Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    37562 31 Mile Rd Richmond, MI 48062
    Back to Search
    Property profile & analytics

    37562 31 Mile Rd Richmond, MI 48062

    View on Map
    • Warehouses
    • 3,400 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 37562 31 Mile Rd

    Property size
    3,400 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 3,400-square-foot warehouse is available for lease in Richmond, Michigan. Located at 37562 31 Mile Rd, Macomb County, this single-tenant industrial property offers ample space for a variety of business needs. The entire 3,400 square feet is currently vacant, providing immediate occupancy for the new tenant. The property is classified as an industrial warehouse, ideal for storage, distribution, or light manufacturing operations. Its location in Macomb County offers convenient access to major transportation routes, streamlining logistics and distribution. The property's single-tenant occupancy ensures exclusive use and control of the entire space. This presents a unique opportunity for businesses seeking a functional and readily available warehouse in a strategic location. The property is situated in Richmond, Michigan, with a zip code of 48062, providing easy access to local amenities and a skilled workforce. The address is precisely 37562 31 Mile Rd. This warehouse is ready for immediate occupancy, allowing businesses to quickly establish their operations. Interested parties are encouraged to inquire further to explore this promising opportunity. The property's size and location make it an attractive option for businesses seeking efficient and accessible warehouse space in the thriving Macomb County market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Macomb
    State
    Michigan
    Longitude
    -82.7377
    Latitude
    42.7943

    Comparable in this City

    • Value Estimation
      $8,780,000
      218,105 SF

      69250 Burke Dr

      DISTRIBUTION WAREHOUSE • 218,105 SF
      69250 Burke Dr, Richmond, MI 48062-1550
      View Details
    • Value Estimation
      $945,000
      25,160 SF

      33625 32nd Mile Rd

      MINI-WAREHOUSE, STORAGE • 25,160 SF
      33625 32nd Mile Rd, Richmond, MI 48062-5369
      View Details
    • Value Estimation by Request
      5,025 SF

      68361 Beech St

      MINI-WAREHOUSE, STORAGE • 5,025 SF
      68361 Beech St, Richmond, MI 48062-1215
      View Details
    • Value Estimation
      $585,000
      20,000 SF

      36490 Division Rd

      MINI-WAREHOUSE, STORAGE • 20,000 SF
      36490 Division Rd, Richmond, MI 48062-1285
      View Details
    • Value Estimation by Request
      5,366 SF

      33900 Armada Rdg Rd

      MINI-WAREHOUSE, STORAGE • 5,366 SF
      33900 Armada Rdg Rd, Richmond, MI 48062-5314
      View Details
    • Value Estimation
      $730,000
      14,304 SF

      37775 Division Rd

      MINI-WAREHOUSE, STORAGE • 14,304 SF
      37775 Division Rd, Richmond, MI 48062-5422
      View Details

    Similar Nearby for Sale

    • $350,000
      2,500 SF

      Richmond Industrial Building - $350k

      Prime Richmond industrial space, high traffic area.
      35000 Division Rd, Richmond, MI 48062
      View Details
    • $269,999
      4,144 SF

      Richmond Industrial Building - Lease in Place

      Historic building, strong rental income, immediate return.
      68074 Main St, Richmond, MI 48062
      View Details
    • $1,200,000
      27,443 SF

      Richmond Main Street Trio

      High-traffic location, redevelopment potential
      68104-68074-680 Main, Richmond, MI 48062
      View Details
    • $295,000
      2,050 SF

      Downtown Richmond Office Building

      Iconic office building with private parking in downtown Richmond.
      68385 Main St, Richmond, MI 48062
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      81,000 SF

      Richmond Retail/Warehouse Opportunity

      81,000 SF retail or warehouse space for lease.
      67300 Main St, Richmond, MI 48062
      View Details
    • Contact for pricing

      Prime Corner Lot for Lease

      0.5-acre corner lot suitable for various commercial uses.
      66901 Gratiot Ave, Richmond, MI 48062
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Richmond, Michigan.
      69055 N Main St, Richmond, MI 48062
      View Details
    • $5,400 /Mo

      Retail Space in High-Traffic Area

      Retail space available in a high-traffic downtown location.
      69264 Main St, Richmond, MI 48062
      View Details
    • $1,200 /Mo
      4,860 SF

      Downtown Richmond Commercial Corner Retail

      Visible corner retail space in historic downtown Richmond, Michigan.
      69206 N Main St N, Richmond, MI 48062
      View Details
    • $1,400 /Mo
      5,750 SF

      Versatile Office Space for Lease

      Spacious office with flexible layout, ideal for various professional uses.
      33850 Armada Ridge Rd, Richmond, MI 48062
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    37562 31 Mile Rd
    Richmond, MI 48062
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    37562 31 Mile Rd, Richmond, MI, 48062
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!