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    For Sale (7)

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    Detroit Commercial Space with Garage
    $65,000
    1,396 SF

    Detroit Commercial Space with Garage

    1,400 sq ft commercial space with rear garage access.

    10305 W Mcnichols Rd, Detroit, MI 48221
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    Residential Land in Plymouth Township
    $640,000
    1.85 Acres

    Residential Land in Plymouth Township

    1.85 acre parcel ready for development in Plymouth Township.

    48100 Powell Rd, Plymouth, MI 48170
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    Detroit Multi-Family Investment Opportunity
    $146,000
    1,968 SF

    Detroit Multi-Family Investment Opportunity

    Multi-family property with one occupied unit, great investment potential.

    13551 Santa Rosa Dr, Detroit, MI 48238
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    Detroit Multifamily Investment Opportunity
    $550,000
    4,467 SF

    Detroit Multifamily Investment Opportunity

    High-performing, fully leased 10-unit apartment building with development potential.

    12927 Plymouth Rd, Detroit, MI 48227
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    Residential Land in Farmington Hills
    $559,000
    4.50 Acres

    Residential Land in Farmington Hills

    Desirable 4.5-acre lot suitable for residential development.

    25675 Inkster Rd, Farmington Hills, MI 48336
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    Residential Land in Farmington Hills
    $349,000

    Residential Land in Farmington Hills

    Prime residential land for building a dream home.

    Howard Rd, Farmington Hills, MI 48335
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    Retail Space Available
    $65,000

    Retail Space Available

    Approximately 1,400 sq ft retail space for sale.

    10305 W Mcnichols Rd, Detroit, MI 48221
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    For Lease (9)

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    Downtown Northville Commercial Land Lease
    $3,950 / Mo
    1,128 SF

    Downtown Northville Commercial Land Lease

    Commercial land for lease in downtown Northville, Michigan.

    111 Griswold St, Northville, MI 48167
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    Prime Retail Space, Northville
    $5,500 / Mo
    1,500 SF

    Prime Retail Space, Northville

    Retail space in vibrant downtown Northville with high visibility.

    340 N Center St, Northville, MI 48167
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    Northville Office Space For Rent
    $5,500 / Mo
    6,232 SF

    Northville Office Space For Rent

    Former chiropractic office suitable for healthcare or professional services.

    41074 7 Mile Rd, Northville, MI 48167
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    Livonia Retail Space Available
    $2,000 / Mo
    2,200 SF

    Livonia Retail Space Available

    Retail space for lease in Livonia with great visibility.

    29225 7 Mile Rd, Livonia, MI 48152
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    Prime Retail Space, Northville, MI
    $6,400 / Mo
    1,500 SF

    Prime Retail Space, Northville, MI

    Retail space in downtown Northville, vibrant and growing community.

    340 N Center St, Northville, MI 48167
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    Farmington Hills Office Space Available
    $5,500 / Mo
    6,480 SF

    Farmington Hills Office Space Available

    Office space with multiple rooms, kitchen, and reception area.

    37899 W 12 Mile Rd, Farmington Hills, MI 48331
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    Southfield Office Park Rental Options
    $299 SF/Yr
    61,617 SF

    Southfield Office Park Rental Options

    Office spaces with multiple configurations and amenities in Southfield, MI.

    17320 W Twelve Mile Rd, Southfield, MI 48076
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    Retail Space in Downtown Northville
    $3,950 / Mo

    Retail Space in Downtown Northville

    Retail space for lease in downtown Northville, parking available.

    111 Griswold St, Northville, MI 48167
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    Retail Space at Busy Intersection
    $2,000 / Mo

    Retail Space at Busy Intersection

    2200 sq ft retail space for lease in Livonia.

    29225 7 Mile Rd, Livonia, MI 48152
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    RE/MAX Dream Properties
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