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

    118 Washington Ave Royal Oak, MI 48067-1751

    • Medical offices
    • 2,228 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Feb 04, 2022
    $500,000
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    5.7%
    Medical offices
    Location Intelligence
    Property ID
    US43-0133679
    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

    • Kadi Investment Group LLC / Financial Planner

    Property Details for 118 Washington Ave

    Year built
    1948
    Lot size
    0.15 lot acres
    Property size
    2,228 SF
    Zone code
    NBHD BUS
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    72-25-16-484-013
    APU
    722516484013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $505,000
      6.5%
      $465,000
      7%
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $508,000
      Market price range: $222k - $509k
      AI Estimate
      $358,000
      Market price range: $90.2k - $358k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $350,000
      Current use
      COMMERCIAL (GENERAL)
      $420,000
      Change: +20% Conversion: Easy
      RETAIL STORES
      $375,000
      Change: +7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Royal Oak
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1463
    Latitude
    42.4904
    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
    2021
    $13,137
    $0.00
    $0.00
    $289,870
    -
    $0.00
    $0.00
    $579,740

    Comparable in this City

    • Value Estimation by Request
      0.81 Acres

      110 2nd St

      MEDICAL BUILDING • 0.81 Acres
      110 2nd St, Royal Oak, MI 48067-2694
      View Details
    • Value Estimation by Request
      5,797 SF

      27332 Woodward Ave

      MEDICAL BUILDING • 5,797 SF
      27332 Woodward Ave, Royal Oak, MI 48067-0900
      View Details
    • Value Estimation by Request
      10,484 SF

      1103 Main St

      MEDICAL BUILDING • 10,484 SF
      1103 Main St, Royal Oak, MI 48067-1362
      View Details
    • Value Estimation by Request
      835 SF

      1209 Lincoln Ave

      MEDICAL BUILDING • 835 SF
      1209 Lincoln Ave, Royal Oak, MI 48067-3451
      View Details
    • Value Estimation
      $1,120,000
      4,950 SF

      621 11th Mile Rd

      MEDICAL BUILDING • 4,950 SF
      621 11th Mile Rd, Royal Oak, MI 48067-2201
      View Details
    • Value Estimation by Request
      4,237 SF

      720 11th Mile Rd

      MEDICAL BUILDING • 4,237 SF
      720 11th Mile Rd, Royal Oak, MI 48067-1964
      View Details

    Similar Nearby for Sale

    • $2,100,000
      11,175 SF

      Royal Oak Office Building For Sale

      11,175 SF Office, Move-In Ready
      1026 Eleven Mile Rd, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      14,660 SF

      Royal Oak Landmark Office Building

      14,660 SF Royal Oak office building for sale or lease.
      28000 Woodward Ave, Royal Oak, MI 48067
      View Details
    • $450,000
      1,220 SF

      Downtown Royal Oak Office Space

      Classy Royal Oak office with parking and high foot traffic.
      417 E 4Th St, Royal Oak, MI 48067
      View Details
    • Contact for pricing

      Royal Oak Office Space For Sale

      Prime Office Space, 17,587 SF Available
      302 Main St, Royal Oak, MI 48067
      View Details
    • $649,900
      2,067 SF

      Renovated Royal Oak Commercial Office

      Modern, renovated 2,257 SF office building in Royal Oak.
      1504 E Eleven Mile Rd, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      15,000 SF

      Downtown Royal Oak Office Space

      Modern Office, Retail, 15,000 SF
      117 4Th St, Royal Oak, MI 48067
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,812 SF

      Royal Oak Medical Office Space

      Prime Medical Office, 2812 sq ft, Available Now
      1202 Catalpa Dr, Royal Oak, MI 48067
      View Details
    • $16 SF/Yr
      5,752 SF

      Royal Oak Medical Office Space

      Prime Medical Office Suites Available Now
      302 Main St, Royal Oak, MI 48067
      View Details
    • $23 SF/Yr
      1,400 SF

      Royal Oak Medical/Office Space

      Move-in ready medical suite in prime Woodward Avenue location.
      26454 Woodward Ave, Royal Oak, MI 48067
      View Details
    • Contact for pricing
      24,500 SF

      Royal Oak Build-to-Suit Opportunity

      Build-to-suit office or medical space near Downtown Royal Oak.
      1026 W 11 Mile Rd, Royal Oak, MI 48067
      View Details
    • $6,500 /Mo

      Downtown Royal Oak Office Space

      Modern office space in downtown Royal Oak with on-site parking.
      907 S Main St, Royal Oak, MI 48067
      View Details
    • $24 SF/Yr
      40,000 SF

      West Seventh Street Office Space

      Royal Oak Creative Office Suites Available
      333 7Th 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.
    118 Washington Ave
    Royal Oak, MI 48067-1751
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.