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    4020 Lafayette Blvd Detroit, MI 48209

    Sponsored
    For Sale
    $2,950,000

    250-Unit Hotel, Redevelopment Potential

    Property size:
    55,934 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 55,934 square foot multifamily property, located at 4020 W Lafayette Blvd in Detroit, MI, presents a compelling investment opportunity. Currently operating as a 250-unit hotel with shared bathrooms, the property boasts significant redevelopment potential. Its conversion to a 70-80 unit apartment building (studios, one- and two-bedroom units) is feasible, subject to development plans. Originally built in the 1920s as a workforce rooming house, the building features traditional architecture, brick and masonry construction, and sits on a 0.49-acre lot (191' x 95'). The R-5 residential zoning allows for a variety of uses. The property includes 60 dedicated parking spaces on an adjacent lot. Situated in Southwest Detroit, a vibrant and rapidly growing area experiencing significant investment and job growth, this property offers substantial upside potential. The legal description is: W HUBBARD E 195 FT OF S 25 FT 53 E 195 FT OF N 65.55 FT 54 DANIEL & WALTER SCOTTENS SUB L1 P195 PLATS, W C R 14/114 90.55 X 195. The asking price is $2,950,000. This is a rare chance to capitalize on Detroit's resurgence and create a high-return investment. The property's location within a thriving community, coupled with its substantial size and flexible zoning, makes it an ideal candidate for adaptive reuse. The current market conditions in Detroit, characterized by substantial investment and job creation, further enhance the property's long-term value.

    Property Features for 4020 Lafayette Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    55,934 SF

    Building Details

    Year Built
    1920
    Stories
    4
    Units
    250

    HighLights

    • $2,950,000 asking price for a 55,934 square foot multifamily property in Detroit, MI.
    • Excellent adaptive reuse opportunity: Currently a 250‑unit hotel with shared bathrooms, convertible to a 70‑80 unit apartment building (studio, 1‑bedroom, and 2‑bedroom units). Unit count subject to development plans.
    • Originally a workforce rooming house, now a low‑budget motel. Highest and best use is conversion to apartments or upscale hotel renovation.
    • 191' x 95' lot (0.49 acres), 1920s brick and masonry construction, traditional architecture, R‑5 residential zoning.
    • 60 dedicated parking spaces on an adjacent lot.
    • Legal Description: W HUBBARD E 195 FT OF S 25 FT 53 E 195 FT OF N 65.55 FT 54 DANIEL & WALTER SCOTTENS SUB L1 P195 PLATS, W C R 14/114 90.55 X 195
    Property Profile Location Intelligence

    Current Use by Public Records

    Yorba Hotel Hotel Hospitality Investment Group Financial Planner

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0882892
    Latitude
    42.3159037

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    FAQs

    What type of property is this?
    Multifamily property - 250-Unit Hotel, Redevelopment Potential
    Where is this multifamily property located?
    The property is located at 4020 Lafayette Blvd Detroit, MI.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: $2,950,000 asking price for a 55,934 square foot multifamily property in Detroit, MI.; Excellent adaptive reuse opportunity: Currently a 250-unit hotel with shared bathrooms, convertible to a 70-80 unit apartment building (studio, 1-bedroom, and 2-bedroom units). Unit count subject to development plans.; Originally a workforce rooming house, now a low-budget motel. Highest and best use is conversion to apartments or upscale hotel renovation.
    Request Owner's contact information
    4020 Lafayette Blvd Detroit, MI 48209
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    Detroit, MI 48209
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    4020 Lafayette Blvd Detroit, MI 48209
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