470 Martin Luther King Jr Blvd Detroit, MI 48201
Motel suitable for redevelopment into an apartment building.
Type:Multifamily
Property size:
200 SF- Added:
- Jun 15, 2022
- Days on Market:
- 1410
- Last Refresh:
- Mar 17 at 1:23 pm
Property Features for 470 Martin Luther King Jr Blvd
General Information
- Standard status
- Active
- Size
- 200 SF
- Property subtype
- Multifamily
Listing agent Leo Gonzalez License #MI 6502126741
Listing office CRS, Commercial Real Estate Services
Listing date Jun 15, 2022
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of CRS, Commercial Real Estate Services
Overview
Midtown Development Opportunity
The property is currently operating as a motel. Redevelopment into an apartment building represents the highest and best use. The building features 122 rooms, each approximately 200 square feet, with three rooms sharing a bath. A new heating system and hot water tank have been installed. The property is located in Midtown, near the Detroit Medical Center (DMC), Veterans Affairs (VA) hospital, and Children's Hospital. Midtown is undergoing gentrification, with the rehabilitation of numerous apartment and commercial buildings, as well as restaurants. Detroit is experiencing growth, including new retail and service businesses, and corporations interested in locating within the city. This expansion has spurred the growth of housing options, including apartments, condos, and homes, to support the influx of corporate employees moving thousands of jobs to Detroit. Detroit appeals to a younger workforce seeking a live, work, and play environment. Empty nesters are also moving downtown to participate in the city's resurgence. Future phases may include young couples with children as alternative education options expand. The New Center, Midtown, and Downtown markets are experiencing over $7 billion in planned, under construction, and completed projects. Bedrock and Ford Motor Company have initiated two projects exceeding $2 billion in investment.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Kings Arms Hotel
Hotel & Motel
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Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.061008
- Latitude
- 42.34559
Nearby Similar for Sale
FAQs
What type of property is this?
Motel - Motel suitable for redevelopment into an apartment building.
Where is this motel located?
The property is located at 470 Martin Luther King Jr Blvd Detroit, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime redevelopment opportunity: Ideal for conversion into an apartment building.; Strategic Midtown location: Close to DMC, VA, and Children's Hospital.; Located in a rapidly redeveloping area: Midtown experiencing significant revitalization with new apartments, commercial spaces, and restaurants.
