Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Restaurant Building For Sale Title is generated by Realmo AI

    31519 W 12 MILE Road, Farmington, MI 48334

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,500,000

    Freestanding, renovated restaurant building with tenant in place for sale.

    Type:Commercial/Industrial
    Property size:
    4,054 SF
    Lot size:
    0.57 Acres
    Price / SF:
    $863/SF
    Added:
    Jun 18, 2024
    Days on Market:
    703
    Last Refresh:
    May 20 at 1:55 am

    Property Features for 31519 W 12 MILE Road

    General Information

    Standard status
    Active
    Size
    4,054 SF
    Lot size
    0.57 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1995

    We can help!

    Listing Contact
    Ian Whitelaw
    Ian Whitelaw

    Listing agent Ian Whitelaw License #6502385342

    Listing office Central Properties Group LLC

    Listing date Jun 18, 2024

    Source Exitrealty

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

    All listing content including descriptions, pricing, images are the copyrighted material of Central Properties Group LLC

    HighLights

    • High‑quality tenant: One of Michigan's finest Chinese restaurants.
    • Completely renovated in 2022: Building is in fantastic condition.
    • Excellent location: High‑traffic area on 12 Mile Road near Orchard Lake Road, across from Starbucks, with excellent freeway access.
    • Tenant looking to sign new long‑term lease.
    • Upscale establishment: Features two levels of dining, an outdoor patio, and an elevator.
    • Prominent monument signage on 12 Mile Road.

    Overview

    This beautifully renovated, freestanding building hosts a Chinese restaurant as a tenant, presenting a wonderful investment opportunity. The upscale establishment spans two levels of dining and includes an outdoor patio and an elevator. Monument signage is prominently featured along 12 Mile Road, strategically positioned just west of Orchard Lake Road and across from Starbucks. The property is situated in an area featuring restaurants, banks, and various amenities. Formerly known as Tribute Restaurant, the site has been meticulously transformed to meet high standards of quality. The building is in fantastic condition, having been completely renovated in 2022. The tenant is looking to sign a new long-term lease with new owners. The property offers excellent freeway access and is 4,054 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ShiangMi 湘密公馆 Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3603
    Latitude
    42.4983

    Nearby Similar for Sale

    • $249,000
      5,000 SF

      Established Custom Car Shop Business

      Full-service custom car shop with strong growth potential.
      32730 W 8 Mile Rd, Farmington, MI 48336
      View Details
    • $2,500,000
      21,839 SF

      Farmington Retail Opportunity For Sale

      21,839 SF retail building on 3.631 acres.
      35405 Grand River Avenue, Farmington, MI, 48335
      View Details
    • $2,400,000
      28,148 SF

      Manufacturing and Office Space Available

      Two buildings on 2.75 acres, ideal for manufacturing.
      31666 W 8 Mile Road, Farmington, MI 48336
      View Details
    • $379,900
      2,942 SF

      Farmington Multi-Family Investment Opportunity

      All-brick four-unit building in a desirable residential area.
      30812 Fink Avenue, Farmington, MI 48336
      View Details
    • $2,300,000
      28,148 SF

      Farmington Commercial Property with Two Buildings

      Two buildings on a 2.75-acre lot, ideal for manufacturing.
      31666 W 8 Mile Road, Farmington, MI 48336
      View Details
    • $349,900
      1,975 SF

      Turn-Key Restaurant Opportunity

      Renovated restaurant with furniture, fixtures, and equipment included.
      W Jefferson Ave 33518, Farmington, MI
      View Details
    • Contact for pricing
      50 SF

      Downtown Farmington Retail Opportunity

      Retail space available in historic downtown Farmington building.
      33335 Grand River Avenue | Farmington, MI 48335, MI 48335
      View Details
    • Contact for pricing
      96 SF

      Retail Center Anchored by Fresh Thyme

      Shopping center with national and local tenants at major intersection.
      33181 Grand River & 23354 Farmington Road | Farmington, MI 48336, MI 48336
      View Details
    • $350,000
      2,280 SF

      Turnkey Dry Cleaner Near Downtown

      Freestanding retail building near downtown Farmington, Michigan.
      32065 Grand River Avenue, Farmington, MI 48336
      View Details
    • $1,099,000
      2,860 SF

      Turnkey Restaurant with Drive-Through

      Fully equipped restaurant with drive-through in downtown Farmington Hills.
      32704 Grand River Avenue, Farmington, MI 48336
      View Details
    • Contact for pricing
      66,036 SF

      Industrial Building For Sale

      Industrial building with flexible leasing options available in Farmington, MI.
      37849-37879 Interchange Drive, Farmington, MI 48335
      View Details
    • Contact for pricing
      33,789 SF

      Farmington Industrial Property For Sale

      Industrial property with quick access to major highways.
      37840 - 37890 Interchange Drive | Farmington , MI 48335, MI 48335
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Freestanding, renovated restaurant building with tenant in place for sale.
    Where is this conventional restaurant located?
    The property is located at 31519 W 12 MILE Road Farmington, MI.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: High‑quality tenant: One of Michigan's finest Chinese restaurants.; Completely renovated in 2022: Building is in fantastic condition.; Excellent location: High‑traffic area on 12 Mile Road near Orchard Lake Road, across from Starbucks, with excellent freeway access.
    (248) 855-5955
    We can help!
    Listing Contact
    Ian Whitelaw
    Ian Whitelaw
    Real Estate License ID: 6502385342
    Learn More
    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.
    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

    Thank You for Inquiry
    31519 W 12 MILE Road, Farmington Hills City, MI 48334
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!