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

    14243 8th Mile Rd Detroit, MI 48235-1502

    • Medical offices
    • 1,960 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1133849
    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

    • Medical offices

    Property Details for 14243 8th Mile Rd

    Year built
    1957
    Lot size
    0.06 lot acres
    Property size
    1,960 SF
    Zone code
    B2
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    22018623.
    APU
    22018623

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1868
    Latitude
    42.4448
    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
    $2,325
    $0.00
    $0.00
    $73,400
    -
    $0.00
    $0.00
    $146,800

    Comparable in this City

    • Value Estimation by Request
      3,640 SF

      15800 7th Mile Rd

      MEDICAL BUILDING • 3,640 SF
      15800 7th Mile Rd, Detroit, MI 48235-2952
      View Details
    • Value Estimation by Request
      2,520 SF

      14400 Mcnichols Rd

      MEDICAL BUILDING • 2,520 SF
      14400 Mcnichols Rd, Detroit, MI 48235-3916
      View Details
    • Value Estimation by Request
      1,400 SF

      15643 Mcnichols Rd

      MEDICAL CLINIC • 1,400 SF
      15643 Mcnichols Rd, Detroit, MI 48235-3541
      View Details
    • Value Estimation by Request
      2,442 SF

      14500 Mcnichols Rd

      MEDICAL BUILDING • 2,442 SF
      14500 Mcnichols Rd, Detroit, MI 48235-3904
      View Details
    • Value Estimation by Request
      2,809 SF

      15101 Mcnichols Rd

      MEDICAL BUILDING • 2,809 SF
      15101 Mcnichols Rd, Detroit, MI 48235-3716
      View Details
    • Value Estimation
      $560,000
      7,616 SF

      17330 Schaefer Hwy

      MEDICAL BUILDING • 7,616 SF
      17330 Schaefer Hwy, Detroit, MI 48235-4133
      View Details

    Similar Nearby for Sale

    • $199,900

      Commercial Building with Renovation Potential

      Brick building with parking, suitable for office or medical use.
      18241 Greenfield Rd, Detroit, MI 48235
      View Details
    • $250,000

      Turnkey Salon/Daycare on High-Traffic Street

      Equipped salon/daycare with high visibility and growth potential.
      18971 Greenfield Rd, Detroit, MI 48235
      View Details
    • $97,500
      1,500 SF

      Executive Office Building, Detroit

      Turnkey Office, College Park, MI
      15929 Seven Mile Rd, Detroit, MI 48235
      View Details
    • $225,000
      5,522 SF

      Stand-Alone Building with Potential

      Stand-alone building suitable for office, retail, and medical use.
      16180 Meyers Rd, Detroit, MI 48235
      View Details
    • $220,000
      1,500 SF

      Detroit Retail/Office Opportunity on 8 Mile

      Retail or office building on 8 Mile Road in Detroit.
      13819 8 Mile Rd W, Detroit, MI 48235
      View Details
    • $750,000

      Detroit Gentlemen's Club Opportunity

      Historic gentlemen's club with licenses, cash flow, and updated equipment.
      13109 W 8 Mile Rd, Farmington Hills, MI 48235
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      32,418 SF

      Detroit Medical Office Space For Lease

      Fully Vacant, 32,418 SF Medical Office Building
      7800 Outer Dr, Detroit, MI 48235
      View Details
    • $11 SF/Yr
      58,802 SF

      Glory Super Market Center: Detroit Retail Space

      Prime Detroit retail/office space available.
      7990-8000 Outer Dr, Detroit, MI 48235
      View Details
    • $3,500 /Mo

      Turnkey Medical Space Available

      Turnkey medical space with high traffic and excellent visibility.
      13403 W 7 Mile Rd, Detroit, MI 48235
      View Details
    • $11 SF/Yr
      4,755 SF

      Schaefer Hwy Creative Office Space

      4,755 sq ft Creative Office, Ample Parking
      16869 Schaefer Hwy, Detroit, MI 48235
      View Details
    • Contact for pricing

      Office Space For Rent

      Office space available for rent in Detroit, Michigan.
      19141 Greenfield Rd, Detroit, MI 48235
      View Details
    • $1,200 /Mo

      Versatile Commercial Space For Rent

      High-access commercial space suitable for various business types.
      16135 W Mcnichols Rd, Detroit, MI 48235
      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.
    14243 8th Mile Rd
    Detroit, MI 48235-1502
    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.