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    Development Opportunity in Oak Park Title is generated by Realmo AI

    14211 W 11 MILE Road, Oak Park, MI 48237

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    Claim this Listing
    For Sale
    $650,000

    Real Estate Only - Oak Park, MI

    Property size:
    1,600 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $406/SF
    Added:
    Jan 30, 2026
    Days on Market:
    99
    Last Refresh:
    May 9 at 5:06 am

    Property Features for 14211 W 11 MILE Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial,Multi-Family
    Standard status
    Active
    APN
    2519202007
    Size
    1,600 SF
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3904

    Building Details

    Year built
    1957
    Floors in Building
    1
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Melanie S Bishop

    Listing agent Melanie S Bishop

    Listing office KW Domain 210 S Old Woodward Ave Suite 200, Birmingham, MI

    Listing date Jan 30, 2026

    MLS# 20261006122 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approved for mid‑rise mixed‑use/multifamily development (6‑8 stories).
    • City of Oak Park actively supports the development and wants it to be part of their new downtown.
    • Verbal approval for digging below grade for underground parking.
    • Flexible development options: townhouses, apartments, or condos.
    • Located in Oak Park's new downtown area with new restaurants and entertainment.
    • Close proximity to local parks and award‑winning Berkley Schools.

    Overview

    This property presents a development opportunity in Oak Park, MI, already approved for mid-rise mixed-use or multifamily construction. The city is prepared to facilitate the development of a structure between 6 and 8 stories, including a parking structure and commercial space on the first floor. Alternative development options include townhouses or mixed-use buildings with both apartments and condos. The city is open to adjusting the building approach from 11 Mile Road to Gardens to improve property access. New restaurants and entertainment venues are opening nearby. Local parks are located 5 minutes away, and the property is within the Berkley Schools district. The land behind the existing single-story commercial building is owned by Oak Park, and the city will allow for a structure to be built there. Verbal approval has been granted for digging below grade for underground parking for a mid-rise building. The existing property is 1600 square feet on a 0.26-acre lot. The property is zoned for commercial and multi-family use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.188723
    Latitude
    42.488447

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    FAQs

    What type of property is this?
    Commercial land - Approved mixed-use/multifamily development site in Oak Park, MI.
    Where is this commercial land located?
    The property is located at 14211 W 11 MILE Road Oak Park, MI.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Approved for mid‑rise mixed‑use/multifamily development (6‑8 stories).; City of Oak Park actively supports the development and wants it to be part of their new downtown.; Verbal approval for digging below grade for underground parking.
    (248) 867-7800
    We can help!
    Listing Contact
    Melanie S Bishop
    Real Estate License ID: 6501217402
    Learn More
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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.

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