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    15510 Joy Rd Detroit, MI 48228
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    15510 Joy Rd Detroit, MI 48228

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    • Neighborhood centers
    • 20,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Furniture King / Furniture & Home Goods / Home Decor Store

    Property Details for 15510 Joy Rd

    Property size
    20,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional retail opportunity presents itself at the Joyland Shopping Center, a vibrant strip center located at 15510 Joy Road, Detroit, MI 48228. Boasting a prime corner location at the intersection of Joy Road and Greenfield Road, this property offers unparalleled visibility and accessibility. The center comprises a total of 20,000 square feet of retail space, with multiple tenancies currently occupied by established businesses including US Quality Super Market, CNS Healthcare, and Furniture King, ensuring a strong and diverse tenant mix. Currently, there are two available spaces, offering flexible sizes ranging from 2,500 to 5,000 square feet, with a potential combined total of up to 7,500 square feet. This presents a unique chance for businesses seeking high-traffic exposure in a well-established shopping center. The property's strategic location in Detroit, Michigan, provides easy access to a large customer base and benefits from significant foot traffic and vehicular visibility. This is an ideal opportunity for businesses looking to establish or expand their presence in a thriving commercial area. The available space is adaptable to a variety of retail uses, making it a versatile option for prospective tenants. Contact us today to learn more about this exciting opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1978
    Latitude
    42.3596

    Comparable in this City

    • Value Estimation by Request
      5,460 SF

      20114 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 5,460 SF
      20114 Warren Ave, Detroit, MI 48228-3252
      View Details
    • Value Estimation
      $830,000
      14,108 SF

      16103 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 14,108 SF
      16103 Warren Ave, Detroit, MI 48228-3762
      View Details
    • Value Estimation by Request
      6,287 SF

      6531 Greenfield Rd

      SHOPPING CENTER, STRIP CENTER • 6,287 SF
      6531 Greenfield Rd, Detroit, MI 48228-3719
      View Details
    • Value Estimation
      $795,000
      10,673 SF

      8024 Greenfield Rd

      SHOPPING CENTER, STRIP CENTER • 10,673 SF
      8024 Greenfield Rd, Detroit, MI 48228-2221
      View Details
    • Value Estimation by Request
      6,089 SF

      16151 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 6,089 SF
      16151 Warren Ave, Detroit, MI 48228-3762
      View Details
    • Value Estimation
      $660,000
      10,127 SF

      16200 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 10,127 SF
      16200 Warren Ave, Detroit, MI 48228-3701
      View Details

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    • Contact for pricing

      Corner Retail Space Available

      Retail space available at Joy and Greenfield Road corner.
      15510 Joy Rd, Detroit, MI 48228
      View Details
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    Detroit, MI 48228
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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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