1341 Springwells StDetroit, MI 48209

Property Details for 1341 Springwells St

Year built

1971

Lot size

0.38 AC

Property size (Sq ft)

9,472 SF

Zone code

B4

Property type

Turn key restaurants

APN

20005579-83

APU

2000557983

Description

This exceptional 9,472-square-foot commercial property, located at 1341 Springwells Street in Detroit, Michigan, presents a unique investment opportunity. Formerly housing Vince's Italian Restaurant, this vacant building sits on a 0.49-acre lot and boasts 40+ off-street parking spaces within a gated area. The property features a single-story building constructed in 1971, zoned B4 General Business District, offering significant potential for various commercial uses or redevelopment. Its prime location in southwest Detroit provides easy access to major expressways and downtown, benefiting from a high-density residential neighborhood and proximity to the Gordie Howe International Bridge. The property includes two parcels: 20005579-83 and 20005584. A Class C liquor license is available. Seller financing is also an option. This property's strategic location within a rapidly developing area makes it an attractive investment for both owner-users and developers. The substantial lot size and existing building provide ample space for a variety of commercial ventures. The property's history as a successful restaurant further underscores its potential for continued success. Additional adjacent parcels are also available for purchase, expanding the potential scope of this investment. These include vacant lots and a storage building, offering further development opportunities. This is a rare chance to acquire a significant commercial property in a thriving Detroit neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $2,777,500

  6.5%

  $2,563,846

  7%

  $2,380,714

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,232,748

  Geo Method

  $2,232,748

• Alternative Use

  Use

  Valuation

  Residential

  $2,162,700

  Hospitality

  $1,981,022

  Educational

  $1,648,187

  Medical

  $1,704,870

  Retail

  $2,563,846

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3048

Longitude

-83.1227

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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