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    31119 Greenfield Rd Beverly Hills, MI 48025-5619

    • Warehouses
    • 14,400 SF
    • 1.19 lot acres
    OFF-MARKET
    Last Sale
    Jan 29, 2020
    $900,000
    Value Estimations
    $1,120,000
    Show details
    Cap Rate Potential
    7.8%
    Warehouses
    Location Intelligence
    Property ID
    US43-0253458
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 31119 Greenfield Rd

    Year built
    1959
    Lot size
    1.19 lot acres
    Property size
    14,400 SF
    Zone code
    BI
    Property type
    Warehouses
    APN
    TH-24-01-477-011
    APU
    TH2401477011

    Description

    This exceptional 14,400 square foot commercial property, located at 31119 Greenfield Road in Beverly Hills, Michigan (48025), presents a unique investment opportunity. The single-story, Class B building, constructed in 1959, sits on a 0.91-acre lot and offers a flexible layout suitable for various uses. Currently zoned B, the property features a blend of retail, office, and industrial space, making it ideal for a diverse range of businesses. The building boasts a 13-foot ceiling height, providing ample vertical space. For efficient loading and unloading, the property includes two loading docks and two drive-in doors. A significant portion of the building, totaling 7,888 square feet, is currently vacant and ready for immediate occupancy. This space was previously used as a gym, and some existing equipment may be available for purchase separately. The property's strategic location near the intersection of Greenfield Road and 13 Mile Road in the Birmingham Area submarket offers excellent visibility and accessibility. The multiple tenancy structure allows for diverse occupancy options, including but not limited to sports training facilities, retail establishments, medical distribution centers, or warehousing operations. This versatile property offers a compelling opportunity for businesses seeking a well-located, adaptable space in a thriving Michigan community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,110,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,570,000
      6.5%
      $1,450,000
      7%
      $1,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $845,000
      Market price range: $689k - $1.85M
      AI Estimate
      $680,000
      Market price range: $415k - $1.52M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,100,000
      Current use
      AUTO REPAIR, GARAGE
      $1,765,000
      Change: +60% Conversion: Easy
      OFFICE BUILDING
      $1,690,000
      Change: +54% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,340,000
      Change: +22% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Beverly Hills
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2048
    Latitude
    42.5185
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $10,126
    $0.00
    $0.00
    $296,070
    -
    $0.00
    $0.00
    $592,140

    Comparable in this City

    • Value Estimation by Request
      1,493 SF

      31715 Southfield Rd

      WAREHOUSE, STORAGE • 1,493 SF
      31715 Southfield Rd, Beverly Hills, MI 48025
      View Details
    • Value Estimation by Request
      803 SF

      30401 Lahser Rd

      INDUSTRIAL (GENERAL) • 803 SF
      30401 Lahser Rd, Beverly Hills, MI 48025
      View Details
    • Value Estimation by Request
      2,442 SF

      24450 13th Mile Rd

      MANUFACTURING (LIGHT) • 2,442 SF
      24450 13th Mile Rd, Bingham Farms, MI 48025
      View Details
    • Value Estimation by Request
      522,000 SF

      30700 Telegraph Rd

      Office space • 522,000 SF
      30700 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • Value Estimation by Request
      0.26 Acres

      Franklin, MI 48025

      VACANT COMMERCIAL LAND • 0.26 Acres
      Franklin, MI 48025
      View Details
    • Value Estimation by Request
      0.27 Acres

      31535 Southfield Rd

      VACANT COMMERCIAL LAND • 0.27 Acres
      31535 Southfield Rd, Beverly Hills, MI 48025-5461
      View Details

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      Rare 7-Acre Vacant Land Parcel

      Exceptional 7-acre parcel in Bingham Farms, suitable for development.
      23301 W 14 Mile Rd, Bingham Farms, MI 48025
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    • Contact for pricing
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      Shopping center with strong anchor stores and high traffic exposure.
      17600-17740 Southfield Rd, Franklin, MI 48025
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    • $1,025,000

      Beverly Hills Mixed-Use Parcel

      Prime 0.78-acre parcel suitable for residential, commercial, or office development.
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    • $749,000
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      Bingham Farms 1.4-Acre Residential Land

      1.4-acre residential lot in Bingham Farms, build your dream home.
      0000 Woodlynne Dr, Bingham Farms, MI 48025
      View Details

    Similar Nearby for Lease

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    • $561,850

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    31119 Greenfield Rd
    Beverly Hills, MI 48025-5619
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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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