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    20150 7 Mile Rd Detroit, MI 48219
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    Property profile & analytics

    20150 7 Mile Rd Detroit, MI 48219

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    • Lifestyle centers
    • 91,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 20150 7 Mile Rd

    Property size
    91,000 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional retail opportunity presents itself at Seven/Evergreen Plaza, located at 20150-20300 West Seven Mile Road in Detroit, Michigan, within Wayne County (zip code 48219). The property is a multi-tenant shopping center totaling 91,000 square feet, offering a range of space options ideal for various retail businesses. Currently, there are four available spaces, with sizes ranging from a minimum of 1,400 square feet to a maximum contiguous space of 3,502 square feet. A total of 7,769 square feet is currently vacant and ready for immediate occupancy. The property boasts ample parking, ensuring convenient access for customers and employees. This prime location on West Seven Mile Road provides excellent visibility and accessibility, making it an attractive proposition for businesses seeking a strong presence in the Detroit market. The property is classified as a retail shopping center and is suitable for a variety of retail uses. The property's address is easily accessible via major roadways, offering convenient access for customers and employees. This is a rare opportunity to secure retail space in a well-established shopping center in a high-traffic area of Detroit.

    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
    -83.2422
    Latitude
    42.4297

    Comparable in this City

    • Value Estimation
      $2,410,000
      31,630 SF

      24010 7th Mile Rd

      MINI-MALL • 31,630 SF
      24010 7th Mile Rd, Detroit, MI 48219-1663
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    • Value Estimation by Request
      3,826 SF

      19829 Mcnichols Rd

      SHOPPING CENTER, STRIP CENTER • 3,826 SF
      19829 Mcnichols Rd, Detroit, MI 48219-3302
      View Details
    • Value Estimation by Request
      4,784 SF

      19421 Mcnichols Rd

      SHOPPING CENTER, STRIP CENTER • 4,784 SF
      19421 Mcnichols Rd, Detroit, MI 48219-4030
      View Details
    • Value Estimation
      $3,025,000
      48,887 SF

      19136 Telegraph Rd

      SHOPPING CENTER, STRIP CENTER • 48,887 SF
      19136 Telegraph Rd, Detroit, MI 48219-1623
      View Details
    • Value Estimation
      $1,225,000
      16,089 SF

      21310 Grand Riv Ave

      SHOPPING CENTER, STRIP CENTER • 16,089 SF
      21310 Grand Riv Ave, Detroit, MI 48219-3978
      View Details
    • Value Estimation
      $2,725,000
      36,870 SF

      20540 Lahser Rd

      SHOPPING CENTER, STRIP CENTER • 36,870 SF
      20540 Lahser Rd, Detroit, MI 48219-1238
      View Details

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    Similar Nearby for Lease

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      Retail Space in Detroit Center

      7,908 SF neighborhood shopping center on busy Detroit corner.
      20400 W Seven Mile Rd, Detroit, MI 48219
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    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

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      17190 Lahser Rd, Detroit, MI 48219
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      Freestanding Building on 8 Mile

      Freestanding building on 8 Mile available for lease or sale.
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      Detroit Retail Space For Rent

      B2-zoned 1400 sqft retail space suitable for barber shop/salon.
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    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

      Retail space available in Detroit, suitable for various businesses.
      17200 Lahser Rd, Detroit, MI 48219
      View Details
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    Detroit, MI 48219
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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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