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… Read More 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. Read Less
Courtesy of Brookstone, Realtors LLC.
Listing Snapshot
Days Online
264
Last Updated
Property Type
Commercial/Industrial
Square Ft.
5,074
Lot Size
0.63 Acres
Year Built
1950
MLS Number
50187507
30 Days Snapshot Of 48093
$130k
+6%
(avg) sold price
15
+36%
homes sold
21
-25%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Class B
Amenities
ADA Accessible, Cable Internet Installed, Cable TV Available, Carpet, Internet Available, Electric Available, Fixtures, Living Quarters, Living Quarters Attached, Outside Storage, Vinyl/Laminate Floors
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