Active

29222 GRAND RIVER Avenue

Farmington Hills MI, 48336

$1,750,000


$186.41 per sqft

Active

9,388 sqft

Commercial

Built in 1950

Welcome to an Investor's Dream Building! This is your opportunity to own a mixed use 9-Unit Apartment Building with an additional 5,400SF Commercial Space on the 1st floor. The 9 apartments on the 2nd floor are all 1-bedroom, 1-bathroom units with kitchens, and small living rooms. The apartments are all heated via a steam-based boiler system with one of two boilers recently replaced in 2023. Hot water for the apartments is serviced by two brand new hot water tanks replaced in 2023. The 1st floor commercial space has been fully gutted with newly installed steel studs and is ready for the next owner or a new market tenant to complete the build out. 1st floor Commercial space is serviced by a furnace and has central air conditioning. Architectural plans and MEP drawings available for the next owner or tenant of the 1st floor commercial space. Garage Door in the rear gives direct access to the commercial space, perfect for a service-based tenant needing to load and unload trucks and equipment. Secondary garage space, accessed from the exterior-only, provides the owner with private, locked storage. Next door to the Farmington Hills Fire Department, and close proximity to many major roads and highways including Middlebelt and M-5. 2/3 of flat roof was replaced in February 2024! Sellers intended to occupy 1st floor, but are relocating business headquarters further south/west. LL pays water & sewer, trash, and natural gas. Most tenant's pay electric (separately metered). Bring your ideas to this Value-Add Investment Opportunity, and achieve some serious cash flow potential!

20240019473

MLS ID

March 28, 2024

Listed

May 9, 2024

Updated

Map

29222 GRAND RIVER Avenue
Farmington Hills MI, 48336

Interior Features

Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Forced Air

Exterior/Building Features

Lot Size

0.31 Acres

School Information

School District

Clarenceville

Other Property Details

Area Name

Farmington Hills


Taxes

$15,500


Tax Frequency

Annually


Garage

No


View

No


County

Oakland


Pool

No


Zoning

Commercial,Multi-Family


Buyer Agency Compensation

3.000%

 

Courtesy of Max Broock, REALTORS®-Birmingham

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Data last updated 6:14 AM UTC, 5/9/2024

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