15142 Joy RdDetroit, MI 48228

Property Details for 15142 Joy Rd

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

2,062 SF

Zone code

B4

Property type

Retail space

APN

22003072.

APU

22003072

Description

This exceptional Detroit investment opportunity presents a 2,062 square foot mixed-use property located at 15142 Joy Road, Wayne County, MI 48228. The property, situated on a 0.05-acre lot (60 x 100 feet), features a blend of auto shop, traditional office, and warehouse space, offering significant versatility. Currently 60% occupied, it generates a substantial Net Operating Income (NOI) of $25,000 annually, resulting in a compelling 12.51% capitalization rate. The building, which boasts two stories, underwent renovations in 2022, including updated electrical, plumbing, and roofing systems, along with the addition of two new door bays. A separate efficiency apartment with its own entrance and utilities contributes to the property's income stream, currently generating $2,500 per month in rental income. The property includes security fencing and ample parking for up to 18 vehicles. The permitted zoning is Commercial, Light Industrial, Office, and Residential, allowing for diverse future development possibilities. This prime location, minutes from Dearborn, benefits from the area's thriving auto industry. The property's current configuration and strong income stream, combined with its potential for expansion and diverse usage, make it an attractive investment opportunity. The asking price is $199,900.

• CAP approach

  CAP return

  Valuation

  6%

  $477,788

  6.5%

  $441,035

  7%

  $409,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $200,595

  Geo Method

  $200,595

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $845,706

  Mixed-Use / Specialty

  $445,263

  Hospitality / Lodging

  $334,228

  Office

  $448,660

  Institutional / Educational

  $464,967

  Residential Income

  $544,012

  Multifamily

  $620,301

  Automotive / Energy

  $398,543

  Parking / Income-Based Land

  $131,802

  Restaurant / Food Service

  $243,965

  Healthcare / Senior Housing

  $450,661

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3585

Longitude

-83.1936

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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