While the listing mentions a previous configuration of eight units, with four currently leased, generating rental income, and two vacant units, the current state of the property as land should be independently verified. Previous tenants included a barbershop, a studio room, and a daycare center. This property offers significant potential for redevelopment or continued operation as a commercial space. The substantial size of the land provides ample room for expansion or diversification of existing businesses. The location in Detroit offers access to a diverse population and established commercial corridors. This is an ideal opportunity for investors seeking a high-return property in a growing market. Due diligence is recommended to confirm the current condition and zoning regulations of the property. The asking price reflects the potential value and redevelopment opportunities presented by this significant land parcel.

• CAP approach

  CAP return

  Valuation

  6%

  $2,705,786

  6.5%

  $2,497,649

  7%

  $2,319,245

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,086,129

  Geo Method

  $2,086,129

• Alternative Use

  Use

  Valuation

  Residential

  $2,106,860

  Hospitality

  $1,929,872

  Educational

  $1,605,631

  Medical

  $1,660,851

  Retail

  $2,497,649

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4173

Longitude

-82.9645

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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