Distressed Sale - Schaefer Retail Outlets

2300 S. Schaefer Hwy, Detroit, MI

$349,000

Price

13.11%

Cap Rate

$45,763

NOI

Overview
Cap Rate
13.11%
NOI
$45,763
Building Size
6,564 sqft
Lot Area
0.6 acres
Year Built
2006
Description

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Detroit is the largest and most populous city in the U.S. state of Michigan, the largest American city on the United States–Canada border, and the seat of Wayne County. The municipality of Detroit had a 2017 estimated population of 673,104, making it the 23rd-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area. Regarded as a major cultural center, Detroit is known for its contributions to music and as a repository for art, architecture and design.

Detroit is a major port on the Detroit River, one of the four major straits that connect the Great Lakes system to the Saint Lawrence Seaway. The Detroit Metropolitan Airport is among the most important hubs in the United States. The City of Detroit anchors the second-largest regional economy in the Midwest, behind Chicago and ahead of Minneapolis–Saint Paul, and the 13th-largest in the United States. Detroit and its neighboring Canadian city Windsor are connected through a tunnel and the Ambassador Bridge, the busiest international crossing in North America. Detroit is best known as the center of the U.S. automobile industry, and the "Big Three" auto manufacturers General Motors, Ford, and Chrysler are all headquartered in Metro Detroit.

Detroit's diverse culture has had both local and international influence, particularly in music, with the city giving rise to the genres of Motown and techno, and playing an important role in the development of jazz, hip-hop, rock, and punk music. The erstwhile rapid growth of Detroit left a globally unique stock of architectural monuments and historic places, and since the 2000s conservation efforts managed to save many architectural pieces and allowed several large-scale revitalizations, including the restoration of several historic theatres and entertainment venues, high-rise renovations, new sports stadiums, and a riverfront revitalization project. More recently, the population of Downtown Detroit, Midtown Detroit, and various other neighborhoods has increased. An increasingly popular tourist destination, Detroit receives 19 million visitors per year. In 2015, Detroit was named a "City of Design" by UNESCO, the first U.S. city to receive that designation.

Highlights
  • Distressed Sale Looking for Year-End Close
  • Asset is Deliverable Below Replacement Cost | Listed at just $53.17 Per Square Foot
  • 73% Vacant | Value Add Through Leasing | Four Suites with One Occupancy
  • Located Less Than 15 Minutes from Detroit CBD and Dearborn | Little Caesars Arena, Ford Field, Comerica Park
  • Quality Brick Construction | Proactive Landlord Maintained All Roof, Parking, and HVAC
  • Excellent Visibility From Schaefer Hwy Which Exceeds 17,000 VPD
  • Easily Accessible Off of I-75 Which Exceeds 28,000 VPD in the Area
  • 15.5 Miles From Detroit Metropolitan Airport
  • Total Population Within a 5-Mile Radius of Property Exceeds 291,700

Location
Gallery