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

    27480 5 Mile Rd Livonia, MI 48154

    Sponsored
    For Sale
    $299,900

    Vacant Land - Livonia, MI

    Lot size:
    1.58 Acres
    Days on Market:
    119
    Last Refresh:
    Feb 3 at 9:06 am

    Property Features for 27480 5 Mile Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Multi-Family
    APN
    46052990073001
    Lot size
    1.58 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Zeinab Bazzi
    Zeinab Bazzi

    eXp Realty (888) 501-7085

    Listing agent Zeinab Bazzi (888) 501-7085

    Listing date Oct 8, 2025

    MLS# 20250025023 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.

    Learn more

    Property Insight Report

    Overview

    Livonia Vacant Land Development Opportunity

    This 1.6-acre parcel of vacant land in Livonia is zoned for multi-family residential use, making it suitable for condominiums, townhomes, or apartment units. A 16-unit condo project has been proposed in the past. The current zoning also allows for alternative business ventures. Its location provides convenient access to major roads, shopping centers, schools, and community amenities. The property is located off Five Mile Road and is surrounded by established neighborhoods and key amenities. The site is located in Livonia, Michigan.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Alpha Book Publisher Publishing House

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.317696
    Latitude
    42.399403

    Nearby Similar for Sale

    • $750,000
      5,222 SF

      Livonia Industrial Building For Sale

      Commercial building with M-1 zoning and outside storage.
      31411 8 Mile Rd, Livonia, MI 48152
      View Details
    • $750,000
      6,225 SF

      Livonia Retail Building For Sale

      6,225 SF retail building in Livonia with high visibility.
      28663 Plymouth Rd, Livonia, MI 48150
      View Details
    • $950,000
      Pending

      Livonia Commercial Property For Sale

      Commercial property with banquet hall, bar, restaurant, and commercial kitchen.
      31117 Plymouth Rd, Livonia, MI 48150
      View Details
    • $300,000

      Turnkey Restaurant Opportunity on 5 Mile

      Established restaurant with liquor license in high-traffic Livonia location.
      33897 5 Mile Rd, Livonia, MI 48154
      View Details
    • $500,000
      8,875 SF

      Livonia Activity Hall with Kitchen

      Large activity hall with remodeled kitchen and parking lot.
      27531 Grand River St, Livonia, MI 48152
      View Details
    • $62,000

      Established Restaurant Business Opportunity

      Restaurant business for sale in a prime Livonia location.
      34710 W Plymouth Rd, Livonia, MI 48150
      View Details
    • Contact for pricing
      24,110 SF

      Livonia Retail Opportunity

      24,110 SF retail building on 2.26 acres in Livonia.
      35555 Plymouth Rd, Livonia, MI 48150
      View Details
    • $125,000

      Profitable Dry Cleaner Business Opportunity

      Turnkey dry cleaner business with high cash flow in Livonia.
      15260 Middlebelt Rd, Livonia, MI 48154
      View Details
    • $1,150,000

      Office Building Near 7 Mile

      Office building for sale in high-growth area.
      19323 Farmington Rd, Livonia, MI 48152
      View Details
    • $1,500,000
      11,298 SF

      Livonia Warehouse with Crane Access

      Move-in ready warehouse with cranes and updated roof.
      33875 Capitol St, Livonia, MI 48150
      View Details
    • $50,000

      Established Ice Cream Shop Opportunity

      Turnkey ice cream shop with established customer base for sale.
      27726 Plymouth Rd, Livonia, MI 48150
      View Details
    • Contact for pricing
      15,936 SF

      Retail Space in Livonia Center

      Retail space available in established Livonia shopping center.
      29643 Plymouth Rd, Livonia, MI 48150
      View Details

    FAQs

    What type of property is this?
    Land - 1.6 acres of vacant land zoned for multi-family use.
    Where is this land located?
    The property is located at 27480 5 Mile Rd Livonia, MI.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: - 1.6 Acres of Vacant Land Zoned for Multi-Family Use; - Prime Location in Desirable Livonia Neighborhood; - Development Potential for Condominiums, Townhomes, or Apartments
    (313) 641-0560
    Request Owner's contact information
    27480 5 Mile Rd Livonia, MI 48154
    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.
    27480 5 Mile Rd
    Livonia, MI 48154
    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
    27480 5 Mile Rd Livonia, MI 48154
    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
    Zeinab Bazzi
    Zeinab Bazzi
    (313) 641-0560
    Learn more
    Google sign-in failed. Please try again or use another login method.