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    46590 Gratiot Ave New Baltimore, MI 48051
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    46590 Gratiot Ave, New Baltimore, MI 48051

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    • Retail properties & Spaces
    • 22,408 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Leong's 21 Chinese Restaurant / Restaurant

    Property Details for 46590 Gratiot Ave

    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    Fairview Plaza, located at 46590 Gratiot Ave, Chesterfield, MI 48051, offers exceptional executive office space in a newly remodeled center. This Macomb County property boasts a total of 22,408 square feet, with multiple tenancy options available. Two immediately available spaces provide flexible solutions, ranging from a minimum of 1,344 square feet to a maximum contiguous space of 2,190 square feet. The center enjoys a high-traffic location on Gratiot Avenue, less than a mile from the I-94 freeway, ensuring excellent visibility and accessibility. Recent improvements include a completely new parking lot, fresh exterior paint, and a new roof, enhancing the property's curb appeal and functionality. Fairview Plaza is a thriving retail and office center, already home to established businesses such as Jimmy John's, Blue Dog Party Shoppe, Wild Bill's Tobacco, and Leong's Chinese Restaurant, creating a vibrant and synergistic environment for potential tenants. This is an excellent opportunity to secure modern, well-maintained office space in a bustling commercial center with convenient freeway access. The property is situated in Macomb County, Michigan, offering a strategic location for businesses seeking a presence in this dynamic area. Contact us today to learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New Baltimore
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8547
    Latitude
    42.6418

    Comparable in this City

    • Value Estimation by Request
      52,675 SF

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      155,958 SF

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      27895-27953 23 Mile Rd, New Baltimore, MI 48051
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    • Value Estimation by Request
      5,400 SF

      49680-49696 Gratiot Ave

      Office Spaces
      49680-49696 Gratiot Ave, Chesterfield, MI 48051
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      2,995 SF

      49970 Gratiot Ave

      NURSERY, GREENHOUSE, FLORIST
      49970 Gratiot Ave, Chesterfield, MI 48051-2529
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    • Value Estimation by Request
      67,420 SF

      51347-51405 Gratiot Ave

      Retail properties & Spaces
      51347-51405 Gratiot Ave, Chesterfield, MI 48051
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    • Value Estimation by Request
      8,679 SF

      51305-51313 Gratiot Ave

      Lifestyle centers
      51305-51313 Gratiot Ave, Chesterfield, MI 48051
      View Details

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    New Baltimore, MI 48051
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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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