32490 Van Dyke Avenue, Warren, MI 48093
- $1,600,000
- 5,074
- SqFt
- List Price
- $1,600,000
- Status
- ACTIVE
- MLS#
- 50187507
- Days on Market
- 325
- Year Built
- 1950
- Acres
- 0.63
- Living Area
- 5,074
- Municipality
- Warren
- Region
- Warren
- Township
- Warren
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.
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Additional Information
- Cooling
- Central Air, Window Unit(s)
- Appliances
- Gas Water Heater
- Sewer
- Public At Street
- Foundation
- Slab
- Water
- Public
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Listing Courtesy of Brookstone, Realtors LLC, Office Phone: 248-963-0505
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.
Provided through IDX via MiRealSource, as the "Source MLS", courtesy of the Originating MLS shown on the property listing, as the Originating MLS. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.