Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1055 Philip St Detroit, MI 48215

    • Commercial real estate
    • 13,185 SF
    • 0.15 lot acres
    For Sale
    View listing
    $900,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0321533
    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

    • Commercial real estate

    Property Details for 1055 Philip St

    Year built
    1928
    Lot size
    0.15 lot acres
    Property size
    13,185 SF
    Zone code
    R2
    Property type
    Commercial real estate
    APN
    21060751.
    APU
    21060751

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,239,000
      Market price range: $448k - $2.24M
      AI Estimate
      $2,219,000
      Market price range: $441k - $2.22M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,010,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.943
    Latitude
    42.3744
    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
    2020
    $10,007
    $0.00
    $0.00
    $447,600
    -
    $0.00
    $0.00
    $895,200

    Comparable in this City

    • Value Estimation by Request

      897 Philip St

      COMMERCIAL (GENERAL)
      897 Philip St, Detroit, MI 48215-2935
      View Details
    • Value Estimation by Request
      0.07 Acres

      847 10th St

      COMMERCIAL (GENERAL) • 0.07 Acres
      847 10th St, Detroit, MI 48215-3280
      View Details
    • Value Estimation by Request
      0.29 Acres

      12801 Kercheval St

      COMMERCIAL (GENERAL) • 0.29 Acres
      12801 Kercheval St, Detroit, MI 48215-2729
      View Details
    • Value Estimation by Request
      0.30 Acres

      12541 Jefferson Ave

      COMMERCIAL CONDOMINUIM • 0.30 Acres
      12541 Jefferson Ave, Detroit, MI 48215-2770
      View Details
    • Value Estimation by Request
      1,368 SF

      142 Clairpointe St, Unit 32

      COMMERCIAL CONDOMINUIM • 1,368 SF
      142 Clairpointe St, Detroit, MI 48215-3042
      View Details
    • Value Estimation
      $2,640,000
      15,600 SF

      4729 Conner St

      COMMERCIAL (GENERAL) • 15,600 SF
      4729 Conner St, Detroit, MI 48215-2028
      View Details

    Similar Nearby for Sale

    • $199,000
      1.20 Acres

      Mack Ave Detroit Development Land

      1.2-acre commercial/residential lot. High-traffic location.
      14301 Mack Ave, Detroit, MI 48215
      View Details
    • $300,000
      0.45 Acres

      Prime Detroit Commercial Land

      0.45-acre lot, Jefferson Chalmers
      1075 Coplin St, Detroit, MI 48215
      View Details
    • $150,000
      3,500 SF

      Jefferson Ave Retail Opportunity

      Detroit Retail Space - $150,000
      14313 Jefferson Ave, Detroit, MI 48215
      View Details
    • $650,000
      8,948 SF

      Detroit Retail Portfolio: Prime Location

      Two buildings, high traffic, value-add opportunity.
      14500 Jefferson Ave, Detroit, MI 48215
      View Details
    • $79,000
      1,206 SF

      Mack Ave Storefront - Detroit

      Prime Detroit Retail Space. High Visibility. Owner/User Opportunity.
      12941 Mack Ave, Detroit, MI 48215
      View Details
    • $150,000
      2,568 SF

      Kercheval Avenue Retail Opportunity

      2,568 SF retail building on Kercheval Avenue for sale.
      14301 Kercheval Ave, Detroit, MI 48215
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      40,253 SF

      Conner Square Retail Center Opportunity

      Detroit retail space, high visibility, immediate occupancy.
      4673-4729 Conner St, Detroit, MI 48215
      View Details
    • $15,000 /Mo
      6,372 SF

      Detroit Restaurant and Retail Opportunity

      Restaurant and retail property available for rent in Detroit.
      12248 E Warren Ave, Detroit, MI 48215
      View Details
    • $20 SF/Yr
      2,000 SF

      Riverbend Plaza Medical Office Space

      Prime Detroit medical office space available.
      13200 Jefferson Ave, Detroit, MI 48215
      View Details
    • $1,540 /Mo

      Updated Retail/Office/Creative Space

      Move-in ready commercial space near Chrysler Stellantis Assembly Plant.
      14635 Mack Ave, Detroit, MI 48215
      View Details
    • $3,400 /Mo

      High-Traffic Commercial Space Available

      1,371 SF commercial space on high-traffic road, great visibility.
      12525 Mack Ave, Detroit, MI 48215
      View Details
    • Contact for pricing
      6,868 SF

      Southfield Road Retail Space Available

      High-traffic retail space, multiple units.
      29200 Southfield Rd, Southfield, MI 48215
      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.
    1055 Philip St
    Detroit, MI 48215
    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

    Google sign-in failed. Please try again or use another login method.