23055 Telegraph RdSouthfield, MI 48033

Property Details for 23055 Telegraph Rd

Year built

1989

Lot size

1.66 AC

Property size (Sq ft)

4,242 SF

Zone code

I-1

Property type

Retail properties

Property subtype

Banks

APN

76-24-29-476-024

APU

762429476024

Description

This exceptional 4,438 square foot retail property, formerly a Bank of America branch, presents a unique investment opportunity in Southfield, Michigan. Located at 23055 Telegraph Rd, this 1.66-acre site boasts a highly desirable B-3 zoning classification and has already received site plan approval for a car wash, significantly streamlining the development process. The asking price is $1,995,000, translating to $449.53 per square foot. The property's prime location on Telegraph Road, just north of 9 Mile Road, ensures high visibility and accessibility, making it ideal for a variety of commercial uses beyond the approved car wash. Given its strategic location and existing approvals, this property offers significant potential for immediate development or a lucrative ground lease arrangement. The property's history as a well-established financial institution adds to its appeal, providing a solid foundation for future success. Detailed site plans and zoning information are readily available. This is a rare opportunity to acquire a turnkey property in a thriving commercial corridor. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $1,067,484

  6.5%

  $985,369

  7%

  $914,986

• Comparable approach

  Method

  Valuation

  Relative Method

  $999,928

  Geo Method

  $999,928

• Alternative Use

  Use

  Valuation

  Residential

  $831,196

  Hospitality

  $761,371

  Educational

  $633,452

  Medical

  $655,237

  Retail

  $985,369

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4582

Longitude

-83.2797

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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