20580 Hoover StDetroit, MI 48205
- Manufacturing properties
- 62,889 SF
Property Details for 20580 Hoover St
- Year built
- 1962
- Lot size
- 2.30 AC
- Property size (Sq ft)
- 62,889 SF
- Zone code
- M3
- Property type
- Manufacturing properties
- APN
- 21036382.
- APU
- 21036382
Description
This exceptional 62,799-square-foot industrial property in Detroit, Michigan, presents a significant opportunity. Located at 20580 Hoover St, this single-tenant building boasts a prime location with excellent visibility and access from 8 Mile and Groesbeck Highway. The property features a 24-32 foot clear ceiling height, perfect for various industrial uses. The building includes two dock-high doors and two drive-in doors, one of which provides direct access from Groesbeck Highway, enhancing operational efficiency. Ample parking is available with 51 spaces. The building, constructed in 1962, sits on 2.3 acres of land and is zoned M3, allowing for a wide range of industrial applications. The property also benefits from 480-volt power and six overhead cranes with a 24'6" hook height and 8" concrete depth. This versatile space is ideal for manufacturing, flex, warehouse, or distribution needs. Importantly, the property is green-zoned for cannabis cultivation (Class C license), processing, and retail, opening up additional possibilities for prospective tenants. Wayne County location offers easy access to major transportation routes. This is a rare opportunity to secure a substantial industrial space in a highly desirable Detroit location.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $27,942,600
- 6.5%
- $25,793,200
- 7%
- $23,950,800
-
Comparable approach
- Method
- Valuation
- Relative Method
- $9,412,220
- Geo Method
- $9,412,220
-
Alternative Use
- Use
- Valuation
- Retail / Commercial
- $13,451,100
- Mixed-Use / Specialty
- $13,580,100
- Hospitality / Lodging
- $10,193,600
- Office
- $13,683,700
- Institutional / Educational
- $14,181,100
- Residential Income
- $16,591,800
- Multifamily
- $18,918,600
- Automotive / Energy
- $12,155,200
- Parking / Income-Based Land
- $4,019,820
- Restaurant / Food Service
- $7,440,680
- Healthcare / Senior Housing
- $13,744,700
Location Insight
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Latitude
- 42.4484
- Longitude
- -83.0042
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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