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Hotel Yorba 4020 W Lafayette Blvd 250 Room Hostel Detroit, MI 48216 $2,500,000 ($10,000/Room)
EXECUTIVE SUMMARY
Hubbard Farms- great conversion opportunity. The subject property is currently a 234 unit Hotel with common bathrooms on each floor; 55,934 square feet building. The subject building may converted to 150 unit apartment building to studio, 1 bedroom and 2 bedroom apartments; unit count subject to the Developer programing.
Built as a rooming house for workforce. The building is currently being operated as a affordable housing.
Land Size/Parking: dedicated parking of 60 spots located adjacent to the property.
Architecture: Traditional
Construction: Brick and Masonry
Lot Size: 191 x 95
Parking Lot . 49 acres
Legal Description: W HUBBARD E 195 FT OF S 25 FT 53 E 195 FT OF N 65.55 FT 54DANIEL & WALTER SCOTTENS SUB L1 P195 PLATS, W C R 14/114 90.55 X 195
Southwest Detroit is as colorful as the buildings and murals that dot the main thoroughfares of Bagley and Vernor streets. Restaurants are wide array of cuisines are represented from Mexican to Dominican to Venezuelan. The area unique neighborhoods is rich in history and culture. Southwest Detroit consist of a vibrant neighborhoods and sense of community.
Detroit is going through the largest growth that is has seen on the last 75 years which include New Retail/ Services uses and New interest in Corporations interested in locating their companies in the city of Detroit. With this expansion there has been a growth of housing options, apartments, condos, homes all to support the New Corporate customers that are moving thousands of jobs to Detroit every month.
Detroit continues to appeals to the younger generation workforce that desire to live where they work and to be part of live, work and play experience. The empty nesters are finding their way to downtown to live and be part of the comeback.
The New Center, Midtown, Downtown Corktown and SouthWest Detroit markets are experiencing over 7 billion of projects planned, under construction and completed. Bedrock and Ford Mo Co have embarked on 2 projects that will exceed 2 billion in investment. The comeback is for real this time and shall be sustained by the investment of the Corporate Companies in Detroit.
Built as a rooming house for workforce. The building is currently being operated as a affordable housing.
Land Size/Parking: dedicated parking of 60 spots located adjacent to the property.
Architecture: Traditional
Construction: Brick and Masonry
Lot Size: 191 x 95
Parking Lot . 49 acres
Legal Description: W HUBBARD E 195 FT OF S 25 FT 53 E 195 FT OF N 65.55 FT 54DANIEL & WALTER SCOTTENS SUB L1 P195 PLATS, W C R 14/114 90.55 X 195
Southwest Detroit is as colorful as the buildings and murals that dot the main thoroughfares of Bagley and Vernor streets. Restaurants are wide array of cuisines are represented from Mexican to Dominican to Venezuelan. The area unique neighborhoods is rich in history and culture. Southwest Detroit consist of a vibrant neighborhoods and sense of community.
Detroit is going through the largest growth that is has seen on the last 75 years which include New Retail/ Services uses and New interest in Corporations interested in locating their companies in the city of Detroit. With this expansion there has been a growth of housing options, apartments, condos, homes all to support the New Corporate customers that are moving thousands of jobs to Detroit every month.
Detroit continues to appeals to the younger generation workforce that desire to live where they work and to be part of live, work and play experience. The empty nesters are finding their way to downtown to live and be part of the comeback.
The New Center, Midtown, Downtown Corktown and SouthWest Detroit markets are experiencing over 7 billion of projects planned, under construction and completed. Bedrock and Ford Mo Co have embarked on 2 projects that will exceed 2 billion in investment. The comeback is for real this time and shall be sustained by the investment of the Corporate Companies in Detroit.
PROPERTY FACTS
| Price | $2,500,000 | Building Size | 55,934 SF |
| Price Per Room | $10,000 | No. Rooms | 250 |
| Sale Type | Investment | No. Stories | 4 |
| Property Type | Hospitality | Year Built | 1926 |
| Property Subtype | Hostel | Parking Ratio | 1.07/1,000 SF |
| Building Class | C | Corridor | Interior |
| Lot Size | 0.84 AC | Opportunity Zone |
Yes
|
| Zoning | R5 | ||
| Price | $2,500,000 |
| Price Per Room | $10,000 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hostel |
| Building Class | C |
| Lot Size | 0.84 AC |
| Building Size | 55,934 SF |
| No. Rooms | 250 |
| No. Stories | 4 |
| Year Built | 1926 |
| Parking Ratio | 1.07/1,000 SF |
| Corridor | Interior |
| Opportunity Zone |
Yes |
| Zoning | R5 |
AMENITIES
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 250 | $58.00 | - |
1 1
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,191,700 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,191,700
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Hotel Yorba | 4020 W Lafayette Blvd
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