Midtown Development
For Sale
Contact for pricing
470 Martin Luther King Jr Blvd, Detroit, MI 48201
Motel suitable for redevelopment into an apartment building.
Property Size200 SF
Price / SF$7,500
Days on Market1546
Property Features for 470 Martin Luther King Jr Blvd
General Information
Standard status
Active
Size
200 SF
Property subtype
Multifamily
Listing Agency:
CRS, Commercial Real Estate Services
Listed By:
Leo Gonzalez · License #MI 6502126741
Source:
Crexi
Added: Jun 15, 2022
Changed: Aug 22
Last Checked: Sep 4 at 9:56AM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,282
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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.
