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Property profile & analytics
OFF-MARKET
Estimated value
$1,325,000
Flex space
14680 23rd Mile Rd, Shelby Township, MI 48315-3000
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US43-1179269
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1988
Total area
12,100 SF
Lot
1.51 ac (65,645 SF)
Zoning code
LM
APN
23-07-24-201-030
UPID
US43-1179269
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
Current use
Occupant on record · Public records
-
Ferguson Plumbing Supply Plumbing Service Building Supply
-
Professional's Bath Source Plumbing Service Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.03M
Blend (final)
Blend
$1.33M
Owner & transaction history
Michigans First Ever Properties LLC
Michigans First Ever Properties LLC
since 2026
Last sale
$1.6M
1 recorded transaction
Zoning & alternative use
LM · Shelby Township, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.7M
+63.6%
Commercial (general)
$1.7M
+59.8%
Office building
$1.7M
+59.7%
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 Shelby Township submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Shelby Township 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
INDUSTRIAL (GENERAL)
$1,050,000
Current use
RESTAURANT
$1,715,000
Change: +64% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,675,000
Change: +60% · Conversion: Difficult
OFFICE BUILDING
$1,675,000
Change: +60% · Conversion: Difficult
RETAIL STORES
$1,490,000
Change: +42% · Conversion: Moderate
MEDICAL BUILDING
$1,485,000
Change: +42% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,040,000
Change: -1% · Conversion: Easy
Blend value · Realmo final
$1.33M
Range $1.19M – $1.46M · ±10% · vs last sale $1.62M (Jan 2 2026)
Last sale anchor
$1.62M
Jan 2 2026
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
$110 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$11,632
Tax year 2022
Assessed value
$476,500
Assessed 2023
Previous assessed
$484,600
-1.7% YoY
Effective rate
2.44%
On assessed value
Total market value
$953,000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1988
Heating
FORCED AIR
Stories
1
Total area
12,100 SF
Lot
1.51 ac (65,645 SF)
Zoning code
LM
APN
23-07-24-201-030
UPID
US43-1179269
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
LM · Shelby Township, MI
Zoning LM · permitted uses
LM · Shelby Township, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Shelby Township. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.1M
RESTAURANT
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.7M
OFFICE BUILDING
Est. value
$1.7M
RETAIL STORES
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.0M
INDUSTRIAL (GENERAL) Current
RESTAURANT
COMMERCIAL (GENERAL)
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
AUTO REPAIR, GARAGE
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
1988
Heating
FORCED AIR
Stories
1
Lot
1.51 ac
Current owner
From public records · entity-resolved
Michigans First Ever Properties LLC
Entity
Mailing address
12500 JEFFERSON AVE, NEWPORT NEWS, VA 23602-4314
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 2, 2026
$1,620,000
Michigans First Ever Properties LLC
Ferguson Enterprises LLC
Deed
$1,296,000 · First Merchants Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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