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    297 Fm 490 Rd La Grulla, TX 78548
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    297 Fm 490 Rd La Grulla, TX 78548

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    • Specialty properties
    • 1.11 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
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    • Specialty properties

    Property Details for 297 Fm 490 Rd

    Lot size
    1.11 lot acres
    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This single-tenant industrial flex space, totaling 6,200 square feet, is available for lease. Located at 25806 Novi Road in Oakland County, this Class C building offers excellent visibility with frontage on Novi Road, placing it in the heart of Novi's bustling business district. Built in 1952, the property is a single-story structure and sits on a parcel identified by APN 22-23-151-004. The entire 6,200 square feet is currently vacant, presenting a unique opportunity for a business seeking immediate occupancy. The property's zoning is designated TC-1 Town Center-1, suggesting a variety of potential uses. A key advantage is its convenient access to I-96, providing seamless connectivity to regional transportation networks. This makes the location ideal for businesses requiring easy access to major thoroughfares and a strong presence within a thriving commercial area. The property's size and location make it suitable for a range of businesses seeking a functional and well-situated space in Novi, Michigan. Interested parties should inquire for further details and leasing information.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    La Grulla
    County
    Starr
    State
    Texas
    Longitude
    -98.6491
    Latitude
    26.2646

    Comparable in this City

    • Value Estimation by Request
      10.81 Acres

      00 Expy

      Land • 10.81 Acres
      00 Expy, La Grulla, TX 78548
      View Details
    • Value Estimation by Request
      19.92 Acres

      Tba Expy 83 Hwy

      Farms • 19.92 Acres
      0 Tba Expy 83 Hwy, La Grulla, TX 78548
      View Details
    • Value Estimation by Request
      792 SF

      Ss Fm 2360

      COMMERCIAL (GENERAL) • 792 SF
      Ss Fm 2360, La Grulla, TX 78548
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    • Value Estimation by Request
      675 SF

      Las Palmas St

      COMMERCIAL (GENERAL) • 675 SF
      Las Palmas St, Grulla, TX 78548
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    • Value Estimation by Request
      1,200 SF

      502 Division St

      COMMERCIAL (GENERAL) • 1,200 SF
      502 Division St, La Grulla, TX 78548
      View Details
    • Value Estimation by Request
      1,890 SF

      689 Fm 2360

      COMMERCIAL (GENERAL) • 1,890 SF
      689 Fm 2360, Grulla, TX 78548
      View Details
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    La Grulla, TX 78548
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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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