1981 Mcnichols RdHighland Park, MI 48203
- Commercial real estate
- 36,549 SF
Property Details for 1981 Mcnichols Rd
- Year built
- 1925
- Lot size
- 0.52 AC
- Property size (Sq ft)
- 36,549 SF
- Property type
- Commercial real estate
- APN
- 43 004 04 0038 000
- APU
- 43004040038000
Description
This 1925-built apartment building in Detroit's Highland Park neighborhood presents an exceptional value-add opportunity. Boasting a 1.8-acre lot (APN: 08-005551, 43-004-04-0033-000, 43-004-04-0038-000, 43-004-04-0045-000, 43-004-04-0068-000), the property is currently at 0% occupancy, offering immediate potential for lease-up and renovations of fire-damaged units. Its prime location, just 0.6 miles from Henry Ford Hospital and 1.2 miles from Wayne State University, provides strong rental demand. A 15-minute drive from Downtown Detroit, it also benefits from proximity to the University of Detroit Mercy College of Engineering, Woodward Avenue, I-75, and the John C. Lodge Freeway (M-10). Renovating existing units presents a cost-effective alternative to new construction given current market conditions. The property's adjacency to Palmer Park and the Detroit Golf Club offers residents access to walking trails, disc golf, tennis, and a nature center. Furthermore, its location along a main thoroughfare, near increased police presence in the adjacent Palmer Park (a Project Green Light participant), enhances resident safety. This property offers a compelling combination of location, potential, and cost-effectiveness.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $8,615,210
- 6.5%
- $7,952,500
- 7%
- $7,384,470
-
Comparable approach
- Method
- Valuation
- Relative Method
- $3,418,790
- Geo Method
- $3,418,790
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $14,990,200
- Retail / Commercial
- $7,817,350
- Mixed-Use / Specialty
- $7,892,300
- Hospitality / Lodging
- $5,924,190
- Office
- $7,952,500
- Institutional / Educational
- $8,241,560
- Residential Income
- $9,642,620
- Multifamily
- $10,994,800
- Automotive / Energy
- $7,064,190
- Parking / Income-Based Land
- $2,336,190
- Restaurant / Food Service
- $4,324,280
- Healthcare / Senior Housing
- $7,987,970
Location Insight
- City
- Highland Park
- County
- Wayne
- State
- Michigan
- Latitude
- 42.4173
- Longitude
- -83.1204
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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