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    Three-Private-Office Suite Title is generated by Realmo AI

    843 Penniman Avenue, Plymouth, MI 48170

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    For Lease
    $50 SF/Yr $1,533/Mo (calc)

    COMMERCIAL - Plymouth, MI

    Type:Office
    Property size:
    368 SF
    Lot size:
    0.06 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 843 Penniman Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Fireplace
    1
    Standard status
    Active
    APN
    49-009-05-0133-000
    Size
    368 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    27V133 LOT 133 ASSESSORS PLYMOUTH PLAT NO 7 TIS R8E L64 P70 WCR

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1923
    Number of units
    3

    We can help!

    Listing Contact
    Shelby Fulkerson
    Shelby Fulkerson

    Listing agent Shelby Fulkerson License #6502368405

    Listing office Hub, LLC 829 Penniman Ave, Plymouth, MI

    Listing date Jun 4, 2026

    MLS# 26027120

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Flexible office lease with access to a spacious shared conference room and kitchenette
    • Includes three private offices available for immediate lease
    • Office furniture available for tenant use
    • Forced air heating and central air cooling
    • Cable available
    • Building does not have an elevator (year built 1923)

    Overview

    This offering includes three private offices within an established professional office setting. Tenants also have access to a spacious shared conference room and a kitchenette, supporting day-to-day work and client or internal meetings. Office furniture is available for tenant use, which can help streamline move-in and reduce initial setup needs. Lease terms are negotiable to accommodate a range of business schedules and occupancy requirements. Please note the building does not have an elevator.

    The property is located at 843 Penniman Avenue in Plymouth, Michigan (48170). Its office-focused environment is designed for businesses seeking a contained, professional setting rather than open retail or industrial space.

    This space is a practical fit for small professional teams that need dedicated rooms for focused work while retaining shared space for collaboration and conferencing. The availability of furnished offices can be helpful for tenants looking for a quicker transition. As you evaluate the location, plan for building access accordingly since there is no elevator.
    Property Profile Location Intelligence

    Current Use by Public Records

    CrossCountry Mortgage, LLC Loan Service Kellen Gonda Realtor Real Estate Agency Gabriella Esqueda Realtor Real Estate Agency University Title Agency Title Company Emily Campbell at CrossCountry ... Loan Service

    Suggested Use

    Restaurant Real Estate Agency 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
    Plymouth
    County
    Wayne
    State
    Michigan
    Longitude
    -83.469983
    Latitude
    42.371078

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    FAQs

    What type of property is this?
    Office units - Leasable private offices share a conference room and kitchenette in an established professional office setting.
    Where is this office units located?
    The property is located at 843 Penniman Avenue Plymouth, MI.
    What is the lease rate?
    The lease rate is $50 SF/Yr.
    What are key features of this property?
    This property features: Flexible office lease with access to a spacious shared conference room and kitchenette; Includes three private offices available for immediate lease; Office furniture available for tenant use
    (734) 274-0844
    We can help!
    Listing Contact
    Shelby Fulkerson
    Shelby Fulkerson
    Real Estate License ID: 6502368405
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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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