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

    15100 7th Mile Rd Detroit, MI 48235-2818

    • Grocery and convenience stores
    • 1,722 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Nov 15, 2024
    $602,500
    Value Estimations
    $605,000
    Show details
    Cap Rate Potential
    2.8%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-0959101
    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

    • Grocery and convenience stores

    Property Details for 15100 7th Mile Rd

    Year built
    1956
    Lot size
    0.23 lot acres
    Property size
    1,722 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    22017299-304
    APU
    22017299304

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $605,000
      ML approach
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $424,000
      Market price range: $206k - $547k
      AI Estimate
      $424,000
      Market price range: $206k - $547k

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1952
    Latitude
    42.4308
    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
    $11,109
    $0.00
    $0.00
    $169,000
    -
    $0.00
    $0.00
    $338,000

    Comparable in this City

    • Value Estimation by Request
      2,116 SF

      13127 7th Mile Rd

      CONVENIENCE STORE • 2,116 SF
      13127 7th Mile Rd, Detroit, MI 48235-1338
      View Details
    • Value Estimation by Request
      4,895 SF

      15349 Mcnichols Rd

      CONVENIENCE STORE • 4,895 SF
      15349 Mcnichols Rd, Detroit, MI 48235-3723
      View Details
    • Value Estimation
      $815,000
      6,808 SF

      15201 7th Mile Rd

      CONVENIENCE STORE • 6,808 SF
      15201 7th Mile Rd, Detroit, MI 48235-2802
      View Details
    • Value Estimation
      $1,210,000
      19,419 SF

      16910 Schaefer Hwy

      GROCERY, SUPERMARKET • 19,419 SF
      16910 Schaefer Hwy, Detroit, MI 48235-4270
      View Details
    • Value Estimation by Request
      1,598 SF

      16000 7th Mile Rd

      CONVENIENCE STORE • 1,598 SF
      16000 7th Mile Rd, Detroit, MI 48235-2901
      View Details
    • Value Estimation by Request
      1,555 SF

      18900 Greenfield Rd

      CONVENIENCE STORE • 1,555 SF
      18900 Greenfield Rd, Detroit, MI 48235-2907
      View Details

    Similar Nearby for Sale

    • $499,000

      Retail Building on Busy 8 Mile

      3,781 SF retail building with high traffic exposure.
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    • $750,000
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      Detroit Gentlemen’s Club Opportunity

      Historic Detroit gentlemen’s club with licenses, cash flow, and equipment.
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      Three Buildings on High-Traffic Road

      Three buildings totaling 6,500 SF, great investment opportunity.
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    • $200,000

      Established Packaging Business For Sale

      Profitable packaging and retail supply business with two Detroit locations.
      14301 W Mcnichols Rd, Detroit, MI 48235
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    • $250,000

      Turnkey Salon/Daycare on High-Traffic Street

      Equipped salon/daycare with high visibility and growth potential.
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    • $129,900
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      Shell Condition Retail Building

      Multi-tenant retail building in shell condition, 3765 square feet.
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    Similar Nearby for Lease

    • $1,200 /Mo

      Versatile Commercial Space For Rent

      High-access commercial space suitable for various business types.
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    • $14 SF/Yr
      1,182 SF

      Detroit Retail Space For Lease

      Commercial leasing unit suitable for startups, expansions, and retail.
      14301-14311 W Mcnichols Rd, Detroit, MI 48235
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    • $13 SF/Yr
      1,230 SF

      Detroit Retail Space For Lease

      Retail space available for lease in Detroit, Michigan.
      14135-14149 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • $16 SF/Yr
      1,022 SF

      Retail Space in Strip Center

      1,022 SF retail space with open layout and ample parking.
      13140-13148 W Mcnichols Rd, Detroit, MI 48235
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    • $1,250 /Mo
      2,200 SF

      Retail Space Former Barber Shop

      Retail space available for rent, formerly a barber shop.
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      View Details
    • $1,750 /Mo

      Versatile Commercial Space For Rent

      High-traffic location with endless potential for various business ventures.
      16120 W Mcnichols Rd, Detroit, MI 48235
      View Details
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    15100 7th Mile Rd
    Detroit, MI 48235-2818
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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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