Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24 Mile & Gratiot New Baltimore, MI 48051

    Sponsored
    For Sale
    Under Contract
    $325,000

    Vacant Land - Chesterfield Twp, MI

    Lot size:
    2.00 Acres
    Days on Market:
    269
    Last Refresh:
    Jan 29 at 9:06 pm

    Property Features for 24 Mile & Gratiot

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    Other
    APN
    09-08-476-005
    Lot size
    2.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Nancy Bernabei

    Realty Executives Home Towne (810) 300-1650

    Listing agent Nancy Bernabei (586) 726-4600 License #6501418222

    Listing date May 6, 2025

    MLS# 50112132 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Vacant Land Chesterfield Township

    This vacant land is located at the corner of 24 Mile Road and Gratiot in Chesterfield Township, Michigan. The property is zoned M-1 and may be eligible for rezoning. A 10" water main easement and the Ohmig drain run through a corner of the property. The land is being sold in "AS IS" "WHERE IS" condition. The lot size is 2 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    New Baltimore
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8325
    Latitude
    42.6875

    Nearby Similar for Sale

    • $750,000
      5,785 SF

      Remodeled Office/Warehouse on Gratiot Corridor

      5,785 sq ft remodeled office and warehouse on 0.71 acres.
      55951 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $450,000
      2,033 SF

      Turnkey Commercial Property in Chesterfield

      Renovated commercial property with expansion potential in Macomb County.
      32650 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • $325,000
      Pending

      Former Opera House/Church Opportunity

      Unique property with grand gathering, office, and living spaces.
      51028 Base St, New Baltimore, MI 48047
      View Details
    • $449,000
      3,942 SF

      Chesterfield Commercial/Industrial Property For Sale

      Commercial/Industrial property in Chesterfield, sold as-is with signage.
      47720 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $49,999

      Carriage Way Park Home

      Home in Carriage Way Park with custom concrete driveway.
      29636 Cambridge Ct, New Baltimore, MI 48051
      View Details
    • $222,500
      1,144 SF

      Move-in Ready Ranch Condo

      First-floor, two-bedroom, two-bath condo with new updates.
      48719 Brighton Ct, New Baltimore, MI 48047
      View Details
    • $222,500
      1,144 SF

      Move-In Ready Ranch Condo

      First-floor, 2-bedroom, 2-bath condo with new updates.
      48719 Brighton Ct, New Baltimore, MI 48047
      View Details
    • $2,795,000
      44,659 SF

      Manufacturing Facility with Heavy Duty Storage

      Manufacturing facility with heavy-duty vinyl storage structure.
      Chesterfield Twp, New Baltimore, MI 48051
      View Details
    • $695,000
      897 SF

      High Exposure Fast Food Location

      Fast food location with drive-thru and high traffic exposure.
      29610 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • $2,250,000
      1,323 SF

      Chesterfield Industrial Land Opportunity

      15 Acres, Prime Corner Location, High Value
      6018 County Line Rd, Chesterfield, MI 48047
      View Details
    • $549,990
      9,005 SF

      Chesterfield Industrial Property - High Revenue

      Profitable Business, Established Location, Immediate Income
      52050 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $2,900,000
      15,200 SF

      Macomb County Industrial Property

      15,200 SF Manufacturing/Medical Office
      37230 26 Mile Rd, New Baltimore, MI 48047
      View Details

    FAQs

    What type of property is this?
    Land - Corner lot available in Chesterfield Township, being sold as-is.
    Where is this land located?
    The property is located at 24 Mile & Gratiot New Baltimore, MI.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: - Corner lot location at 24 Mile Road and Gratiot.; - Zoned M-1 with potential for rezoning.; - Motivated seller.
    (810) 217-4868
    Request Owner's contact information
    24 Mile & Gratiot New Baltimore, MI 48051
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24 Mile & Gratiot
    New Baltimore, MI 48051
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    24 Mile & Gratiot New Baltimore, MI 48051
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Nancy Bernabei
    Real Estate License ID: 6501418222
    (810) 217-4868
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.