12701 Joy RdDetroit, MI 48228

Property Details for 12701 Joy Rd

Year built

1970

Lot size

0.28 AC

Property size (Sq ft)

1,101 SF

Zone code

B2

Property type

Retail space

APN

22002038-43

APU

2200203843

Description

This exceptional 1,000-square-foot freestanding retail building presents a unique investment opportunity in Detroit, Michigan. Constructed in 1970, the single-story structure features a convenient drive-thru, ideal for a variety of businesses. Located at 12701 Joy Road, this property benefits from high visibility on a major thoroughfare between Schaefer and Wyoming Avenues. The building is a single-tenant space, offering a straightforward and manageable investment. Joy Road itself is a bustling artery in Detroit, serving a diverse residential and commercial community. The area boasts a mix of local eateries and cafes, reflecting the vibrant cultural tapestry of the city. Note that the property has a restriction prohibiting smoke shops. Ongoing revitalization efforts in the neighborhood suggest a promising future for this location, making it an attractive prospect for savvy investors seeking a strong foothold in a growing market. The property's single-story design and lack of elevators simplify operations and maintenance. This prime location and versatile space offer significant potential for a variety of retail concepts. The property is situated in Detroit, MI, zip code 48228.

• CAP approach

  CAP return

  Valuation

  6%

  $336,618

  6.5%

  $310,724

  7%

  $288,530

• Comparable approach

  Method

  Valuation

  Relative Method

  $259,529

  Geo Method

  $259,529

• Alternative Use

  Use

  Valuation

  Residential

  $262,108

  Hospitality

  $240,089

  Educational

  $199,751

  Medical

  $206,621

  Retail

  $310,724

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3585

Longitude

-83.168

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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