Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    12 Mile Rd Madison Heights, MI 48071
    Back to Search
    Property profile & analytics

    12 Mile Rd, Madison Heights, MI 48071

    View on Map
    • Residential income homes
    • 1,485 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 12 Mile Rd

    Year built
    1955
    Property type
    Residential income homes

    Description

    This exceptional multifamily investment opportunity presents two renovated rental units situated on a desirable corner lot in Royal Oak, Michigan. The property, built in 1955 and completely renovated in 2024, boasts a total of 1,485 square feet across two units. Unit 817 features two bedrooms and one bathroom, while Unit 823 offers three bedrooms and two bathrooms, with the third bedroom located in a finished basement. Each unit includes separate entrances, private detached garages, and individual driveways, providing tenants with ample parking and privacy. Modernized kitchens and new light fixtures enhance the appeal of both units. The property's convenient location on 12 Mile Road, between Woodward Avenue and Crooks Road, offers easy access to downtown Royal Oak's vibrant shops and restaurants, the Detroit Zoo, and major expressways. Its proximity to Northwood Elementary School adds to its family-friendly appeal. Unit 823 is currently leased until December 2024, presenting an immediate income stream with potential for rental rate increases based on current market values. This turnkey investment is priced at $599,000 and offers a strong return on investment. The property's location and recent renovations make it an attractive option for both seasoned and first-time investors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Madison Heights
    County
    Oakland
    State
    Michigan
    Longitude
    -83.112
    Latitude
    42.5045

    Comparable in this City

    • Value Estimation by Request
      1,400 SF

      31321 Dequindre Rd

      Office Spaces
      31321 Dequindre Rd, Madison Heights, MI 48071
      View Details
    • Value Estimation by Request
      2.74 Acres

      27483 Dequindre Rd

      COMMERCIAL (GENERAL)
      27483 Dequindre Rd, Madison Heights, MI 48071-3491
      View Details
    • Value Estimation by Request
      0.15 Acres

      30435 John R Rd

      VACANT COMMERCIAL LAND
      30435 John R Rd, Madison Heights, MI 48071-2126
      View Details
    • Value Estimation by Request
      0.05 Acres

      849 12th Mile Rd

      VACANT COMMERCIAL LAND
      849 12th Mile Rd, Madison Heights, MI 48071-2535
      View Details
    • Value Estimation by Request
      0.26 Acres

      29022 Stephenson Hwy

      INDUSTRIAL - VACANT LAND
      29022 Stephenson Hwy, Madison Heights, MI 48071-2314
      View Details
    • Value Estimation by Request
      0.10 Acres

      28726 Stephenson Hwy

      VACANT COMMERCIAL LAND
      28726 Stephenson Hwy, Madison Heights, MI 48071-2302
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Madison Heights Investment Opportunity

      Two-building investment opportunity in Madison Heights.
      740 W Eleven Mile Rd, Madison Heights, MI 48071
      View Details
    • $275,000
      1,584 SF

      Madison Heights Duplex with Upside

      Cash-flowing duplex with value-add potential in Madison Heights.
      31 W Barrett Ave, Madison Heights, MI 48071
      View Details
    • $575,000

      Two Building Investment Opportunity

      Two building investment opportunity in Madison Heights, Michigan.
      728 W Eleven Mile Rd, Madison Heights, MI 48071
      View Details
    • $275,000

      Madison Heights Duplex with Upside

      Cash-flowing duplex with value-add potential in Madison Heights.
      31 W Barrett Ave, Madison Heights, MI 48071
      View Details
    • $575,000
      4,539 SF

      Madison Heights Investment Opportunity

      Two-building investment opportunity in Madison Heights, fully and partially occupied.
      728 W Eleven Mile Rd, Madison Heights, MI 48071
      View Details
    • Contact for pricing
      6,036 SF

      Freestanding Commercial Building with Showroom

      Commercial building with showroom and fenced parking for 60 vehicles.
      30125 John R Rd, Madison Heights, MI 48071
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Facility with Crane System

      Manufacturing facility featuring a crane system for rent.
      32439 Industrial Dr, Madison Heights, MI 48071
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Madison Heights, Michigan.
      29101-29501 John R Rd, Madison Heights, MI 48071
      View Details
    • $15 SF/Yr
      38,270 SF

      Madison Heights Office Space Available

      Office space available for lease in Madison Heights, Michigan.
      999 Tech Row, Madison Heights, MI 48071
      View Details
    • $14 SF/Yr

      Renovated Office Space For Lease

      Office space for lease with renovated lobby and suites.
      1 Ajax Dr, Madison Heights, MI 48071
      View Details
    • Contact for pricing
      2,400 SF

      Free Standing Drive-Through Restaurant

      2,400 SF drive-through restaurant on 1.10 acres available 2025.
      32500 John R Rd, Madison Heights, MI 48071
      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.
    12 Mile Rd
    Madison Heights, MI 48071
    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
    12 Mile Rd, Madison Heights, MI, 48071
    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!