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    Property profile & analytics

    15405 Gratiot Ave Detroit, MI 48205-1385

    • Community centers
    • 24,194 SF
    • 2.24 lot acres
    OFF-MARKET
    Value Estimations
    $1,840,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1126537
    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

    • The City Warehouse / Clothing & Fashion Store
    • Metro by T-Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Dollar Store Milan / (Bike/Boat/Book/etc) Store
    • GameStop / Arcade & Gaming Center / Electronics & Wireless Store
    • Dollar Center / Discount Store

    Property Details for 15405 Gratiot Ave

    Year built
    1999
    Lot size
    2.24 lot acres
    Property size
    24,194 SF
    Zone code
    B4
    Property type
    Community centers
    APN
    21029212.
    APU
    21029212

    Description

    This exceptional 56,624 square foot retail property, situated at 15405 Gratiot Avenue in Detroit, Michigan, presents a compelling investment opportunity. Currently configured as a single-tenant space, the property offers 56,624 total square feet, with 1,600 square feet currently vacant. This presents a unique chance to lease or occupy a portion of this established retail center. The property is classified as a Neighborhood Center, indicating its strategic location within a thriving community. Located in Wayne County, the property benefits from excellent visibility and accessibility along Gratiot Avenue, a major thoroughfare in Detroit. The 48205 zip code boasts a strong demographic profile, making it an ideal location for a variety of retail businesses. The existing structure provides ample space for a wide range of retail uses, and the vacant 1,600 square feet offers immediate expansion potential for existing tenants or a new business looking to establish a presence in this vibrant area. The property's size and location make it an attractive option for businesses seeking a prominent position in the Detroit market. Further details regarding lease terms and potential development opportunities are available upon request. This is a prime opportunity to acquire a well-positioned retail property in a growing area of Detroit.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,207,000
      Market price range: $839k - $2.21M
      AI Estimate
      $1,477,000
      Market price range: $727k - $1.48M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,835,000
      Current use
      COMMERCIAL (GENERAL)
      $2,210,000
      Change: +21% Conversion: Easy
      RESTAURANT
      $2,205,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $1,690,000
      Change: -8% Conversion: Easy
      MEDICAL BUILDING
      $1,525,000
      Change: -17% Conversion: Difficult
      OFFICE BUILDING
      $1,490,000
      Change: -19% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,465,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.9699
    Latitude
    42.4483
    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
    2020
    $59,356
    $0.00
    $0.00
    $1,031,900
    -
    $0.00
    $0.00
    $2,063,800

    Comparable in this City

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    • Value Estimation by Request
      12,900 SF

      15405 Gratiot St

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    • Value Estimation
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      20,324 SF

      14340 Gratiot Ave

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      14340 Gratiot Ave, Detroit, MI 48205-2305
      View Details
    • Value Estimation
      $1,265,000
      9,350 SF

      15036 8th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 9,350 SF
      15036 8th Mile Rd, Detroit, MI 48205-1352
      View Details
    • Value Estimation
      $675,000
      12,598 SF

      15001 Houston Whittier St

      SHOPPING CENTER, STRIP CENTER • 12,598 SF
      15001 Houston Whittier St, Detroit, MI 48205-4126
      View Details
    • Value Estimation by Request
      6,165 SF

      14847 Gratiot Ave

      SHOPPING CENTER, STRIP CENTER • 6,165 SF
      14847 Gratiot Ave, Detroit, MI 48205-1942
      View Details

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      Detroit Commercial Land Opportunity

      1 Acre Lot, Single Tenant Potential
      13715 Gratiot Ave, Detroit, MI 48205
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    Detroit, MI 48205-1385
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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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