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Property profile & analytics
OFF-MARKET
Estimated value
$425,000
Drug stores
14048 Woodward Ave Highland Park, MI 48203-3629
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-4425206
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
2002
Total area
14,472 SF
Lot
0.81 ac (35,284 SF)
APN
43 008 01 0001 000
UPID
US43-4425206
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.54M
Blend (final)
Blend
$425k
Owner & transaction history
Luther Equities LLC · 1 yrs held
Luther Equities LLC
since 2024
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+32.1%
Restaurant
$1.3M
+32.1%
Neighborhood: shopping center
$1.1M
+9.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Highland Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Highland Park submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,000,000
Current use
COMMERCIAL (GENERAL)
$1,320,000
Change: +32% · Conversion: Easy
RESTAURANT
$1,320,000
Change: +32% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,095,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$425k
Range $383k – $468k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$29 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$38,298
Tax year 2023
Assessed value
$443,600
Assessed 2024
Previous assessed
$440,600
+0.7% YoY
Effective rate
8.63%
On assessed value
Total market value
$887,200
Applied tax rate
82,070.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
2002
Heating
FORCED AIR
Stories
1
Total area
14,472 SF
Lot
0.81 ac (35,284 SF)
APN
43 008 01 0001 000
UPID
US43-4425206
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$1.3M
RESTAURANT
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2002
Heating
FORCED AIR
Stories
1
Lot
0.81 ac
Current owner
From public records · entity-resolved
Luther Equities LLC
Entity
Mailing address
24500 NORTHWESTERN HWY STE #100, SOUTHFIELD, MI 48075-2402
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 22, 2024
—
Luther Equities LLC
Highland Park Woodward Ave LLC
Deed
$500,000 · The Farmers & Merchants State Bank
May 31, 2011
—
Highland Park-woodward Ave LLC
—
Grant Deed
related
$1,088,627 · Ing USA Annunity & Life Ins Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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