4020 Lafayette Blvd Detroit, MI 48209

Property Details for 4020 Lafayette Blvd

Year built

1925

Lot size

0.41 lot acres

Property size

56,470 SF

Zone code

R5

Property type

Residential income homes

Property subtype

Serviced apartments

APN

14009471.

APU

14009471

Description

This exceptional 55,934 square foot multifamily property, located at 4020 W Lafayette Blvd in Detroit, MI, presents a compelling investment opportunity. Currently operating as a 250-unit hotel with shared bathrooms, the property boasts significant redevelopment potential. Its conversion to a 70-80 unit apartment building (studios, one- and two-bedroom units) is feasible, subject to development plans. Originally built in the 1920s as a workforce rooming house, the building features traditional architecture, brick and masonry construction, and sits on a 0.49-acre lot (191' x 95'). The R-5 residential zoning allows for a variety of uses. The property includes 60 dedicated parking spaces on an adjacent lot. Situated in Southwest Detroit, a vibrant and rapidly growing area experiencing significant investment and job growth, this property offers substantial upside potential. The legal description is: W HUBBARD E 195 FT OF S 25 FT 53 E 195 FT OF N 65.55 FT 54 DANIEL & WALTER SCOTTENS SUB L1 P195 PLATS, W C R 14/114 90.55 X 195. The asking price is $2,950,000. This is a rare chance to capitalize on Detroit's resurgence and create a high-return investment. The property's location within a thriving community, coupled with its substantial size and flexible zoning, makes it an ideal candidate for adaptive reuse. The current market conditions in Detroit, characterized by substantial investment and job creation, further enhance the property's long-term value.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.0882

Latitude

42.3159

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments