1904 Springwells St Detroit, MI 48209
- Retail space
- 9,746 SF
- 0.18 lot acres
Current Use by Public Records
- Planet Rock Music / Music Store
Property Details for 1904 Springwells St
- Year built
- 1924
- Lot size
- 0.18 lot acres
- Property size
- 9,746 SF
- Zone code
- B4
- Property type
- Retail space
- APN
- 20005170.
- APU
- 20005170
Description
This exceptional mixed-use property at 1904-1912 Springwells Street in Detroit, Michigan, presents a compelling investment opportunity. The 10,000 square foot building, constructed in 1924, boasts a charming two-story design and sits on a 0.08-acre lot (Wayne County, APN 20-005170). The property is zoned B4 - General Zoning District. The first floor comprises approximately 5,000 square feet of retail space, currently divided into four units. One unit is occupied by U.S. Gold Exchange, with a lease potentially transferable to a new owner. The remaining retail space will be vacant upon sale. The second floor offers another 5,000 square feet, previously configured as four apartment units, presenting significant upside potential for redevelopment. The building includes eight parking spaces located at the rear. The asking price is $450,000, translating to a land value of $45 per square foot. This property offers a unique blend of established tenancy and substantial renovation opportunities, promising strong income generation for a savvy investor. The property's location in Detroit, Michigan, zip code 48209, provides excellent access to the city's vibrant commercial landscape.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $300,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $290,000
- 6.5%
- $300,000
- 7%
- $275,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $290,000
- Geo Method
- $295,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $320,000
- Retail
- $320,000
- Mixed-Use
- $325,000
- Hospitality
- $275,000
- Educational
- $295,000
- Residential Income
- $280,000
- Energy
- $280,000
- Income-Based Land
- $270,000
- Food Service
- $295,000
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1252
- Latitude
- 42.3091
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
