844 10th Mile Rd Hazel Park, MI 48030-1260
- Bars
- 2,629 SF
- 0.08 lot acres
Current Use by Public Records
- Bars
Property Details for 844 10th Mile Rd
- Year built
- 1959
- Lot size
- 0.08 lot acres
- Property size
- 2,629 SF
- Zone code
- II
- Property type
- Bars
- Property subtype
- Pubs
- APN
- 28-25-25-126-017
- APU
- 282525126017
Description
Own this established Hazel Park, MI, landmark: Max Dugan's Saloon. This mixed-use property offers a unique investment opportunity, encompassing both the business and the real estate. The 2,629 square foot, single-story building sits on a 0.08-acre lot in a prime location near a major freeway and a rapidly growing downtown area. The property boasts a Class B rating and features a rare "to-go" liquor license included in the sale. The current owners are willing to provide complete profit and loss statements to qualified buyers and assist with the liquor license transfer, subject to city approval. The business is renowned for hosting nationally acclaimed blues musicians and has cultivated a loyal following. Financial information shows a current NOI of $85,000 and a pro-forma NOI of $225,000, resulting in a 9.71% cap rate and a pro-forma cap rate of 25.71%. The asking price is $875,000, or $332.83 per square foot. The property is zoned commercial and includes the legal description: T1N, R11E, SEC 25 Wilbert SUB LOT 135, 136, 137 & 138m, and 1/2 of VAC ALLEY ADJ TO SAME. This is a chance to acquire a successful business with significant growth potential in a vibrant community. The building was renovated 7 years ago. Buyer to verify all information.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hazel Park
- County
- Oakland
- State
- Michigan
- Longitude
- -83.0976
- Latitude
- 42.4759
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
