Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • 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

    23400 Michigan Ave Dearborn, MI 48124

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $15 SF/Yr ($1,406 /Mo)

    Prominent office building with on-site management and ample parking.

    Property size:
    1,125 SF
    Lot size:
    8.71 Acres

    Property Features for 23400 Michigan Ave

    General Information

    Size
    1,125 SF
    Lot size
    8.71 Acres

    We can help!

    Listing Contact
    Frank Rakipi
    Frank Rakipi
    Source: Moodyscre

    Listing Agent: Frank Rakipi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Dearborn Office Building for Lease

    Village Plaza is a twelve-story office building with 285,468 square feet. The full-service building features on-site management, structured parking, and 24/7 building access. Located at the northwest corner of Michigan Avenue and Outer Drive in Dearborn, Michigan, the property is situated at one of west Dearborn’s most traveled intersections. The location offers proximity to the University of Michigan-Dearborn, Oakwood Hospital, and Ford Motor Company World Headquarters, and is twelve minutes from Detroit Metropolitan Airport. The property has 1,800 surface and structured parking spaces and easy freeway access. Tenants include FedEx Office, H&R Block, and U1 Cafe. Available spaces start at 1,125 square feet. The asking lease rate is $15 per square foot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Veldas Silver Thimble Window Treatment Store Rao Jehangir N ... Internist Fryzel Kelly M Psychologist Oakwood Healthcare Health Consultant American Red Cross ... Volunteer Organization

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Dearborn
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2649475
    Latitude
    42.3030245

    Nearby Similar for Lease

    • $3,500 /Mo
      4,319 SF

      Dearborn Flex/Industrial Space For Rent

      Flex/industrial space available for lease in Dearborn, Michigan.
      5940 Calhoun St, Dearborn, MI 48126
      View Details
    • New
      $2,500 /Mo
      900 SF

      Luxury Salon Space Available

      Remodeled salon in West Dearborn's business district, move-in ready.
      3817 Monroe St, Dearborn, MI 48124
      View Details
    • $4,700 /Mo
      14,060 SF

      Dearborn Warehouse and Flex Space

      Versatile commercial space with overhead doors and ample parking.
      25315 Kean St, Dearborn, MI 48124
      View Details
    • $4,500 /Mo
      2,400 SF

      Dearborn Commercial Space for Rent

      2400 sq ft commercial space suitable for office, medical, retail.
      6307-6309 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $2,500 /Mo
      1,500 SF

      Dearborn Retail Space Available

      Prime retail space in Dearborn, high-traffic location, flexible layout.
      1314 N Telegraph Rd, Dearborn, MI 48128
      View Details
    • $4,800 /Mo
      8,031 SF

      Dearborn Office Space For Lease

      Prime location office space suitable for medical or professional uses.
      2021 Monroe St, Dearborn, MI 48124
      View Details
    • $800 /Mo
      2,400 SF

      Dearborn Office Space for Rent

      Office space in a shared common area. Flexible leases.
      6307 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $1,000 /Mo
      500 SF

      Dearborn Office Space For Rent

      Office space in Dearborn, suitable for various professional uses.
      2021 Monroe St, Dearborn, MI 48124
      View Details
    • $4,400 /Mo
      3,200 SF

      Ford Road Commercial Opportunity

      High-visibility 3,200 sq ft property suitable for various businesses.
      14455 Frd Rd Rd, Dearborn, MI 48126
      View Details
    • $7,000 /Mo
      7,200 SF

      Two-Story Warehouse in Dearborn, MI

      7200 SF warehouse suitable for contractors, distributors, and storage.
      6255 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $2,000 /Mo
      1,722 SF

      Dearborn Commercial Space for Rent

      Versatile 1,722 sq ft commercial space in prime Dearborn location.
      14805 W Warren Ave, Dearborn, MI 48126
      View Details
    • $1,200 /Mo
      5,940 SF

      Dearborn Office Suite For Rent

      Upper-level office suite featuring four private offices, move-in ready.
      10800 W Warren Ave, Dearborn, MI 48126
      View Details

    FAQs

    What type of property is this?
    Office building - Prominent office building with on-site management and ample parking.
    Where is this office building located?
    The property is located at 23400 Michigan Ave Dearborn, MI.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: - Full-service office building with on-site management.; - Ample parking with 1,800 surface and structure spaces.; - Convenient location near major institutions including University of Michigan-Dearborn, Oakwood Hospital, and Ford Motor Company World Headquarters.
    (248) 476-3700
    Request Owner's contact information
    23400 Michigan Ave Dearborn, MI 48124
    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.
    23400 Michigan Ave
    Dearborn, MI 48124
    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
    23400 Michigan Ave Dearborn, MI 48124
    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
    Frank Rakipi
    Frank Rakipi
    Real Estate License ID: 6502366400
    (248) 476-3700
    Learn more
    Google sign-in failed. Please try again or use another login method.