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    8260 23 Mile Rd Shelby Township, MI 48316
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    8260 23 Mile Rd Shelby Township, MI 48316

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    • Neighborhood centers
    • 59,946 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 8260 23 Mile Rd

    Property size
    59,946 SF
    Property type
    Neighborhood centers
    Property subtype
    Shopping centers

    Description

    Shelby Plaza Shopping Center, located at 8260 23 Mile Rd in Shelby Township, MI 48316, presents a compelling investment opportunity. This established retail center boasts a total of 59,946 square feet of leasable space, currently featuring a diverse mix of tenants including Planet Fitness, Advance Auto, and Subway. The center offers excellent visibility and accessibility from a high-traffic location within the heart of Shelby Township. Currently, there is 8,600 square feet of vacant space available, divisible into units as small as 2,000 square feet, with a maximum contiguous space of 6,600 square feet. This flexibility allows for a variety of tenant configurations, catering to both smaller businesses seeking a foothold and larger enterprises requiring more substantial space. The property's strategic location within a thriving commercial area ensures high foot traffic and strong visibility, making it an ideal location for businesses seeking to establish or expand their presence in the Shelby Township market. The existing tenant mix provides a strong foundation for future growth and stability, creating a desirable environment for new businesses to thrive. This is a rare opportunity to acquire a well-positioned retail property in a prime location with significant potential for increased revenue and return on investment. The available space presents a unique chance to capitalize on the existing success of the center and contribute to its continued growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Shelby Township
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0327
    Latitude
    42.6691

    Comparable in this City

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      1,250 SF

      Van Dyke Ave

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      8,535 SF

      54999 Shelby Rd

      Individual retail properties • 8,535 SF
      54999 Shelby Rd, Shelby Township, MI 48316
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      7,280 SF

      56028 Van Dyke Ave

      Retail properties & Spaces • 7,280 SF
      56028 Van Dyke Ave, Utica, MI 48316
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    • Value Estimation by Request
      12,000 SF

      56736 Van Dyke Ave

      Retail properties & Spaces • 12,000 SF
      56736 Van Dyke Ave, Shelby Township, MI 48316
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    • Value Estimation by Request
      255,000 SF

      26 Mile Rd & Van Dyke Ave

      Retail properties & Spaces • 255,000 SF
      26 Mile Rd & Van Dyke Ave, Shelby Township, MI 48316
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    • Value Estimation by Request
      10,174 SF

      56265 Van Dyke Ave

      Retail properties & Spaces • 10,174 SF
      56265 Van Dyke Ave, Shelby Township, MI 48316
      View Details

    Similar Nearby for Sale

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      Retail Development Land on Van Dyke

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      Shelby Twp Wooded Homesite

      Prime 1.3 acre wooded parcel in Shelby Township.
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      Land For Sale

      Land available for sale.
      56157 Van Dyke Ave, Shelby Township, MI 48316
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      22.6 Acre Commercial Land

      22.6 acre commercial land in Shelby Township, Michigan.
      23 Mile Rd, Shelby Township, MI 48316
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    • $149,900
      0.50 Acres

      Residential Land in Shelby Twp

      Partially wooded, buildable lot on private drive in Shelby.
      5961 Woodmire Dr, Shelby Twp, MI 48316
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    Similar Nearby for Lease

    • Contact for pricing

      Anchored Shopping Center For Lease

      Shopping center anchored by Kroger, T.J. Maxx, and LA Fitness.
      26 Mile Rd & Van Dyke Ave, Shelby Township, MI 48316
      View Details
    • Contact for pricing

      Retail Space in Shelby Township

      Retail space available in a busy Shelby Township shopping center.
      8260 23 Mile Rd, Shelby Twp, MI 48316
      View Details
    • $3,726 /Mo
      1,600 SF

      Retail/Medical Units in Utica, MI

      Approved site for retail and medical units with drive-thru.
      51921 Van Dyke Ave, Utica, MI 48316
      View Details
    • Contact for pricing

      Retail, Restaurant, and Office Spaces

      Retail, restaurant, and office spaces available for lease.
      55133 Van Dyke Ave, Shelby Twp, MI 48316
      View Details
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    Shelby Township, MI 48316
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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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    8260 23 Mile Rd, Shelby Township, MI, 48316
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