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31770 23 Mile Rd, New Baltimore, MI 48047
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Property summary
AI-generated overview
This exceptional 10-acre property located at 31770 Twenty Three Mile Road in New Baltimore, Michigan, presents a remarkable opportunity for residential development. Boasting 300 feet of frontage, this parcel is zoned O-5, offering flexibility for various residential projects. The land's strategic location provides convenient access to I-94, enhancing its appeal and accessibility. The asking price is $575,000, translating to a land value of $1.32 per square foot. The property's expansive size and prime location make it ideal for a variety of residential developments. The parcel's APN is 15-09-22-126-014. The seller is open to exploring land contract terms and potential joint venture possibilities, making this an attractive investment opportunity. This significantly reduced price makes this a compelling proposition for discerning buyers seeking a substantial land holding in a desirable Michigan location. The property is situated in Macomb County, with a zip code of 48047. Its coordinates are 42.673232 latitude and -82.789266 longitude.
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Total area
3,456 SF
Lot
4.68 ac (203,861 SF)
Zoning code
C1 LOC
APN
15-09-22-126-014
UPID
US43-1038943
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$630k
Comparable Approach
Comparable
$423k
Blend (final)
Blend
$520k
Owner & transaction history
since 2020
Last sale
$525,000
5 recorded transactions
Zoning & alternative use
C1 LOC · Chesterfield, MI
Top alternative use upside
Retail stores
$645,000
+80.9%
Medical building
$425,000
+19.5%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 12 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$520k
Value range
$468k – $572k
±10% around blend
Estimated value / SF
$150 / SF
Confidence
High
12 county-verified comps
Property data
88
Market benchmarks
33
Comparable evidence
100
$468k
blend $520k
$572k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
3,456 SF
Lot area
4.68 ac
Stories
1
APN
15-09-22-126-014
Zoning
C1 LOC
Assessed value
$159,000
Annual tax
$9,138
3
Income approach: direct capitalization
Partial preview
Income approach indication
$630k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$685k
@ 6.5% CAP return
$630k
@ 7% CAP return
$585k
4
Sales comparison
Partial preview
Sales approach indication
$392k
Weighted, 12 comps · high confidence
Evidence
12 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
6.3 mi away · 4,107 SF
13.8 mi away · 3,000 SF
14.3 mi away · 2,723 SF
16.5 mi away · 2,588 SF
18.3 mi away · 2,720 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$520k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
County 293 sales
$103
+46%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $150/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+81%
vs current-use indication
Medical Building
Commercial (general) · current use
Office Building
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 12 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
7.10%
Implied, in-place cap rate for this commercial land
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 7.10%
9.0%
NOI (est.)
$37k *
Last sale · Apr 2020
$525k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$518k
Move the market yield to see immediate price impact.
Value / SF
$150
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.60%7.10%7.60%
$33k
$501k
$466k
$435k
$37k
$557k
$518k
$484k
$40k
$613k
$569k
$532k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
12 found
High confidence · county-verified
Closest comparable
$400k
3.6 mi · Jan 2026 · $101/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$9,138
Tax year 2022
Assessed value
$159,000
Assessed 2023
Previous assessed
$159,000
+0.0% YoY
Effective rate
5.75%
On assessed value
Total market value
$318,000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
For Sale
Heating
FORCED AIR
Stories
1
Bathrooms
2
Total area
3,456 SF
Lot
4.68 ac (203,861 SF)
Zoning code
C1 LOC
APN
15-09-22-126-014
UPID
US43-1038943
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
C1 LOC · Chesterfield, MIZoning C1 LOC · permitted uses
C1 LOC · Chesterfield, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Heating
FORCED AIR
Stories
1
Bathrooms
2
Lot
4.68 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C1 LOC
Jurisdiction
Chesterfield, MI
Recorded code
C1 LOC
Ownership Intelligence
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Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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