17422 Woodward AveDetroit, MI 48203

  • Retail properties
  • 2,900 SF
For Sale
$400,000 View listing

Property Details for 17422 Woodward Ave

Year built
1925
Lot size
0.03 AC
Property size (Sq ft)
2,900 SF
Zone code
B4
Property type
Retail properties
Property subtype
Retail space
APN
01009692.
APU
1009692

Description

This exceptional mixed-use property, located at 17422 & 17428 Woodward Avenue in Detroit, Michigan, presents a compelling value-add investment opportunity. The property consists of two, two-story buildings totaling 0.07 acres, built in 1925 and zoned B4. Currently in shell condition, requiring complete rehabilitation, this property offers significant upside potential. Situated across from Palmer Park and the Detroit Golf Club, the buildings benefit from high visibility on a major thoroughfare with over 30,000 vehicles passing daily. The versatile space is ideal for a variety of uses, including medical offices, beauty salons, or professional businesses, with upper-level units easily adaptable into apartments. The asking price is $400,000. The sale includes both buildings, but excludes the existing billboard. This is an "as is" sale; buyers are responsible for verifying all information. This prime location offers unparalleled potential for businesses seeking high traffic and visibility in a rapidly developing area of Detroit. The property's strategic location and substantial potential for redevelopment make it an attractive investment for discerning buyers.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $886,642
    6.5%
    $818,439
    7%
    $759,979
  • Comparable approach

    Method
    Valuation
    Relative Method
    $683,590
    Geo Method
    $683,590
  • Alternative Use

    Use
    Valuation
    Residential
    $690,384
    Hospitality
    $632,388
    Educational
    $526,139
    Medical
    $544,234
    Retail
    $818,439
17422 Woodward Ave, Detroit, Michigan

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.4192
Longitude
-83.1058
CBSA code
19820
CBSA name
DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2020
$1,771
-
-
$47,300
-
-
-
$94,600

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