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    59129 Van Dyke Ave Washington, MI 48094
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    59129 Van Dyke Ave Washington, MI 48094

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    • Office Spaces
    • 23,500 SF
    • 2.11 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 59129 Van Dyke Ave

    Year built
    2007
    Lot size
    2.11 lot acres
    Property size
    23,500 SF
    Property type
    Office Spaces

    Description

    This exceptional Class A office property, located at 59129 Van Dyke Ave in Washington, Michigan, offers multiple tenancy options in a prime downtown location. The building, constructed in 2007 and renovated in 2019, boasts 23,500 square feet across three stories. Currently, 7,400 square feet of vacant space is available, divisible into units ranging from 3,250 to 4,150 contiguous square feet. The property features attractive finishes throughout and provides convenient on-site parking with a total of 55 spaces. Select units offer the added benefit of private outside balconies. Situated on a 2.11-acre lot (APN 24-04-28-479-001) and zoned V1, this Macomb County property is easily accessible, located north of 27 Mile on the west side of Van Dyke Avenue (cross street). The building's single structure offers a cohesive and efficient workspace. This is an excellent opportunity for businesses seeking high-quality, well-maintained office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0361
    Latitude
    42.7298

    Comparable in this City

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      6,200 SF

      58540 Van Dyke Ave

      Medical Office Space • 6,200 SF
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      14,500 SF

      58956 Van Dyke Ave

      Churches & religious facilities • 14,500 SF
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      6,200 SF

      58540 Van Dyke Ave

      Medical Office Space • 6,200 SF
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    • Value Estimation by Request
      3.28 Acres

      8400 27 Mile Rd

      Multifamily properties • 7,800 SF
      8400 27 Mile Rd, Washington, MI 48094
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    • Value Estimation by Request
      8,500 SF

      58047 Van Dyke Ave

      Office Spaces • 8,500 SF
      58047 Van Dyke Ave, Washington, MI 48094
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    • Value Estimation by Request
      1,600 SF

      58459 Van Dyke Ave

      Office Units • 1,600 SF
      58459 Van Dyke Ave, Washington, MI 48094
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    Similar Nearby for Sale

    • $975,000
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      Renovated Office Building Near M-53

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      Land in Washington Twp, MI

      Commercial land ideal for restaurant, retail, medical, or office.
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    • $599,000
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      Residential lot ready for new construction in Washington Township.
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      Developed Pad Ready For Building

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      16,000 SF

      10 Acre Industrial Land Parcel

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    Similar Nearby for Lease

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      Turnkey Office/Medical/Retail Space Available

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      Washington Township Commercial Space Available

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      Retail Strip with Restaurant Space

      Proposed retail strip with restaurant and outdoor seating available.
      57750 Van Dyke Ave, Washington, MI 48094
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      Retail Space in Washington Township

      Retail spaces available for lease in Washington Township, Michigan.
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    • $7 SF/Yr

      Corner Lot with Heavy Power

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    Washington, MI 48094
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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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