20263 Hoover StDetroit, MI 48205

Property Details for 20263 Hoover St

Year built

1953

Lot size

5.07 AC

Property size (Sq ft)

57,932 SF

Property type

Warehouses

APN

17013847.

APU

17013847

Description

This exceptional 69,022-square-foot industrial property, located at 20263 Hoover Street in Detroit, Michigan, presents a compelling investment opportunity. The single-story building, constructed in 1953 and extensively renovated in 2019, sits on a 5.07-acre lot (APN 17013847) and boasts a desirable industrial zoning designation. The warehouse features 18-foot ceiling heights, four grade-level dock-high doors, and four 5-ton cranes, making it ideal for various industrial uses. Currently, two-thirds of the space is leased to a machinery storage tenant. The property also includes separate grow facilities with significant expansion potential, allowing for a doubling of production capacity. Further enhancing its appeal are rail access, heavy power, and a large fenced and paved parking area. The asking price is $5,050,000, translating to $73.17 per square foot. This property offers a unique blend of existing income and significant upside potential for future growth. The property's strategic location in Wayne County, with easy access to transportation infrastructure, adds to its overall value.

• CAP approach

  CAP return

  Valuation

  6%

  $25,740,200

  6.5%

  $23,760,200

  7%

  $22,063,000

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,670,340

  Geo Method

  $8,670,340

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $12,390,900

  Mixed-Use / Specialty

  $12,509,700

  Hospitality / Lodging

  $9,390,140

  Office

  $12,605,100

  Institutional / Educational

  $13,063,300

  Residential Income

  $15,284,000

  Multifamily

  $17,427,400

  Automotive / Energy

  $11,197,100

  Parking / Income-Based Land

  $3,702,970

  Restaurant / Food Service

  $6,854,200

  Healthcare / Senior Housing

  $12,661,300

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.446

Longitude

-83.0064

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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