Sale of Real Estate and/or Business

Retail-Commercial for Sale
Catylist Listing ID: 30382631
Property Subtypes: Convenience Store
Building Size (RSF): 5,000 SF
Gross Building Area: 5,112 SF
Gross Land Area: 0.09 Acres
Sale Price: $399,000 - 868,000
Unit Price: $79.80 - 173.60 PSF
Property Use Type: Business
Building Name: Abby's Liquor Store
Usable Size (USF): 5,000 SF
Sale Terms: Undisclosed, Other
Cap Rate: Undisclosed
Last Updated: 5/21/2019

Overview / Comments

Real estate is being offered separately or with business.

Abby's Party Store is located on the corner of Cicotte and fronts on Michigan Avenue in Southwest Detroit. It is one of the ONLY liquor stores in this vicinity and is frequented by those traveling Michigan Avenue to the sports arenas in Detroit. The business continues to improve in profitability each month.

The building is in good condition and has more upside potential, including:

1. 4 apartments upstairs that are currently gutted and ready to be completed and rented.
2. Retail space on the ground level, either to be used to expand the store, or create another rentable space.
3. Current owner/operator has limited hours. New owner could be much more profitable by extending hours the store is open for business.
Each floor is approx. 2,500 sf. and the building is 3 levels. The square footage does not include a full basement that is used for storage.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $1,602 (Annual)
Tax Value Land $330,000
Tax Value Personal Property $570,000
Gross Operating Income $841,272 (Annual)
Actual or Proforma Year Actual
Finance Data Year 2017
Real Estate Taxes - Annual($) $1,588 (Annual)
Tax Value Land $330,000
Tax Value Personal Property $570,000
Gross Operating Income $724,372 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit W of Woodward
Taxing Authority: City of Detroit
Tax ID/APN: 18002298
Zoning: B-4
Property Located Between: Livernois and
Zoning Description: Mixed Use with retail and multifamily.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,662 165,455 392,878
Median Age: 27.98 31.22 33.74
Households: 6,874 57,195 146,090

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