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    Sec Ecorse & Hannan Romulus, MI 48184
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    Sec Ecorse & Hannan Romulus, MI 48184

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    • Retail properties & Spaces
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    • Retail properties & Spaces

    Property Details for 0 Sec Ecorse & Hannan

    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial land parcel, located at the southeast corner of Ecorse and Hannan Roads in Romulus, MI (zip code 48184), presents a unique investment opportunity. The property is zoned C3, Highway Business, and offers a "pad ready" site capable of accommodating a 2,400 square foot building, along with the potential for up to 16,000 square feet of in-line retail space, including a drive-thru end-cap. A drive-up ATM is already approved. This prime location boasts excellent visibility and accessibility, situated less than half a mile from I-275, a major thoroughfare. The site benefits from a signalized hard corner, ensuring high traffic exposure. The surrounding area is experiencing significant growth, with a new 850,000 square foot Amazon distribution center nearby and the upcoming Our Next Energy (ONE) Battery Cell Plant, projected to create over 2,000 new jobs in 2023. This development will further enhance the area's economic vitality and increase the daytime population within a 5-mile radius to approximately 50,000. The property's proximity to established businesses such as a busy gas station/convenience store, Tim Hortons, and Tubby's, creates a synergistic environment for new retail ventures. The asking price for this exceptional opportunity is $595,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Romulus
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4254
    Latitude
    42.2493

    Comparable in this City

    • Value Estimation by Request
      52,070 SF

      34516 Michigan Ave

      Schools • 52,070 SF
      34516 Michigan Ave, Wayne, MI 48184
      View Details
    • Value Estimation by Request
      16,000 SF

      Sec Of Ecorse & Hannan

      Neighborhood centers • 16,000 SF
      0 Sec Of Ecorse & Hannan, Romulus, MI 48184
      View Details
    • Value Estimation by Request
      1.33 Acres

      Michigan Ave

      Land • 1.33 Acres
      0 Michigan Ave, Wayne, MI 48184
      View Details
    • Value Estimation by Request
      1.20 Acres

      Annapolis And Hubbard

      Land • 1.20 Acres
      0 Annapolis And Hubbard, Wayne, MI 48184
      View Details
    • Value Estimation by Request
      2.00 Acres

      Swc Of Ecorse & Hannan

      Land • 2.00 Acres
      0 Swc Of Ecorse & Hannan, Belleville, MI 48184
      View Details
    • Value Estimation by Request
      1,200 SF

      4082 4th St

      AUTO REPAIR, GARAGE • 1,200 SF
      4082 4th St, Wayne, MI 48184-1719
      View Details

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    Similar Nearby for Lease

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      Freestanding Building on Michigan Avenue

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      Proposed Retail Space with Drive-Thru

      Proposed retail space with drive-thru in high-traffic location.
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      View Details
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    Romulus, MI 48184
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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.

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