Add Listing
    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

    3040 E Outer Dr Detroit, MI 48234

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $224,900

    1.51 acres of vacant land zoned for light industrial/commercial.

    Lot size:
    1.51 Acres

    Property Features for 3040 E Outer Dr

    General Information

    Property type
    Land
    Standard status
    Active
    Lot size
    1.51 Acres

    We can help!

    Listing Contact
    Dion N Love
    Source: Elliman

    Listing Agent: Dion N Love

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

    Learn more

    Property Insight Report

    Overview

    Detroit Land Development Opportunity

    This 1.51-acre vacant land parcel, located at 3040 Outer Dr E in Detroit, presents a development opportunity. Zoned for light industrial or commercial development, the property has approximate dimensions of 550 x 1,250. The location provides access to major transportation routes, local amenities, and community facilities. This property is suitable for investors, developers, or business owners seeking to expand in the Detroit area.
    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 Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0521659
    Latitude
    42.440067

    Nearby Similar for Sale

    • New
      $850,000
      4,920 SF

      Redford Automotive Business and Real Estate

      Turnkey automotive business and real estate opportunity in Redford.
      12317 Woodbine St, Redford, MI 48239
      View Details
    • $674,990
      13,735 SF

      Detroit Industrial/Commercial Opportunity Awaits

      Flexible 13,735 sqft space on 0.7-acre lot in Detroit.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • $899,999
      3,435 SF

      Detroit Mixed-Use Redevelopment Opportunity

      3,435 SF building on 0.44 acres in evolving Midtown.
      666 Peterboro St, Detroit, MI 48201
      View Details
    • $575,000
      5,246 SF

      Detroit Commercial Property on Vernor

      Prime commercial property in Detroit's vibrant Mexicantown neighborhood.
      4435 W Vernor Hwy, Detroit, MI 48209
      View Details
    • $389,900
      4,468 SF

      Established Auto Repair Shop For Sale

      Profitable, turnkey auto repair shop with real estate in Detroit.
      13118 Gratiot Ave, Detroit, MI 48205
      View Details
    • $699,900
      13,208 SF

      Detroit Commercial Property with Parking

      Versatile Detroit building with renovation potential and ample parking.
      2670 Chalmers St, Detroit, MI 48215
      View Details
    • $399,999
      9,164 SF

      Detroit Office Building on Grand River

      Classic brick office building with value-add opportunity on high-traffic corridor.
      16625 Grand River Ave, Detroit, MI 48227
      View Details
    • $399,900
      6,616 SF

      Farwell Commercial/Industrial Property For Sale

      Commercial/industrial property in Farwell, MI with office, garages, and more.
      2655 W Ludington Dr, Farwell, MI 48622
      View Details
    • New
      $650,000
      8,576 SF

      Detroit Industrial Opportunity For Sale

      Versatile industrial property with income, ideal for investors/owner-users.
      13501 Auburn St, Detroit, MI 48223
      View Details
    • $525,000
      3,000 SF

      Grosse Pointe Woods Commercial Building

      3,000 SF commercial building on high-traffic Mack Avenue.
      20439 Mack Ave, Detroit, MI 48236
      View Details
    • $395,000
      4,389 SF

      Detroit Medical Building Opportunity

      Vacant medical building in Detroit, ideal for custom space.
      503 W Grand Blvd, Detroit, MI 48216
      View Details
    • $350,000
      7,679 SF

      Detroit Commercial Building on Fenkell

      Spacious 8,000 SF commercial building in Detroit's Fenkell Corridor.
      20650 Fenkell Ave, Detroit, MI 48223
      View Details

    FAQs

    What type of property is this?
    Land - 1.51 acres of vacant land zoned for light industrial/commercial.
    Where is this land located?
    The property is located at 3040 E Outer Dr Detroit, MI.
    What is the asking price?
    The asking price for this property is $224,900.
    What are key features of this property?
    This property features: - 1.51 acres of vacant land, offering ample space for your project.; - Zoned for light industrial or commercial development, providing versatile options.; - Located near major transportation routes, ensuring easy access.
    (248) 722-4144
    Request Owner's contact information
    3040 E Outer Dr Detroit, MI 48234
    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.
    3040 E Outer Dr
    Detroit, MI 48234
    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
    3040 E Outer Dr Detroit, MI 48234
    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
    Dion N Love
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!