Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    118 W 3Rd St Rochester, MI 48307
    Back to Search
    Property profile & analytics

    118 W 3Rd St Rochester, MI 48307

    View on Map
    • Office buildings
    • 1,450 SF
    • 0.12 lot acres
    For Sale
    $564,900
    View Listing →
    Downtown Rochester Tea House Opportunity For Sale
    $564,900
    1,450 SF

    Downtown Rochester Tea House Opportunity

    Beloved tea house in downtown Rochester near shopping and dining.

    118 W 3RD Street, Rochester, MI 48307
    View Listing
    Property ID
    US43-0862718
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • La Premier Catering / Restaurant

    Property Details for 118 W 3Rd St

    Year built
    1910
    Lot size
    0.12 lot acres
    Property size
    1,450 SF
    Zone code
    BI
    Property type
    Office buildings
    APN
    68-15-15-232-005
    APU
    681515232005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Rochester
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1348
    Latitude
    42.6796
    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
    $5,107
    $0.00
    $0.00
    $186,320
    -
    $0.00
    $0.00
    $372,640

    Comparable in this City

    • Value Estimation
      $2,710,000
      17,853 SF

      321 2nd St

      OFFICE BUILDING • 17,853 SF
      321 2nd St, Rochester, MI 48307-6718
      View Details
    • Value Estimation
      $935,000
      6,164 SF

      1050 University Dr

      OFFICE BUILDING • 6,164 SF
      1050 University Dr, Rochester, MI 48307-1877
      View Details
    • Value Estimation
      $4,700,000
      36,561 SF

      134 University Dr

      OFFICE BUILDING • 36,561 SF
      134 University Dr, Rochester, MI 48307-1951
      View Details
    • Value Estimation
      $720,000
      5,189 SF

      329 Main St

      OFFICE BUILDING • 5,189 SF
      329 Main St, Rochester, MI 48307-2035
      View Details
    • Value Estimation by Request
      1,581 SF

      345 Diversion St, Unit 450

      OFFICE BUILDING • 1,581 SF
      345 Diversion St, Rochester Hills, MI 48307-6638
      View Details
    • Value Estimation by Request
      1,390 SF

      71 Walnut Blvd Ste, Unit 110

      OFFICE BUILDING • 1,390 SF
      71 Walnut Blvd Ste, Rochester, MI 48307-2073
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Rochester Hills Office Building For Sale

      Professional office building near downtown Rochester and M-59.
      130 Hampton Cir, Rochester Hills, MI 48307
      View Details
    • $899,000
      3,455 SF

      Rochester Hills Office For Sale

      Commercial office building with prime corner visibility and multiple entrances.
      1681 E Auburn Rd, Rochester Hills, MI 48307
      View Details
    • Contact for pricing

      Rochester Hills Office/Medical Complex

      Three-building office/medical park with recent renovations and convenient access.
      705 Barclay Cir, Rochester Hills, MI 48307
      View Details
    • $1,600,000
      4,350 SF

      Mixed-Use Retail and Office Space

      Recently constructed retail and office space near downtown Rochester, MI.
      311 W University Dr, Rochester, MI 48307
      View Details
    • $500,777
      3,455 SF

      Home Care Agency Business Opportunity

      Licensed home care agency serving Macomb, Wayne, and Oakland counties.
      1681 E Auburn Rd, Rochester Hills, MI 48307
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo

      Renovated Office Building, Rochester Hills

      Stand-alone, renovated office building in prime Rochester Hills location.
      872 E Auburn Rd, Rochester Hills, MI 48307
      View Details
    • $1,000 /Mo
      2,555 SF

      Office Space in Rochester Hills

      263 sqft office space with ample natural light.
      71 N Livernois Rd, Rochester Hills, MI 48307
      View Details
    • $3,500 /Mo
      1,900 SF

      Medical/Office Condo on Rochester Road

      Versatile condo suited for medical, dental, or professional office use.
      2490 S Rochester Rd, Rochester Hills, MI 48307
      View Details
    • $5,180 /Mo
      3,455 SF

      Rochester Hills Office For Rent

      Office space for rent in Rochester Hills, Michigan.
      1681 E Auburn Rd, Rochester Hills, MI 48307
      View Details
    View Listing
    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.
    118 W 3Rd St
    Rochester, MI 48307
    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
    118 W 3Rd St, Rochester, MI, 48307
    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!