Property profile

8361 Broadbridge Rd Ira, MI 48023

OFF-MARKET
Office buildings
Property ID
US43-4559153
23,093 SF 10.96 ac lot Built 1950
Entity Owned 4-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional 23,093 square foot industrial property presents a unique redevelopment opportunity in Ira, MI. Situated on a generous 10.9-acre lot, the building boasts a prime location and significant potential for diverse uses. Previously utilized as Fair Haven Elementary School, the structure is fully brick with a good roof, offering a solid foundation for future projects. The property features three driveway entrances, ample parking, and remnants of recreational amenities including basketball hoops, a playscape, and several swing sets. While windows are currently boarded, the building's substantial size and layout provide a blank canvas for creative vision. The City of Ira has proactively modified zoning regulations to permit conversion and redevelopment into either condominiums or up to sixty single-family residential units, including the possibility of senior housing. This flexibility allows for a wide range of development scenarios, catering to various market demands and investment strategies. The substantial acreage provides ample space for expansion, landscaping, or additional structures, further enhancing the property's value and appeal. This is a rare chance to acquire a large-scale property with significant redevelopment potential in a growing community. Investors and developers seeking a high-impact project should act quickly to explore this exceptional opportunity.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1950
Total area 23,093 SF
Lot 10.96 ac (477,418 SF)
Zoning code RS
APN 74-23-660-0018-000
UPID US43-4559153

Cap rate & NOI

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

Location

8361 Broadbridge Rd Ira, MI 48023-2507
Ira metro Census 650100 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
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$390k

Owner & transaction history

since 2021
Last sale
$275,000
3 recorded transactions
2021
$275,000
2016
$750,000
2015
$248,000

Zoning & alternative use

RS · Ira, MI

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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