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    Detroit Land Opportunity: 16,401 sqft Title is generated by Realmo AI

    2363 ELMHURST Street, Detroit, MI 48206

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    LAND - Detroit, MI

    Lot size:
    0.09 Acres
    Added:
    May 5, 2024
    Days on Market:
    748
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for 2363 ELMHURST Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    08003549.
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Description
    S ELMHURST W 10 FT 72 73 R OAKMANS STONEHOUSE SUB L32 P64 PLATS, W C R 8/178 30 X 126.75A

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    Leonard A Pickett III

    Listing agent Leonard A Pickett III License #6501306589

    Listing office RCH Brokerage Legacy Inc 21411 Civic Center Dr Ste 2200, Southfield, MI

    Listing date May 5, 2024

    MLS# 20240028506 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

    • Two property deal: Includes 2373 Elmhurst.
    • Total lot size: 16,401 sqft.
    • Zoned R3: Suitable for small- to medium‑scale infill development.
    • Opportunity for new build: Aligned with DLBA's goal of increasing housing supply and restoring urban fabric.
    • DLBA seeking proposals: Encourages density and walkability.
    • Water Source: Public

    Overview

    This offering includes two properties, one of which is located at 2373 Elmhurst, totaling 16,401 square feet. The properties are zoned R3, designated for residential use. The Detroit Land Bank Authority (DLBA) seeks proposals for small- to medium-scale infill development aimed at increasing housing supply, restoring the urban fabric, and enhancing density and walkability. Interested buyers should consult DLBA proposal guidelines for new build opportunities and review relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional neighborhood context. All offers must be supported by Proof of Funds, demonstrating funds sufficient to meet or exceed development costs. The DLBA is entitled to a tax capture for the 5 tax years following ownership transfer, which may be incompatible with other available tax abatements. The DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes, determined upon reviewing the development proforma and the effect of any tax abatement on purchase and development financing. See attached documents for DLBA requirements and offer submission information.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop 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
    -83.112169
    Latitude
    42.385669

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    FAQs

    What type of property is this?
    Residential land & home lot - Two residential lots totaling 16,401 sqft in Detroit, MI.
    Where is this residential land & home lot located?
    The property is located at 2363 ELMHURST Street Detroit, MI.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Two property deal: Includes 2373 Elmhurst.; Total lot size: 16,401 sqft.; Zoned R3: Suitable for small- to medium‑scale infill development.
    (248) 440-2268
    We can help!
    Listing Contact
    Leonard A Pickett III
    Real Estate License ID: 6501306589
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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.

    More about this property
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