Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    6474 Russell St Detroit, MI 48211-2141

    • Warehouses
    • 2,702 SF
    • 0.18 lot acres
    OFF-MARKET
    Last Sale
    Aug 09, 2023
    $150,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0310473
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 6474 Russell St

    Year built
    1956
    Lot size
    0.18 lot acres
    Property size
    2,702 SF
    Zone code
    M4
    Property type
    Warehouses
    APN
    07002597-8
    APU
    70025978

    Description

    This exceptional M4-zoned commercial/industrial property in Detroit's rapidly developing Milwaukee Junction area offers a unique blend of warehouse and living space. The 2,702 square foot building, constructed in 1956 and renovated in 2023, features a large 39' x 39' work area with 18' ceilings, a 7' x 36' loading dock, and a newer furnace. A finished office area complements the spacious warehouse. The property boasts three-phase power (100amp+200amp+200amp available), a security system, and is conveniently located near the Q Line. The sale includes five total lots (0.62 acres), encompassing 6480, 6474, 6464, 6460, and 6454 Russell Street, offering significant potential for expansion or future development. The property is fully fenced and benefits from a well-lit street and proximity to new high-end lofts and apartments. Asking price is $600,000 ($222.06/sq ft). APN: 07002597-8.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0584
    Latitude
    42.374
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,774
    $0.00
    $0.00
    $43,100
    -
    $0.00
    $0.00
    $86,200

    Comparable in this City

    • Value Estimation
      $740,000
      24,125 SF

      5114 Bellevue St

      WAREHOUSE, STORAGE • 24,125 SF
      5114 Bellevue St, Detroit, MI 48211-3212
      View Details
    • Value Estimation
      $1,895,000
      153,600 SF

      5855 Concord St

      WAREHOUSE, STORAGE • 153,600 SF
      5855 Concord St, Detroit, MI 48211-3237
      View Details
    • Value Estimation
      $560,000
      20,752 SF

      8735 Foster St

      WAREHOUSE, STORAGE • 20,752 SF
      8735 Foster St, Detroit, MI 48211
      View Details
    • Value Estimation
      $1,230,000
      99,724 SF

      1579 Milwaukee St

      WAREHOUSE, STORAGE • 99,724 SF
      1579 Milwaukee St, Detroit, MI 48211-2011
      View Details
    • Value Estimation by Request
      5,600 SF

      6440 Miller St

      WAREHOUSE, STORAGE • 5,600 SF
      6440 Miller St, Detroit, MI 48211-1780
      View Details
    • Value Estimation
      $4,645,000
      273,520 SF

      6500 Mt Elliott St

      WAREHOUSE, STORAGE • 273,520 SF
      6500 Mt Elliott St, Detroit, MI 48211-2435
      View Details

    Similar Nearby for Sale

    • $675,000
      87,000 SF

      Albert Kahn Industrial Building

      87,000 SF Detroit Warehouse, $675K
      5151 Bellevue St, Detroit, MI 48211
      View Details
    • $1,500,000
      528,681 SF

      Detroit Warehouse: 528,681 SF

      Massive Detroit warehouse, redevelopment opportunity.
      1921 Ferry St, Detroit, MI 48211
      View Details
    • Contact for pricing
      89,000 SF

      Detroit Industrial Warehouse For Sale

      Three-story industrial warehouse in excellent condition with visibility from I-75.
      6001 Russel St, Detroit, MI 48211
      View Details
    • $499,000
      5,000 SF

      Freestanding Industrial Warehouse Building

      Freestanding industrial/warehouse building with fenced parking lot.
      20180 Sherwood St, Detroit, MI 48211
      View Details
    • $295,000
      3,300 SF

      Highland Park Warehouse For Sale

      3,300 SF warehouse property in Highland Park, Michigan.
      17905 Chrysler Dr, Highland Park, MI 48211
      View Details
    • $1,100,000
      27,000 SF

      Detroit Warehouse: $1.1M

      27,000 SF Warehouse, Ideal Owner/User
      1909 Ferry St, Detroit, MI 48211
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      51,500 SF

      Industrial Building Near Auto Plants

      51,500 SF industrial building with rail access and grade-level doors.
      6530 E Palmer St, Detroit, MI 48211
      View Details
    • $695,000
      10,000 SF

      Warehouse with Freeway Access

      Warehouse building featuring truckwell and drive-in overhead door.
      6338 Lambert St, Detroit, MI 48211
      View Details
    • $3 SF/Yr
      1,100,000 SF

      Detroit North End Warehouse Complex

      Historic warehouse complex in Detroit's North End neighborhood.
      1600 Clay St, Detroit, MI 48211
      View Details
    • New
      $800 /Mo
      165,712 SF

      Detroit Industrial Creative Hub Space

      Flexible spaces for creative studios, light industrial, and more.
      1600 Clay St, Detroit, MI 48211
      View Details
    • Contact for pricing
      184,738 SF

      Grand Blvd Detroit Office/Warehouse

      Detroit Office & Warehouse Space Available
      1600-1634 Grand Blvd, Detroit, MI 48211
      View Details
    • $3,500 /Mo
      3,000 SF

      Clean Shop Space For Rent

      Well-located, clean shop space available for lease.
      5900 Mount Elliott St, Detroit, MI 48211
      View Details
    Request Owner's contact information
    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.
    6474 Russell St
    Detroit, MI 48211-2141
    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
    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

    Google sign-in failed. Please try again or use another login method.