Property profile

40320 5th Mile Rd Plymouth, MI 48170

OFF-MARKET
Strip malls
Property ID
US43-1911808
10,800 SF 1.41 ac lot Built 1987
Entity Owned 4-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

Lake Point Plaza, a single-story, 14,747 square foot retail center located at 40320-40420 Five Mile Rd, Plymouth, MI 48170, presents a compelling investment opportunity. Built in 1987 and renovated in 2010, this property sits on a 2.37-acre lot west of Haggerty Road and is zoned for retail use. The building features 89 total parking spaces, providing ample convenience for customers. Currently, there are 2,400 square feet of vacant space available for lease, offering flexibility for various retail uses. The existing tenants benefit from the high traffic area and strong neighborhood demographics. The property boasts 220-volt, 3-phase power, ensuring suitability for a range of businesses. The Wayne County location, with APN 77-051-99-0174-708, offers excellent access to major roadways and a thriving community. This is an exceptional opportunity to acquire a well-maintained retail center in a prime location with immediate income potential and significant upside. The property's single-building design and convenient parking make it an attractive option for both tenants and investors. The available space is ideal for expansion or new business ventures.

Property profile

Verified
Property type Strip malls
Use group SHOPPING CENTER, STRIP CENTER
Year built 1987
Total area 10,800 SF
Lot 1.41 ac (61,420 SF)
Zoning code B-1
APN 77 051 99 0174 708
UPID US43-1911808

Cap rate & NOI

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

Current use

Occupant on record · Public records
  • Nail Salon

Location

40320 5th Mile Rd Plymouth, MI 48170-2710
Plymouth metro Census 560400 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$2.16M
Comparable Approach Comparable
$1.17M
Blend (final) Blend
$1.69M

Owner & transaction history

since 2022
Last sale
$1.8M
6 recorded transactions
2022
$1.8M
2020
$2.0M
2016
Price N/A
2015
Price N/A
2008
$1.3M
1969
Price N/A

Zoning & alternative use

B-1 · Plymouth, MI
Zoning description

• Allow the one-half of the alley for the rear yard setback in O-1, O-2, & B-1 to be across all zoning districts if the alleys are not regularly used. • Move parking requirements in footnotes (h), (j), (m) and (t) to the…

General category COMMERCIAL
Top alternative use upside
Apartment house (5+ units) $2.5M +187.0%
Commercial (general) $1.2M +38.0%
Restaurant $1.1M +30.1%

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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