32490 VAN DYKE Avenue, Warren, MI 48093
32490 VAN DYKE Avenue, Warren, MI 48093
32490 VAN DYKE Avenue, Warren, MI 48093
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Alec Applebaum

Alec Applebaum

+1(248) 866-8784
$1,600,000
Est. payment /mo
5,074 SqFt
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UPDATED:

Key Details

Property Type Commercial

Sub Type Industrial

Listing Status Active

Purchase Type For Sale

Square Footage 5,074 sqft

Price per Sqft $315

Municipality Warren

Subdivision Warren

MLS Listing ID 50187507

Year Built 1950

Lot Size 0.630 Acres

Acres 0.63

Property Sub-Type Industrial

Source MiRealSource

Property Description

Discover a lucrative investment opportunity at the King Richard Motel! This charming 19-unit extended stay motel, along with one apartment, is strategically located on Van Dyke Ave with 229 feet of frontage, ensuring high visibility to over 52,000 passing vehicles daily. Renovated in 2024 at a cost exceeding $100,000, this property boasts modern amenities and a refreshed look. The conversion to an extended stay concept has significantly enhanced revenue prospects, with a gross income of $300,960 and a net income of $243,056, offering an exceptional cap rate of 14.3%. Convenient land contract terms are available for this C-1 zoned property, offering 0.63 acres of potential in a bustling commercial area surrounded by established national retail brands. With ample parking, room for expansion, and a prime location near major retailers, the King Richard Motel presents a remarkable investment opportunity for aspiring hospitality entrepreneurs or seasoned investors.

Location

State MI

County Macomb

Area Macomb County - 50

Zoning Multi-Family,Commercial

Interior

Cooling Central Air, Window Unit(s)

Exterior

View Y/N No

Building

Sewer Public

Structure Type Brick

Read Less Info
Listed by Brookstone, Realtors LLC

Nearby School & Business

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Alec Applebaum

Alec Applebaum

+1(248) 866-8784

Broker | License ID: 6502389085

Broker License ID: 6502389085

Name

Name

Phone*

Phone

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