Property profile

18729 Schoolcraft Detroit, MI 48223

OFF-MARKET
Other individual retail properties
Property ID
US43-1246726
2,340 SF 0.09 ac lot Built 1948
Individually Owned 6-yr Hold Free & Clear
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Property summary

AI-generated overview

The property is a single building in Detroit, Michigan, containing approximately 2,340 square feet of space and situated on a lot of about 0.09 acres. It was formerly operated as a dry cleaner and has been reconfigured into a spacious event hall. The building is zoned for mixed-use and is configured to support uses such as hospitality/entertainment venues (e.g., bar/lounge or cigar/hookah bar), a coffee shop, studio space, or retail. Interior features include new LVP flooring throughout, ceiling fans, mini-split heating and air conditioning units, and two restrooms. A break area is located at the rear of the building. Documented building systems and exterior improvements include a furnace installed about one year prior, a hot water tank installed about one year prior, and a roof with an estimated age of about eight years. The offering includes an adjacent lot that provides additional space and/or parking potential.

Property profile

Verified
Property type Other individual retail properties
Use group DRY CLEANER
Year built 1948
Total area 2,340 SF
Lot 0.09 ac (3,920 SF)
Zoning code B4
APN 22008879-80
UPID US43-1246726

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

18729 Schoolcraft Detroit, MI 48223-2903
Detroit metro Census 543300 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
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by Request
CAP Approach CAP
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Comparable Approach Comparable
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Blend (final) Blend
$115k

Owner & transaction history

since 2019
4 recorded transactions
2019
$22,000
2019
Price N/A
2019
Price N/A
2019
Price N/A

Zoning & alternative use

B4 · Detroit, MI
Zoning description

), eff. 5-28-2005) Sec. 50-7-3. - Business Districts. Business districts within the City are as follows: (1) B1 Restricted Business District. (2) B2 Local Business and Residential District. (3) B3 Shopping District. (4)…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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