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    Detroit Development Opportunity Title is generated by Realmo AI

    18977 Wyoming Ave, Detroit, MI 48221

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    Prime location for retail and EV charging infrastructure development.

    Type:Land
    Added:
    Nov 4, 2024
    Days on Market:
    570
    Last Refresh:
    May 13 at 8:18 pm

    Property Features for 18977 Wyoming Ave

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Bunia Parker

    Listing agent Bunia Parker License #MI 6502357630

    Listing office Summit Commercial LLC

    Listing date Nov 4, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Summit Commercial LLC

    HighLights

    • Part of Detroit's Highly Visible Electric Vehicle (HVEV) Corridor Development Program
    • Ideal location for retail and EV charging infrastructure development
    • City of Detroit support via partnership with DTE Energy to ensure sufficient electrical grid capacity
    • Opportunity to contribute to sustainable development and cleaner transportation in Detroit
    • Located in a prime development area identified by traffic data, job centers, and community initiatives
    • Collaboration with Detroit Building Authority (DBA), Planning and Development Department (PDD) and Office of Mobility Innovation

    Overview

    The City of Detroit is focused on developing highly visible electric vehicle (HVEV) corridors to improve charging and retail access for residents, visitors, and road users. These corridors have been identified as prime development locations based on traffic data, industrial job centers, community planning initiatives, tourist attractions, and dense residential areas. The goal is to foster confidence in electric vehicle (EV) users by reducing range anxiety and improving data for seamless navigation. The City is encouraging private retailers and developers to invest in select properties for retail and EV charging infrastructure. Site footprints should include plans for both a retail building and direct current (DC) fast chargers. The City of Detroit will support the contracted retailer through a partnership with DTE Energy to ensure the electrical grid at the sites has sufficient capacity to support any facility and EV charger requirements. This effort is an important element of the holistic program designed to support the growth of the EV market in Detroit, the Southeast Michigan Region, and for international travel from Canada. Retailers and developers will contribute to the sustainable development of the city and the successful transition towards cleaner transportation. The Detroit Building Authority (DBA), the City of Detroit’s Planning and Development Department (PDD), and the Office of Mobility Innovation invite businesses to invest in the global mobility ecosystem that Detroit is leading the development of. The DBA, PDD, and OMI seek proposals from qualified entities to propose a development for this prime retail and charging location. The City of Detroit seeks proposals for new development that will build upon the inherent strengths of this rare location and properly unlock the potential of this site.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1482
    Latitude
    42.4267

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    FAQs

    What type of property is this?
    Commercial land - Prime location for retail and EV charging infrastructure development.
    Where is this commercial land located?
    The property is located at 18977 Wyoming Ave Detroit, MI.
    What is the asking price?
    The asking price for this property is $55,000.
    What are key features of this property?
    This property features: Part of Detroit's Highly Visible Electric Vehicle (HVEV) Corridor Development Program; Ideal location for retail and EV charging infrastructure development; City of Detroit support via partnership with DTE Energy to ensure sufficient electrical grid capacity
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bunia Parker
    Real Estate License ID: MI 6502357630
    Learn More
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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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