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    801 Virginia Park St Detroit, MI 48202

    Sponsored
    For Sale
    $360,000

    0.75-acre residential development site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 0.75-acre parcel, located at 801 Virginia Park St, Detroit, MI 48202, presents a unique residential development opportunity. Zoned R3, this vacant land offers significant potential for new construction. Situated in Wayne County, the property enjoys a convenient location near the Henry Ford Hospital campus, the John C. Lodge Freeway, and the vibrant New Center area. The site's southwest corner location at the intersection of Virginia Park and 3rd Street provides excellent visibility and accessibility. The City of Detroit is seeking a developer to create a well-designed project that complements the surrounding historic neighborhood. An adjacent 0.2-acre parcel at 808 Virginia Park is also available for incorporation into a larger development plan. This presents a chance to create a substantial project in a desirable Detroit location. The asking price for this prime land is $360,000. Serious inquiries are encouraged.

    Property Features for 801 Virginia Park St

    General Information

    Property type
    Land
    Lot Size
    32,670 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store 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
    -83.083405421848
    Latitude
    42.373949669784

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    FAQs

    What type of property is this?
    Land - 0.75-acre residential development site
    Where is this land located?
    The property is located at 801 Virginia Park St Detroit, MI.
    What is the asking price?
    The asking price for this property is $360,000.
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    Detroit, MI 48202
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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
    801 Virginia Park St Detroit, MI 48202
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