1600-1634 Grand BlvdDetroit, MI 48211

For Sale
Call for price

166,041 SF Warehouse, 10% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional 166,041-square-foot warehouse in Detroit, Michigan, presents a compelling value-add investment opportunity. Currently 89.72% occupied with modified gross rents averaging $6.00 per square foot, this property offers immediate cash flow potential. Near-term upside exists through lease conversions to triple-net structures. Strategically located on a 3-acre site just one block from I-94's on/off ramps, this location provides unparalleled access to major transportation arteries. The property benefits from significant recent capital improvements, including new roofs (the oldest installed in 2016), parking lot repairs, and modernized HVAC systems, mitigating future maintenance concerns. Situated in the revitalizing Packard Plant corridor, across from a large GM assembly plant, this asset offers substantial long-term development potential while generating current income. The city's ongoing demolition of the Packard Plant is paving the way for significant future development in this prime industrial submarket. This is a rare chance to acquire a well-maintained, high-cash-flow warehouse with significant upside in a rapidly evolving Detroit location. The asking price is $31.30 per square foot, resulting in a 10% capitalization rate.

Highlights

  • 166,041 SF warehouse in Detroit, MI, offering a 10% cap rate.
  • 89.72% occupied with below-market modified gross rents, providing immediate cash flow and value-add potential through triple-net lease conversions.
  • Prime location in Detroit's Packard Plant Corridor, near I-94 freeway access.
  • 3-acre site with future development potential.
  • Recent capital improvements by ownership, including roof, parking lot, and HVAC systems.
  • Across I-94 from a large GM assembly plant.

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.3786321
Longitude
-83.0294037
1600-1634 Grand Blvd, Detroit, Michigan

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1600-1634 Grand Blvd
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