350 E Cady St
Northville, MI 48167
Land For Sale · 0.17 AC

The BENEFIT of this City of Northville property FOR SALE and DEVELOPMENT – LOCATION LOCATION LOCATION – Premium Corner for PRIME Downtown Northville Commercial/Mixed Use Development. Located at the corner of Cady and Griswold, cattycorner to new large commercial building, across the street from Tipping Point Theatre, and most importantly directly across the street from future Northville Downs Development. This 9,355 square foot corner lot is Zoned PR-1 – Performance Regulated Industrial District. The most likely scenario is 4 level mixed use building including basement with access to onsite and offsite city parking. Assuming 10% of the lot will be used for offsets and 35% for parking. This would allow 5100 square feet per level, or 20,400. At a rentable rate averaging $25/sf/year NNN, the income potential could be $510,000. Using the typical cap rate for the city of 6%, the value of the building fully leased would be around $8.5mil. There are several factors that could influence this number either higher or lower. Regardless, the value is in the land, the location, and the zoning. Just a few blocks from the center of Downtown Northville and walking distance to everything this wonderful city has to offer: farmer’s market, events, restaurants & more. Join the downtown Northville vibe! The property currently has a rental income producing multi-family structure. Current leases vary and make this an easier property to buy and hold while working on developing.