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$699,000
Est. payment /mo
3,968 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 3,968 sqft
Price per Sqft $176
Municipality Southgate
Subdivision Southgate
MLS Listing ID 50187515
Year Built 1952
Lot Size 0.280 Acres
Acres 0.28
Property Sub-Type Industrial
Source MiRealSource
Property Description
Introducing a lucrative investment opportunity at HOLLYWOOD MOTEL, located at 13450 Dix Toledo Rd. Southgate, Michigan 48195. This 15-unit extended-stay motel, along with a manager's apartment, presents a chance for a high cap rate of 20.97% and a gross income of $196,000. Renovated just last year with $32,000 in upgrades, this fully licensed property boasts modern amenities including WI-FI, cable TV, and free parking. Situated in a prime location with 120 feet of frontage on a heavily trafficked road, the motel benefits from approximately 35,000 vehicles passing by daily. With an average weekly rate of $300-$325 and a strong surrounding demographic with an average household income of $84,000 within a mile radius, this property offers a solid income stream. Don't miss this chance to own a well-positioned hospitality asset in the bustling Detroit market.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family,Commercial
Interior
Cooling Central Air
Exterior
View Y/N No
Building
Sewer Public
Structure Type Brick
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Listed by Brookstone, Realtors LLC
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