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Property profile & analytics
OFF-MARKET
Estimated value
$15,685,000
Grocery and convenience stores
14945 23rd Mile Rd, Shelby Township, MI 48315-3009
Entity Owned
17-yr Hold
Free & Clear
Property ID
US43-1354257
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Total area
120,658 SF
Lot
13.97 ac (608,533 SF)
Zoning code
C-3
APN
23-07-13-400-070
UPID
US43-1354257
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
-
Murray's Cheese Bakery Specialty Food Shop
-
Kroger Deli Food Market Restaurant
-
Secretary of State Self-service Station Department Of Motor Vehicles Kiosk
-
EcoATM Atm Cell Phone Store
-
Kroger Floral (Bike/Boat/Book/etc) Store Florist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.69M
Blend (final)
Blend
$15.69M
Owner & transaction history
Kroger Co Of Michigan · 17 yrs held
Kroger Co Of Michigan
since 2008
1 recorded transaction
Zoning & alternative use
C-3 · Shelby Township, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$17.1M
+15.0%
Commercial (general)
$16.7M
+12.3%
Office building
$16.7M
+12.3%
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
RETAIL STORES
$14,870,000
Current use
RESTAURANT
$17,105,000
Change: +15% · Conversion: Easy
COMMERCIAL (GENERAL)
$16,705,000
Change: +12% · Conversion: Easy
OFFICE BUILDING
$16,695,000
Change: +12% · Conversion: Easy
MEDICAL BUILDING
$14,820,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$15.69M
Range $14.12M – $17.25M · ±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
$130 / 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
$188,116
Tax year 2022
Assessed value
$7,272,800
Assessed 2023
Previous assessed
$7,379,100
-1.4% YoY
Effective rate
2.59%
On assessed value
Total market value
$14,545,600
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Heating
FORCED AIR
Stories
1
Total area
120,658 SF
Lot
13.97 ac (608,533 SF)
Zoning code
C-3
APN
23-07-13-400-070
UPID
US43-1354257
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
C-3 · Shelby Township, MI
Zoning C-3 · permitted uses
C-3 · 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
RETAIL STORES Current
Est. value
$14.9M
RESTAURANT
Est. value
$17.1M
COMMERCIAL (GENERAL)
Est. value
$16.7M
OFFICE BUILDING
Est. value
$16.7M
MEDICAL BUILDING
Est. value
$14.8M
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
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
Heating
FORCED AIR
Stories
1
Lot
13.97 ac
Current owner
From public records · entity-resolved
Kroger Co Of Michigan
Entity
Free & Clear · 17 yrs held
Mailing address
1014 VINE ST, CINCINNATI, OH 45202-1141
Ownership since
2008
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
Oct 6, 2008
—
Kroger Co Of Michigan
Messina & Lombardo LLC
Warranty Deed
—
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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