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    Redeveloped Rite Aid Convenience Site Title is generated by Realmo AI

    66998 Van Dyke Avenue, Washington Twp, MI 48905

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    Claim this Listing
    For Lease
    $3,027/Mo $27 SF/Yr (calc)

    COMMERCIAL - Washington Twp, MI

    Property size:
    1,300 SF
    Lot size:
    0.84 Acres
    Added:
    Mar 19, 2026
    Days on Market:
    78
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for 66998 Van Dyke Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    24-04-11-126-013
    Size
    1,300 SF
    Lot size
    0.84 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    2026

    We can help!

    Listing Contact
    Boyd C. Kraft
    Boyd C. Kraft

    Listing agent Boyd C. Kraft License #6506047213

    Listing office Pilot Property Group - Residential LLC 38600 Van Dyke Ste 325, Shelby Twp, MI

    Listing date Mar 19, 2026

    MLS# 50202236

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Redeveloped Rite Aid property
    • Busy corner location just south of downtown Romeo
    • Forced air heating
    • Year built: 2026
    • Public water source

    Overview

    This offering is a redeveloped Rite Aid site with an existing retail configuration, available for lease at 66998 Van Dyke Avenue in Washington Twp, MI 48905. The property includes approximately 1,300 square feet of space situated on a lot of about 0.84 acres, providing a practical footprint for retail-oriented uses.

    The location is described as a busy corner just south of downtown Romeo. The site is positioned to operate in close proximity to Sheena's Fuel Station & Convenience Store, which supports convenient, day-to-day shopping and stop-in traffic.

    Suitable tenants may include operators seeking a retail presence tied to a convenience-driven environment, benefiting from the site’s adjacency to fuel and convenience activity. This is a straightforward leasing opportunity for a qualified user looking for an established commercial site with retail space on a corner setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Drug stores

    Similar Places Nearby

    • Rite Aid Pharmacy — 63033 Van Dyke Ave, Washington, MI 48095

    Map

    City
    Washington Twp
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0322691
    Latitude
    42.7524798

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    FAQs

    What type of property is this?
    Drug store - For lease retail space next to a fuel station and convenience store on a busy corner south of downtown Romeo.
    Where is this drug store located?
    The property is located at 66998 Van Dyke Avenue Washington Twp, MI.
    What is the lease rate?
    The lease rate is $3,027 /Mo.
    What are key features of this property?
    This property features: Redeveloped Rite Aid property; Busy corner location just south of downtown Romeo; Forced air heating
    (586) 243-3488
    We can help!
    Listing Contact
    Boyd C. Kraft
    Boyd C. Kraft
    Real Estate License ID: 6506047213
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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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