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    The Largest CRE Database in the US with Over 1 Million Listings

    3421 Chicago Detroit, MI 48206

    Sponsored
    For Sale
    $60,000

    0.51-acre lot, R6 zoning, prime development site.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    424
    This exceptional 0.51-acre vacant land parcel presents a remarkable opportunity for multifamily development. Located in Detroit, Michigan, at 3421 W. Chicago Blvd., this property is zoned R6, allowing for high-density residential construction. The asking price is $60,000. Its strategic location offers convenient access to several key areas. It's situated just 0.43 miles from the historic Boston Edison neighborhood, providing proximity to established residential areas and potential residents. Across the street, you'll find West Chicago Apartments, further highlighting the area's residential character. Educational institutions are also within easy reach, with Sacred Heart Seminary only 0.33 miles away, and Central High School and Durfee Elementary School a short 0.75-mile distance. This prime location, combined with the R6 zoning and attractive price point, makes this a compelling investment for developers seeking to capitalize on the growing demand for residential housing in Detroit. The property's size and zoning regulations offer significant potential for a substantial multifamily development project. Wayne County location and 48206 zip code.

    Property Features for 3421 Chicago

    General Information

    Property type
    Land
    Lot Size
    22,216 SF

    We can help!

    Listing Contact
    Petar Elieff
    Petar Elieff

    Learn more

    Property Insight Report

    HighLights

    • 0.51‑acre vacant land parcel in Detroit, MI, ideal for multifamily development.
    • Zoned R6, allowing high‑density residential construction.
    • Asking price: $60,000.
    • Located near Boston Edison neighborhood, West Chicago Apartments, Sacred Heart Seminary, Central High School, and Durfee Elementary School.
    • Wayne County, 48206 zip code.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.118020317867
    Latitude
    42.373272968645

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    FAQs

    What type of property is this?
    Land - 0.51-acre lot, R6 zoning, prime development site.
    Where is this land located?
    The property is located at 3421 Chicago Detroit, MI.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: 0.51-acre vacant land parcel in Detroit, MI, ideal for multifamily development.; Zoned R6, allowing high-density residential construction.; Asking price: $60,000.
    (313) 603-4266
    Request Owner's contact information
    3421 Chicago Detroit, MI 48206
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    Detroit, MI 48206
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    3421 Chicago Detroit, MI 48206
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    We can help!
    Listing Contact
    Petar Elieff
    Petar Elieff
    Real Estate License ID: 6501433306
    (313) 603-4266
    Learn more
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