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    Property profile & analytics

    2328 Ft St Lincoln Park, MI 48146-2421

    • Auto shops
    • 6,118 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Oct 19, 2022
    $320,000
    Value Estimations
    $300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5112680
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • US Auto Service Inc / Auto Repair Shop
    • Tiger auto services / Mechanic

    Property Details for 2328 Ft St

    Year built
    1945
    Lot size
    0.15 lot acres
    Property size
    6,118 SF
    Property type
    Auto shops
    APN
    45 009 06 0079 301
    APU
    45009060079301

    Description

    Exceptional opportunity to acquire a well-established auto repair shop located at 2328 Fort St, Lincoln Park, MI 48146. This 6,118 square foot, single-story building, built in 1945, sits on a 63-foot paved frontage and boasts a strong net operating income (NOI) of $80,000. The property is zoned for commercial use and features forced-air heating. Currently operating under two licenses – one for mechanical repair and one for body work – this business presents a rare chance to own a dual-licensed operation in a vibrant business district. The property's prime location on Fort Street offers significant visibility and accessibility. With its substantial square footage and proven profitability, this auto shop represents a compelling investment with considerable growth potential. The APN is 45009060079301. This is a privately owned short sale property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $234,000
      Market price range: $186k - $388k
      AI Estimate
      $234,000
      Market price range: $186k - $388k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lincoln Park
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1801
    Latitude
    42.2456
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $6,999
    $0.00
    $0.00
    $126,300
    -
    $0.00
    $0.00
    $252,600

    Comparable in this City

    • Value Estimation by Request
      3,338 SF

      2357 Dix Hwy

      AUTO REPAIR, GARAGE • 3,338 SF
      2357 Dix Hwy, Lincoln Park, MI 48146-2265
      View Details
    • Value Estimation by Request
      6,315 SF

      3414 Dix Hwy

      AUTO REPAIR, GARAGE • 6,315 SF
      3414 Dix Hwy, Lincoln Park, MI 48146-3418
      View Details
    • Value Estimation by Request
      1,440 SF

      3164 Dix Hwy

      AUTO REPAIR, GARAGE • 1,440 SF
      3164 Dix Hwy, Lincoln Park, MI 48146-3452
      View Details
    • Value Estimation
      $185,000
      3,245 SF

      1271 Dix Hwy

      AUTO REPAIR, GARAGE • 3,245 SF
      1271 Dix Hwy, Lincoln Park, MI 48146-1344
      View Details
    • Value Estimation
      $100,000
      4,416 SF

      1563 Dix Hwy

      AUTO REPAIR, GARAGE • 4,416 SF
      1563 Dix Hwy, Lincoln Park, MI 48146-1446
      View Details
    • Value Estimation
      $135,000
      5,794 SF

      4145 Ft St

      AUTO REPAIR, GARAGE • 5,794 SF
      4145 Ft St, Lincoln Park, MI 48146-4112
      View Details

    Similar Nearby for Sale

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      Established Auto Repair Shop For Sale

      Well-equipped auto repair shop on high-traffic Fort St.
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      Lincoln Park Retail Storefront For Sale

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    Similar Nearby for Lease

    • $8,900 /Mo

      Equipped Automotive Facility For Lease

      8000 sq ft automotive facility with equipment and car lot.
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    • Contact for pricing

      Lincoln Park Commercial Property Available

      Commercial property available for rent in Lincoln Park, Michigan.
      4089 Dix Hwy, Lincoln Park, MI 48146
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    • $35 SF/Yr
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      Lincoln Park Retail Space Available

      High-Visibility Retail Space in Lincoln Park, MI
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      View Details
    • $2,000 /Mo
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      Lincoln Park Retail Space For Rent

      Recently renovated standalone building with high visibility in Lincoln Park.
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    • $25 SF/Yr
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      Dix Hwy Retail Space - Lincoln Park

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      View Details
    • Contact for pricing
      3,200 SF

      Lincoln Park Retail Space For Lease

      Prime retail space, high foot traffic.
      3170 Fort St, Lincoln Park, MI 48146
      View Details
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    2328 Ft St
    Lincoln Park, MI 48146-2421
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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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