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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12700 Joy Rd Detroit, MI 48228-2663

    • Individual retail properties
    • 3,232 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2022
    $115,000
    Value Estimations
    $125,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0104069
    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

    • 313 Phone Repair / Phone Repair Service
    • Northfield Cleaners & Tailors / Dry Cleaner

    Property Details for 12700 Joy Rd

    Year built
    1947
    Lot size
    0.19 lot acres
    Property size
    3,232 SF
    Zone code
    B2
    Property type
    Individual retail properties
    APN
    22003268-70
    APU
    2200326870

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $105,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $174,000
      Market price range: $129k - $376k
      AI Estimate
      $174,000
      Market price range: $129k - $376k

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.168
    Latitude
    42.359
    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
    $2,202
    $0.00
    $0.00
    $51,100
    -
    $0.00
    $0.00
    $102,200

    Comparable in this City

    • Value Estimation by Request
      760 SF

      20518 Warren Ave

      BARBER, HAIR SALON • 760 SF
      20518 Warren Ave, Detroit, MI 48228-3243
      View Details
    • Value Estimation by Request
      552 SF

      12750 Joy Rd

      BARBER, HAIR SALON • 552 SF
      12750 Joy Rd, Detroit, MI 48228-2663
      View Details
    • Value Estimation by Request
      2,500 SF

      13028 Chicago St

      DRY CLEANER • 2,500 SF
      13028 Chicago St, Detroit, MI 48228-2891
      View Details
    • Value Estimation
      $115,000
      1,920 SF

      20500 Warren Ave

      DRY CLEANER • 1,920 SF
      20500 Warren Ave, Detroit, MI 48228-3243
      View Details
    • Value Estimation by Request
      2,037 SF

      19420 Plymouth Rd

      BARBER, HAIR SALON • 2,037 SF
      19420 Plymouth Rd, Detroit, MI 48228-1206
      View Details
    • Value Estimation by Request
      1,352 SF

      15316 Joy Rd

      BARBER, HAIR SALON • 1,352 SF
      15316 Joy Rd, Detroit, MI 48228-2239
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,562 SF

      Retail Space on West Warren

      Retail building for sale or lease with on-site parking.
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      Detroit Retail Building and Lot

      Retail building and vacant lot in high-traffic Detroit location.
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      Versatile Commercial Property in Detroit

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      Renovated Commercial Building on Joy

      Newly renovated commercial building with offices, roll-up doors, security.
      14622 Joy Rd, Detroit, MI 48228
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    • $180,000
      2,600 SF

      Detroit Retail Property on Joy

      Retail property with street exposure in Detroit, Michigan.
      19623 Joy Rd, Detroit, MI 48228
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    • $400,000
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      Detroit Retail Investment Opportunity

      High-Yield Convenience Store, Net Lease
      19000 Warren Ave, Detroit, MI 48228
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    Similar Nearby for Lease

    • $2,500 /Mo
      1,200 SF

      Detroit Retail Space For Lease

      Retail space for lease in high-traffic Detroit location.
      6901 Greenfield Rd, Detroit, MI 48228
      View Details
    • $1,800 /Mo
      6,288 SF

      Detroit Retail Space For Lease

      Retail spaces available in Detroit with excellent frontage and exposure.
      8866 Greenfield Rd, Detroit, MI 48228
      View Details
    • $2,900 /Mo
      2,910 SF

      Renovated Corner Building in Warrendale

      Renovated corner building in Detroit's Warrendale area, approximately 3000 sqft.
      18900 W Warren Ave, Detroit, MI 48228
      View Details
    • $3,400 /Mo
      1,250 SF

      Detroit Retail Space on Ford

      Retail space with frontage and exposure on Ford Road.
      18950 Ford Rd, Detroit, MI 48228
      View Details
    • Contact for pricing
      10,000 SF

      Joy Road Retail Opportunity

      10,000 SF Free-Standing Retail Building
      16940-16912 Joy Rd, Detroit, MI 48228
      View Details
    • $20 SF/Yr
      1,000 SF

      Joy Road Drive-Thru Retail Space

      1,000 SF Freestanding Building, Detroit, MI
      12701 Joy Rd, Detroit, MI 48228
      View Details
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    12700 Joy Rd
    Detroit, MI 48228-2663
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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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