22400 Plymouth RdRedford Charter Township, MI 48239
- Hospitality properties
- 9,774 SF
Property Details for 22400 Plymouth Rd
- Year built
- 1952
- Lot size
- 0.61 AC
- Property size (Sq ft)
- 9,774 SF
- Zone code
- B4
- Property type
- Hospitality properties
- Property subtype
- Motels
- APN
- 22005575.
- APU
- 22005575
Description
This 21-key motel in Redford Charter Township, Michigan, presents a unique investment opportunity. Located on a corner lot at 22400 Plymouth Rd, Detroit, MI 48239, this single-story, 1952-built property sits on a sizable lot and offers 20 parking spaces. The property features a manager's apartment with two bedrooms, two bathrooms, a full kitchen, and an attached office and lobby. A dedicated motel laundry room includes a sink, two washers, one dryer, and additional space for supplies. The motel rooms are described as basic but clean, and the property benefits from monthly pest control services through Orkin. The property is zoned B4 and has a rich history, previously operating as an apartment building before its conversion to a motel sometime before the 1990s. This presents a compelling opportunity for continued operation as a motel or potential redevelopment back into apartments, leveraging the existing infrastructure and zoning. The asking price is $1,100,000. This property offers strong potential for investors seeking a stable income stream or a value-add redevelopment project in a desirable location.
Valuation
by Realmo methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,900,466
- 6.5%
- $1,754,276
- 7%
- $1,628,971
-
Comparable approach
- Method
- Valuation
- Relative Method
- $2,148,511
- Geo Method
- $2,148,511
-
Alternative Use
- Use
- Valuation
- Residential
- $1,915,160
- Hospitality
- $1,754,276
- Educational
- $1,459,537
- Medical
- $1,509,733
- Retail
- $2,270,392
Location Insight
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Latitude
- 42.372
- Longitude
- -83.2614
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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