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    16301 Eight Mile Rd Detroit, MI 48235

    Sponsored
    For Sale
    $574,000

    Vacant 3,781 SF Auto Shop/Storefront

    Property size:
    3,781 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 3,781 square foot retail property, located at 16301 W 8 Mile Road in Detroit, Michigan, presents a lucrative investment opportunity. Situated in a high-traffic area with over 145,000 vehicles passing daily, this vacant building offers unparalleled visibility and accessibility. The property boasts a convenient 0.54-acre lot, providing ample parking for customers. Built in 1960, the single-building structure is zoned B4-General Business District, making it suitable for a variety of retail uses, particularly auto-related businesses given its previous use as an auto shop and storefront. The asking price is $574,000, translating to $151.81 per square foot. This represents a strong value proposition in a prime Detroit location. The seller is open to considering a land contract, offering flexible financing options for potential buyers. This property's high visibility, ample parking, and flexible financing options make it an ideal investment for entrepreneurs seeking a thriving retail location on one of Detroit's busiest thoroughfares. The property is currently vacant, allowing for immediate occupancy and customization to suit the buyer's specific needs. This is a rare opportunity to acquire a well-located, sizable retail space in a high-demand area.

    Property Features for 16301 Eight Mile Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    3,781 SF
    Lot Size
    23,522 SF

    Building Details

    Year Built
    1960
    Buildings
    1
    Units
    1

    HighLights

    • 3,781 SF retail building at 16301 W 8 Mile Road, Detroit, MI.
    • High‑traffic location with over 145,000 vehicles daily, offering excellent visibility.
    • 0.54‑acre lot with ample parking.
    • B4‑General Business zoning, ideal for various retail uses, especially auto‑related.
    • $574,000 asking price ($151.81/SF).
    • Land contract financing available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2096545
    Latitude
    42.4442322

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    FAQs

    What type of property is this?
    Individual retail property - Vacant 3,781 SF Auto Shop/Storefront
    Where is this individual retail property located?
    The property is located at 16301 Eight Mile Rd Detroit, MI.
    What is the asking price?
    The asking price for this property is $574,000.
    What are key features of this property?
    This property features: 3,781 SF retail building at 16301 W 8 Mile Road, Detroit, MI.; High-traffic location with over 145,000 vehicles daily, offering excellent visibility.; 0.54-acre lot with ample parking.
    Request Owner's contact information
    16301 Eight Mile Rd Detroit, MI 48235
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    Detroit, MI 48235
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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
    16301 Eight Mile Rd Detroit, MI 48235
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