6331 Jefferson AveDetroit, MI 48207

Property Details for 6331 Jefferson Ave

Year built

2002

Lot size

1.30 AC

Property size (Sq ft)

14,510 SF

Zone code

SD4

Property type

Drug stores

APN

15000027-8

APU

150000278

Description

This exceptional multi-tenant retail property, located at 6331 E Jefferson Ave, Detroit, MI 48207, presents a compelling investment opportunity. The 28,054 square foot center boasts a strong tenant lineup including Walgreens, Little Caesars, Harbortown Laundromat, Dollar Daze, and She's Happy Hair, spread across three buildings on a 2.4-acre lot. Built in 2002, the property features a mix of retail uses, including pharmacy, quick-service restaurant, and other retail spaces. The current occupancy rate stands at 87.37%, generating a Net Operating Income (NOI) of $247,035, resulting in a 7.75% capitalization rate. The asking price is $3,187,552, translating to $113.62 per square foot. The property benefits from a high-traffic location, experiencing over 39,000 vehicles per day, and serves a population exceeding 780,000 within a 10-mile radius. Data indicates that the Walgreens and Little Caesars locations within the center rank in the top 30% and 25%, respectively, nationwide for customer visits. Lease terms vary by tenant, with rent bumps also varying. The property is offered fee simple, with six total units across three single-story buildings. This investment offers significant potential for long-term growth and profitability in a thriving Detroit market. One unit is currently vacant, presenting an opportunity to increase revenue.

• CAP approach

  CAP return

  Valuation

  6%

  $3,837,211

  6.5%

  $3,542,041

  7%

  $3,289,038

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,420,309

  Geo Method

  $3,420,309

• Alternative Use

  Use

  Valuation

  Residential

  $2,987,844

  Hospitality

  $2,736,849

  Educational

  $2,277,026

  Medical

  $2,355,337

  Retail

  $3,542,041

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3443

Longitude

-83.0097

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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