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Additional details
$ 1,600,000
Est. payment /mo
Active
32490 VAN DYKE AVE Warren, MI 48093
5,074 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type BusinessandRealEstate
Listing Status Active
Purchase Type For Sale
Square Footage 5,074 sqft
Price per Sqft $315
MLS Listing ID 58050187507
Year Built 1950
Lot Size 0.630 Acres
Property Sub-Type BusinessandRealEstate
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 Area03131Warren
Interior
Cooling CentralAir, WindowUnits
Flooring Carpet, Vinyl
Exterior
Parking Features Other
Utilities Available CableAvailable, ElectricityAvailable, UndergroundUtilities
View Y/N No
Roof Type Shingle
Building
Foundation Slab
Sewer PublicSewer, SewerAtStreet
Water Public
New Construction No
Schools
School District Warrencon
Others
Acceptable Financing Cash, Other
Listing Terms Cash, Other
Special Listing Condition CorporateRelocation, ShortSaleNo
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Listed by Tariq Herish of Brookstone, Realtors LLC