6735 Vernor HwyDetroit, MI 48209

Property Details for 6735 Vernor Hwy

Year built

1943

Lot size

0.31 AC

Property size (Sq ft)

11,312 SF

Zone code

M4

Property type

Auto shops

APN

18001327-9

APU

180013279

Description

This exceptional investment opportunity encompasses two buildings totaling 15,895 square feet situated on nearly 0.81 acres of land in Southwest Detroit. The main building, located at 6735 Vernor Hwy, boasts 13,539 square feet and underwent a complete renovation in 2022. Previously a cab company headquarters, it features 4-6 repair bays, multiple lifts, an air compressor, and is move-in ready. Its original use as a bowling alley lends itself to diverse possibilities, including a bar, restaurant, banquet hall, or grocery store. The second building, at 2201 Waterman, offers 2,356 square feet and presents a unique opportunity. This former trucking depot can be repurposed as a coffee house, restaurant, or restored to its original use. Both properties benefit from over 100 parking spaces, a rare find in this area. Built in the 1920s-1940s, these buildings are ideally positioned to capitalize on Southwest Detroit's remarkable resurgence. Detroit is experiencing unprecedented growth, with billions of dollars invested in new retail, services, and corporate relocation projects. This surge in corporate activity is driving demand for housing, creating a vibrant live-work-play environment that appeals to a diverse demographic. This property's prime location and versatile spaces offer significant potential for strong returns in a rapidly developing market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,458,514

  6.5%

  $3,192,475

  7%

  $2,964,441

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,666,474

  Geo Method

  $2,666,474

• Alternative Use

  Use

  Valuation

  Residential

  $2,692,972

  Hospitality

  $2,466,748

  Educational

  $2,052,305

  Medical

  $2,122,887

  Retail

  $3,192,475

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3153

Longitude

-83.1171

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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