Current Use by Public Records
- Warehouses
Property Details for 1600-1634 Grand Blvd
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional 166,041-square-foot warehouse in Detroit, Michigan, presents a compelling value-add investment opportunity. Currently 89.72% occupied with modified gross rents averaging $6.00 per square foot, this property offers immediate cash flow potential. Near-term upside exists through lease conversions to triple-net structures. Strategically located on a 3-acre site just one block from I-94's on/off ramps, this location provides unparalleled access to major transportation arteries. The property benefits from significant recent capital improvements, including new roofs (the oldest installed in 2016), parking lot repairs, and modernized HVAC systems, mitigating future maintenance concerns. Situated in the revitalizing Packard Plant corridor, across from a large GM assembly plant, this asset offers substantial long-term development potential while generating current income. The city's ongoing demolition of the Packard Plant is paving the way for significant future development in this prime industrial submarket. This is a rare chance to acquire a well-maintained, high-cash-flow warehouse with significant upside in a rapidly evolving Detroit location. The asking price is $31.30 per square foot, resulting in a 10% capitalization rate.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.0294
- Latitude
- 42.3786
