Retail/Commercial Building Investment Opportunity (Possible Redevelopment)
Acquisition Price
$463,000
Commercial - Two Story Retail Storefront/Office
Zoning: B-4 General Business District
29,804 Square Feet
This is a Retail Commercial building with 12 storefronts and office space located on the corner of Woodward (one of the busiest corridors in Detroit) and Victor St in Highland Park. Strong commercial tenants throughout this area with close proximity to several strip malls within a mile radius. Property Improvements have been taking place south of the subject property consistently for the last five years. Neighborhood residences are also seeing appreciation in value.
Subject is located along Woodward Avenue, which is the city’s main commercial
and business thoroughfare. Woodward is an eight-lane, major traffic artery, which
traverses north and south from the City limits to the Detroit River. The foundation for
Woodward Avenue was laid in the 1920’s when many key institutions were built or
planned such as the Ford Plant at Manchester and Woodward, the Detroit Institute of
Arts, the Detroit Public Library, Wayne State University and many of the buildings in the Central Business District.
The upstairs can also be converted into Lofts for maximum rent potential with 12 storefronts located on the first level. There are currently 3 occupied retail storefronts located on the Victor Street side. Current tenants consist of (1) Barbershop, (2) Coney Island Restaurant, (3) Dress Shop. Collectively these shops are producing rents of $1,240/month. There is a seasonal tax office on the corner of the building which rents for $800/month during tax season. In need of renovation to reach maximum rental potential of $6,000/month.
CLICK HERE FOR MORE PHOTOS: https://www.dropbox.com/sh/oknjr5jq5f575wx/AABdhYa0cnkr1kBgkKo9HyS4a?dl=0
PROPERTY IS REHAB READY - ALL REMEDIATION & ENVIRONMENTAL PHASES 1&2 HAVE BEEN COMPLETED.
Proposed Renderings of Redevelopment:
13928 Woodward Building in 1920.
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PROMISE LAND REALTY, LLC
Work: 313-307-6616
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All Off Market Properties are Sold As-Is. Buyer must do their due diligence. Sold on Warranty deed. We are selling our assignable interest. Proof Of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*