Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    628 Parent Ave Royal Oak, MI 48067
    Back to Search
    Property profile & analytics

    628 Parent Ave Royal Oak, MI 48067

    View on Map
    • Office properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Contour Land Group / Architecture Firm / Civil Engineering Company
    • Phalanges Manicure Studio / Nail Salon
    • The Lash and Brow Studio / Hair Salon / Nail Salon
    • Lunar Lash Bar- Shawna Gray / Hair Salon
    • Burke Video Co / Film Production / Television Studio

    Property Details for 628 Parent Ave

    Year built
    1942
    Property type
    Office properties & Spaces
    Property subtype
    Coworking space

    Description

    This exceptional Royal Oak office complex, built in 1942 and completely renovated in 2023, offers six available suites ranging from 108 to 400 square feet. The property is a single-story building with a mixed-use zoning designation (Mixed Use 1). The space is ideal for small businesses, entrepreneurs, or those seeking a coworking environment. The building features a welcoming shared lobby and a modern conference room, perfect for collaborative meetings. The flexible suite sizes allow for customization to meet individual tenant needs

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Royal Oak
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1372
    Latitude
    42.4789

    Comparable in this City

    • Value Estimation by Request
      14,000 SF

      403 Center St

      Coworking space • 14,000 SF
      403 Center St, Royal Oak, MI 48067
      View Details
    • Value Estimation by Request
      62,000 SF

      301 4Th St

      Office Units • 62,000 SF
      301 4Th St, Royal Oak, MI 48067
      View Details
    • Value Estimation
      $1,305,000
      5,257 SF

      215 Ctr St

      OFFICE (GENERAL) • 5,257 SF
      215 Ctr St, Royal Oak, MI 48067-3870
      View Details
    • Value Estimation by Request
      2,009 SF

      527 Main St

      OFFICE (GENERAL) • 2,009 SF
      527 Main St, Royal Oak, MI 48067-1814
      View Details
    • Value Estimation
      $1,590,000
      6,413 SF

      423 Main St

      OFFICE (GENERAL) • 6,413 SF
      423 Main St, Royal Oak, MI 48067-1884
      View Details
    • Value Estimation
      $21,800,000
      120,102 SF

      302 Washington Ave

      OFFICE (GENERAL) • 120,102 SF
      302 Washington Ave, Royal Oak, MI 48067-3811
      View Details

    Similar Nearby for Sale

    • $425,000

      Classy Office in Downtown Royal

      Updated 1220 SF office with parking in Royal Oak.
      417 E 4Th St, Royal Oak, MI 48067
      View Details
    • $515,000

      Royal Oak Mixed-Use Opportunity

      Two buildings in prime location near downtown Royal Oak.
      520 E Eleven Mile Rd, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      724 SF

      Royal Oak Office For Sale

      724 SqFt office space available in Royal Oak, MI.
      1413 Crooks Rd, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      6,930 SF

      Royal Oak Commercial Space

      Commercial space available for sale in Royal Oak, Michigan.
      501 S Washington Ave, Royal Oak, MI 48067
      View Details
    • $425,000
      1,220 SF

      Royal Oak Office For Sale

      Classy 1220 SF office in downtown Royal Oak.
      417 E 4Th St, Royal Oak, MI 48067
      View Details
    • Contact for pricing

      Office Space For Sale

      Office space available for purchase.
      302 S Main St, Royal Oak, MI 48067
      View Details

    Similar Nearby for Lease

    • Sponsored
      Contact for pricing

      MI, Royal Oak - Main Street

      Discover many ways to work your way in MI, Royal Oak - Main Street
      418 Main St, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      2,519 SF

      Royal Oak Office Space Available

      Office space available for lease in Royal Oak, Michigan.
      830 East 4Th St, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      2,900 SF

      Royal Oak Office/Retail Space

      Prime corner location with on-site parking and flexible leasing options.
      215 S Center St, Royal Oak, MI 48067
      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.
    628 Parent Ave
    Royal Oak, MI 48067
    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
    628 Parent Ave, Royal Oak, MI, 48067
    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!