Last month, readers and investors were intrigued by the possibilities offered in the sale of these familiar buildings along Grand River. Located along an arts corridor and just outside a dense residential area, the buildings were up for sale for a decent price for the right person with the right vision. They recently sold for well over asking at $141,000, and we chatted with agent James Tumey about the interest in the buildings.
After the buildings went up for sale, Tumey hosted an open house so potential buyers could see inside. Not for the weak, these buildings need a complete rehab. More than 120 potential buyers walked through, and there were 12 cash offers quickly. Tumey tells us they were all local business owners and residents. A few potential buyers and ideas included:
- A woman who wanted to open a bakery and dessert bar, while starting a high school mentorship program;
- Many property renovators who wanted to convert it to mixed-use, residential/commercial space;
- A Wayne State graduate looking to start a coffee shop;
- A Woodbridge couple interested in starting a cafe, with live/work space upstairs and community space offered.
The new owner will start a new restaurant here, although they’re keeping the details quiet right now. Tumey said that this property brought out a lot of potential buyers who weren’t afraid of a big rehab if it meant their businesses or ideas could get off the ground. The city has Motor City Match, of course, but if you see any other commercial properties that could appeal to local entrepreneurs, send them our way!