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23900 Outer Dr
Melvindale, MI 48122

$2,990,000 USD

Parking Lot For Sale  •  23,344 SF

Property Details

• Property Type Parking Lot
• Total Building Size 23,344 SF
• Lot Size 7.01 AC
• Building Class C
• Year Built 1948
• Cap Rate 8.21 %
• Zoning R1 1 FA

0 Transit Score

45 Walk Score

Highlights

Seller Financing Available: Provides potential buyers with increased acquisition flexibility and below market interest rates.

High Day-1 Yield: The property offers a very strong in-place return with an 8.2% going-in cap rate, providing investors with immediate cash flow on da

Operational Upside: Current “mom and pop” ownership operates without management software nor advertising, presenting a clear opportunity to implement

Extremely Dense Surrounding Demographics: Over 100,000 residents within a 3-mile radius. Over 300,000 residents in a 5-mile radius.

Established Occupancy: The property has demonstrated historically strong occupancy levels, reflecting consistent tenant demand and operational stabili

Minimal Competition: No direct competitors within a 7-mile radius, offering a unique advantage in the local market.

Cap Rate:

8.21 %

Amenities

• Air Conditioning

Public Transportation

Commuter Rail	Drive	Walk	Distance
Dearborn (Wolverine - Amtrak)	11 min	-	4.6 mi
Airport	Drive	Walk	Distance
Detroit Metro Wayne County	22 min	-	12.4 mi
Windsor International	36 min	-	19.2 mi

Parking Details

Parking Available:	Yes
Reserved:	No
Spaces Provided:	235
Type:	Surface
Included in Rent:	Yes