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    66998 Van Dyke Ave Washington, MI 48095
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    66998 Van Dyke Ave, Washington, MI 48095

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    • Retail properties & Spaces
    • 11,180 SF
    • 1.64 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 66998 Van Dyke Ave

    Year built
    1998
    Lot size
    1.64 lot acres
    Property type
    Retail properties & Spaces

    Description

    This exceptional 11,180-square-foot retail property, located at 66998 Van Dyke Avenue in Washington, Michigan, presents a compelling investment opportunity. Situated on a 1.64-acre lot, this building boasts 74 parking spaces and benefits from a prominent location with a traffic light. Built in 1998, the structure is currently vacant, offering a blank canvas for a new tenant or owner-occupancy. The property is zoned GC (General Commercial), allowing for a wide range of potential uses. The building's dimensions are approximately 86 feet by 130 feet. Annual real estate taxes for 2023 were $28,671. The lease type is NNN (Net, Net, Net), meaning the tenant is responsible for most operating expenses. This property's size, location, and zoning make it an ideal investment for a variety of commercial ventures. The ample parking and high visibility ensure strong potential for attracting customers. The vacant status provides flexibility for customizing the space to meet specific business needs. This is a rare opportunity to acquire a substantial retail property in a desirable location with significant upside potential. The property is located in Macomb County, Michigan, with a zip code of 48095.

    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
    -83.0122
    Latitude
    42.7862

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      3,432 SF

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      RESTAURANT
      66020 Van Dyke Rd, Washington, MI 48095-2013
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      Romeo Village Shopping Center

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    • $699,000
      13.00 Acres

      13 Acres Vacant Land

      13 acres of vacant land with utilities available.
      31 31 Mile Rd, Washington Twp, MI 48095
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    • $1,499,000
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      Development Ready Land Parcel

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      Waterfront Land in Washington Twp

      Almost 2-acre waterfront lot near Stony Creek and Rochester.
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    Similar Nearby for Lease

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      Land and Retail Space Available

      Land and retail space for lease in Washington, Michigan.
      65575 Van Dyke Ave, Washington, MI 48095
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      Commercial Space For Lease

      Commercial property available for lease in Washington, Michigan.
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      Van Dyke Retail/Office Opportunity

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      63033 Van Dyke Ave, Washington, MI 48095
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    • $15,917 /Mo
      14,693 SF

      Washington, MI Retail Opportunity

      Free-standing building with drive-through in Washington Township.
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      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,650 to 5,000 SqFt.
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      1,320 SF

      Retail Space in Growing Corridor

      Retail space available in rapidly growing Van Dyke corridor.
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    Washington, MI 48095
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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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