8348 Joy RdDetroit, MI 48204

Property Details for 8348 Joy Rd

Year built

1928

Lot size

0.23 AC

Property size (Sq ft)

3,572 SF

Zone code

B2

Property type

Retail space

APN

18005305.

APU

18005305

Description

This exceptional commercial property, located at 8348 Joy Road in Detroit, Michigan, presents a unique investment opportunity. The property encompasses 4,000 square feet and includes an additional parcel at 8324 Joy Road, both situated on the north side of Joy Road, east of Wyoming. The main building boasts numerous recent updates, including a 2018 roof and a half bath. Modern conveniences such as forced-air heating and city water are already in place. Ample parking is available for customers and employees. Security is enhanced by a side-entry retractable automatic garage door with a steel door. The entire property is fully enclosed by a fence with a wide entrance gate, providing a secure and private environment. The property's excellent location and clean condition offer endless possibilities for a variety of businesses. The asking price for this combined property is $179,900. Property ID W18I005306C11. This is a rare opportunity to acquire a well-maintained commercial property in a desirable Detroit location. The property is zoned for commercial use and is ready for immediate occupancy. Don't miss this chance to establish your business in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,092,098

  6.5%

  $1,008,090

  7%

  $936,084

• Comparable approach

  Method

  Valuation

  Relative Method

  $841,995

  Geo Method

  $841,995

• Alternative Use

  Use

  Valuation

  Residential

  $850,362

  Hospitality

  $778,927

  Educational

  $648,058

  Medical

  $670,346

  Retail

  $1,008,090

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3594

Longitude

-83.1516

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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