3401 Riopelle StDetroit, MI 48207

Property Details for 3401 Riopelle St

Year built

1918

Lot size

0.11 AC

Property size (Sq ft)

5,603 SF

Zone code

M3

Property type

Turn key restaurants

APN

07002266.

APU

7002266

Description

This exceptional mixed-use property at 3401 Riopelle Street in Detroit, Michigan, presents a unique investment opportunity. The 5,603 square foot building, constructed in 1918 and renovated in 2017, sits on approximately 0.70 acres across two parcels (APN: 07-002266, 07-002265, 07-002241-64, 07-001975-7, 07-001974, 07-001973, 07-001972). Currently operating as a retail space with approximately three years remaining on the existing lease, this property offers significant redevelopment potential. The property boasts approximately 40 parking spaces plus street parking. Its prime location in Eastern Market places it adjacent to key developments like Mosaic Eastern Market, Marrow Detroit Provisions, and Measure Brewing Company. The MKT (Market and Distribution) zoning, combining B-6 (general services) and M-3 (general industrial) uses, allows for mixed-use development, including residential and retail options. The asking price is $2,000,000, translating to $356.95 per square foot. This is a chance to acquire a piece of Detroit history with substantial upside potential. The property's size and location make it an attractive investment for both seasoned developers and those seeking a unique, high-growth opportunity in a thriving urban core. The property's history as the Rome Cafe since 1890 adds to its character and appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $1,713,053

  6.5%

  $1,581,280

  7%

  $1,468,331

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,320,744

  Geo Method

  $1,320,744

• Alternative Use

  Use

  Valuation

  Residential

  $1,333,869

  Hospitality

  $1,221,816

  Educational

  $1,016,537

  Medical

  $1,051,497

  Retail

  $1,581,280

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3509

Longitude

-83.0418

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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