32490 VAN DYKE Avenue new Save Request In-Person Tour Request Virtual Tour
Warren,MI 48093
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 5,074 sqft
Price per Sqft $315
Subdivision Mi
MLS Listing ID 50187507
Year Built 1950
Lot Size 0.630 Acres
Acres 0.63
Lot Dimensions .63
Property Sub-Type Commercial/Industrial
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 Warren (50023)
Zoning Multi-Family,Commercial
Interior
Cooling Central A/C,Window Unit(s)
Exterior
Parking Features 21+ Spaces
Roof Type Shingles
Building
Lot Description Utilities Underground
Foundation Slab
Water Public Water
Structure Type Brick
Others
Ownership LLC
SqFt Source Public Records
Financing Cash,Commercial Loan