12170 Dexter Ave Detroit, MI 48206
- Retail space
- 37,143 SF
- 0.22 lot acres
Current Use by Public Records
- Retail space
Property Details for 12170 Dexter Ave
- Year built
- 1926
- Lot size
- 0.22 lot acres
- Property size
- 37,143 SF
- Zone code
- B4
- Property type
- Retail space
- APN
- 12010519.
- APU
- 12010519
Description
This exceptional investment opportunity presents a 33-unit apartment building located at 12170 Dexter Avenue in Detroit, Michigan, 48206. The property, built in 1926, boasts 37,143 square feet across ten stories and sits on a 0.22-acre lot (APN: W12I010519S). Zoned for multi-family use, it features 26 one-bedroom units, six two-bedroom units, and a superintendent's unit. The building, while requiring a full rehabilitation, showcases original luxury details including marble and tile work, offering significant potential for restoration. Its location within the rapidly developing Dexter Corridor provides exceptional upside. The area is experiencing a major revitalization, including over $30 million in awarded grants for streetscape improvements, infrastructure upgrades, and the addition of EV charging stations, new water lines, and pedestrian walkways. Proximity to key areas like New Center, Henry Ford Hospital, and the Joe Louis Greenway further enhances its appeal. The building's potential for high rental rates, particularly given its proximity to employment centers and its appeal to recent graduates and relocating professionals, makes this a compelling investment opportunity in a burgeoning Detroit neighborhood. The asking price is $495,000 ($13 per square foot). This is a chance to capitalize on Detroit's revitalization and establish a strong presence in a rapidly appreciating market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $495,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $480,000
- 6.5%
- $470,000
- 7%
- $475,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $450,000
- Geo Method
- $490,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $435,000
- Retail
- $510,000
- Mixed-Use
- $455,000
- Hospitality
- $465,000
- Educational
- $415,000
- Residential Income
- $465,000
- Energy
- $420,000
- Income-Based Land
- $400,000
- Food Service
- $465,000
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1257
- Latitude
- 42.3828
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
