Theodore Plymouth, MI 48170
associated “Institutional” zoning district. These areas are primarily planned in the R-1 zoning district, which allows institutional uses (such as religious institutions, schools, etc.) as either permitted uses or special land uses. However, a few large parcels are planned institutional in the Central Business Zoning District. Municipal buildings and governm…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
R-1 · Plymouth, MIassociated “Institutional” zoning district. These areas are primarily planned in the R-1 zoning district, which allows institutional uses (such as religious institutions, schools, etc.) as either permitted uses or special land uses. However, a few large parcels are planned institutional in the Central Business Zoning District. Municipal buildings and government buildings are permitted uses in the B-2, but religious institutions are not an allowed use. Recommendation: In next Master Plan update, eliminate the institutional future land use category, and either plan for a new use on currently institutionally used parcels to address situations where the institutional use ceases, or outline a process to do so. Parks, 12 government buildings, and parking lots should be noted on regulating plans in any future form-based district(s). Mixed Use Low and High Density Future Land Use and the MU (Mixed Use) Zoning District The Master Plan lays out two types of mixed use future land use categories, while the Zoning Ordinance has a single Mixed Use District. The Mixed Use zoning district essentially functions as residential district since most commercial uses in the MU district require Planning Commission approval. Commercial uses have more strenuous regulations than the same uses located elsewhere in the city which may block redevelopment or re-use of historical homes. The Mixed Use: Low Density Future Land Use category is planned in the Old Village area, which is more suited to a form-based code. The Mixed Use High Density future land use category is planned as a large corridor along North Main Street. It is intended to connect the Old Village and Downtown areas. This area is generally zoned B-3 (General Business) with a few parcels zoned O-1 or PUD. The Mixed Use: High Density Future Land Use Category calls for a variety of uses and a streetscape more similar to the Downtown than the Old Village. A new zoning district is needed to implement the vision for this future land use category and the South Mill Sub Area Plan in the Master Plan. If the City chooses to use a form-based zoning approach, this area and the Old Village should be unique form-based districts that reflect the land use patterns and vision for each of these different areas. Recommendation: A form-based analysis should be done for the Old Village area and the area planed for Mixed Use High Density. The analysis would include a building type inventory, analysis of street types, and categorization of those areas as centers, corridors, neighborhoods or districts.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.