Assisted Living
For Sale
$365,000
485 E Grand Blvd, Detroit, MI 48207
Tenant-occupied assisted living residence with nine bedrooms and four full bathrooms, formerly licensed for adult foster care.
Property Size2,884 SF
Price / SF$126.56
Days on Market194
Property Features for 485 E Grand Blvd
General Information
Standard status
Active
Size
2,884 SF
Property subtype
Commercial
Site & Location
Neighborhood
Islandview
Building Details
Year Built
1912
Tenancy
Multi
Listing Agency:
@properties Christie's Int'l R.E. Birmingham
Listed By:
Charles A Siciliano · License #6501383141
(248) 385-7788
Source:
Vmrealestatemichigan
Added: Apr 21
Changed: Oct 25
Last Checked: Oct 30 at 2:32PM
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 @properties Christie's Int'l R.E. Birmingham
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Investment Insights
Based on property information with market context.
This assisted living facility has operated as a licensed adult foster care setting for more than 50 years and was previously approved for up to 20 residents. The property is currently tenant-occupied with ten long-term residents. The interior layout is designed for flexibility, featuring nine bedrooms, four full bathrooms, and two half baths.
The building was constructed in 1912 and has an asphalt roof. The property sits on an 80.00 x 146.00 lot, providing a substantial residential footprint for continued care and occupancy.
With a proven history of serving long-term residents and a bedroom-and-bath configuration that supports larger group living, the property offers an adaptable foundation for ongoing assisted living operations.
The building was constructed in 1912 and has an asphalt roof. The property sits on an 80.00 x 146.00 lot, providing a substantial residential footprint for continued care and occupancy.
With a proven history of serving long-term residents and a bedroom-and-bath configuration that supports larger group living, the property offers an adaptable foundation for ongoing assisted living operations.
Key Highlights
- Licensed adult foster care operation for over 50 years
- Previously approved for up to 20 residents
- Currently tenant‑occupied with ten long‑term residents
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,255
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,100
$605.1K
Cap Rate 7%
$432,214
$432.2K
Cap Rate 9%
$336,167
$336.2K
Market Conditions
NOI Build-Up for 2,884 SF
Gross rent
$58.8K $20.40/SF
− Vacancy
−$3.8K −$1.33/SF
EGI
$55.0K $19.07/SF
− OpEx
−$24.8K −$8.58/SF
NOI
$30.3K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,100
Cap Rate 7%
$432,214
Cap Rate 9%
$336,167
Alternative Uses
Best Use
Apartment 5plus
$432.2K
$378.2K – $504.3K
NOI $30,255 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$636.2K
$556.7K – $742.3K
NOI $44,536 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
Median Home Value
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Similar Off Market Nearby
- Templeton Adult Foster Care — 180 E Grand Blvd, Detroit, MI 48207
- Hitt home — 485 E Grand Blvd, Detroit, MI 48207
- Passion and Caring Home For The Elderly LLC — 570 E Grand Blvd, Detroit, MI 48207
- Brighter Haven Inc — 560 E Grand Blvd, Detroit, MI 48207
- Terry Adult Foster Care — 1754 Van Dyke St, Detroit, MI 48214
Frequently Asked Questions
What type of property is this?
Assisted living facility - Tenant-occupied assisted living residence with nine bedrooms and four full bathrooms, formerly licensed for adult foster care.
Where is this assisted living facility located?
The property is located at 485 E Grand Blvd Detroit, MI.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Licensed adult foster care operation for over 50 years; Previously approved for up to 20 residents; Currently tenant‑occupied with ten long‑term residents
