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    Detroit Land Development Opportunity Title is generated by Realmo AI

    21652 ORCHARD, Detroit, MI 48219

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    Claim this Listing
    Pending
    $157,000

    LAND - Detroit, MI

    Lot size:
    1.40 Acres
    Added:
    Nov 12, 2020
    Days on Market:
    2017
    Last Refresh:
    May 22 at 4:06 pm

    Property Features for 21652 ORCHARD

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Multi-Family,Multiple,Res
    Standard status
    Pending
    APN
    W22I014265S
    Lot size
    1.40 Acres

    Taxes and HOA fees

    Tax Description
    N ORCHARD 67 WILLMARTH PLACE SUB L21 P41 PLATS, W C R 22/397 66 X 132

    We can help!

    Listing Contact
    James Bufalino

    Listing agent James Bufalino License #6501313711

    Listing office Premier Property Services LLC 19822 Mack Avenue, Grosse Pointe Woods, MI

    Listing date Nov 12, 2020

    MLS# 2200094081 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.

    HighLights

    • 1.4 Acres of Vacant Land in Northwest Detroit near Old Redford
    • Opportunity for a 25‑50 Unit Multi‑Family Affordable or Mixed‑Income Residential Development
    • The City will support the selected developer through rezoning and entitlement processes
    • Nine Parcels Included in Sale: 21652, 21636, 21624, 21610, 21604, 21566, 21556 Orchard; and 21535 & 21525 Santa Clara
    • Located in the Old Redford community, east of Lasher, just north of Grand River Avenue
    • Current Zoning is R1; Proposed projects should not require a higher zoning than B4

    Overview

    This 1.4-acre vacant land parcel in Northwest Detroit presents a development opportunity near downtown Old Redford. The seller is seeking a qualified development team to design and construct a new multi-family affordable or mixed-income residential development. The desired project is a medium-density residential development of 25-50 units. The sale includes nine parcels: 21652, 21636, 21624, 21610, 21604, 21566, 21556 Orchard; and 21535 & 21525 Santa Clara. The current zoning is R1, with the city offering support to the selected developer through rezoning and entitlement processes. The property is located in the Old Redford community, adjacent to B4 and single-family uses. Proposed projects should not require zoning higher than B4. The subject property is east of Lasher, just north of Grand River Avenue. The zoning is Multi-Family, Multiple, and Residential. A Purchase and Development Agreement will be provided upon acceptance of a qualifying offer. Development proposal guidelines and offer instructions are attached to the listing. All proposals were due January 31, 2021.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.256319
    Latitude
    42.418218

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    FAQs

    What type of property is this?
    Residential land & home lot - 1.4 acres of vacant land near Old Redford.
    Where is this residential land & home lot located?
    The property is located at 21652 ORCHARD Detroit, MI.
    What is the asking price?
    The asking price for this property is $157,000.
    What are key features of this property?
    This property features: 1.4 Acres of Vacant Land in Northwest Detroit near Old Redford; Opportunity for a **25‑50 Unit Multi‑Family Affordable or Mixed‑Income Residential Development**; The City will support the selected developer through rezoning and entitlement processes
    (313) 822-9000
    We can help!
    Listing Contact
    James Bufalino
    Real Estate License ID: 6501313711
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    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.

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