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

    15111 14th Mile Rd Sterling Heights, MI 48312-6712

    • Outlet malls
    • 7,028 SF
    • 1.33 lot acres
    OFF-MARKET
    Last Sale
    Aug 19, 2020
    $610,000
    Value Estimations
    $905,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0997442
    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

    • Outlet malls

    Property Details for 15111 14th Mile Rd

    Year built
    1996
    Lot size
    1.33 lot acres
    Property size
    7,028 SF
    Zone code
    C-1
    Property type
    Outlet malls
    APN
    10-10-36-476-010
    APU
    101036476010

    Description

    This exceptional 7,000-square-foot retail space presents a remarkable opportunity for businesses seeking high visibility and significant square footage. Located on the highly trafficked northwest corner of East 14 Mile Road and Hayes Road, this single-tenant property boasts unparalleled exposure to a large customer base. The entire 7,000 square feet is currently vacant, offering a blank canvas for a discerning tenant to create their ideal retail environment. The property's prime location ensures maximum brand visibility and accessibility, making it an ideal choice for a variety of retail concepts. This is a rare opportunity to secure a substantial, highly visible retail space in a thriving commercial area. The building's size and layout offer flexibility for various retail uses, allowing for customization to meet specific business needs. The property's strategic location at the intersection of two major thoroughfares guarantees consistent foot traffic and high vehicular visibility, maximizing potential customer reach. This is an exceptional opportunity to establish a strong retail presence in a high-demand location. The ample square footage provides significant space for inventory, displays, and customer service areas. Serious inquiries are encouraged to explore the potential of this outstanding retail property. Don't miss this chance to secure a prime location for your business.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $675,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,112,000
      Market price range: $402k - $1.18M
      AI Estimate
      $1,112,000
      Market price range: $402k - $1.18M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $735,000
      Current use
      RESTAURANT
      $995,000
      Change: +36% Conversion: Easy
      MEDICAL BUILDING
      $865,000
      Change: +18% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $720,000
      Change: -1% Conversion: Easy
      OFFICE BUILDING
      $665,000
      Change: -9% Conversion: Easy
      AUTO REPAIR, GARAGE
      $605,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Sterling Heights
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9702
    Latitude
    42.539
    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
    2022
    $21,421
    $0.00
    $0.00
    $390,800
    -
    $0.00
    $0.00
    $781,600

    Comparable in this City

    • Value Estimation
      $1,545,000
      16,500 SF

      6306 15th Mile Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 16,500 SF
      6306 15th Mile Rd, Sterling Heights, MI 48312-4506
      View Details
    • Value Estimation
      $11,825,000
      112,271 SF

      33100 Schoenherr Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 112,271 SF
      33100 Schoenherr Rd, Sterling Heights, MI 48312-6316
      View Details
    • Value Estimation
      $1,075,000
      12,000 SF

      38200 Van Dyke Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 12,000 SF
      38200 Van Dyke Ave, Sterling Heights, MI 48312-1137
      View Details
    • Value Estimation
      $3,220,000
      29,858 SF

      7023 14th Mile Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 29,858 SF
      7023 14th Mile Rd, Sterling Heights, MI 48312-5811
      View Details
    • Value Estimation
      $2,830,000
      26,807 SF

      33631 Van Dyke Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 26,807 SF
      33631 Van Dyke Ave, Sterling Heights, MI 48312-5932
      View Details
    • Value Estimation
      $1,560,000
      9,313 SF

      33350 Schoenherr Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 9,313 SF
      33350 Schoenherr Rd, Sterling Heights, MI 48312-6310
      View Details

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    • Contact for pricing
      7,590 SF

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      Up to 7,590 SF available at 15 Mile/Schoenherr corner.
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      View Details

    Similar Nearby for Lease

    • $4,125 /Mo

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      High-traffic retail space available.
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      View Details
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    15111 14th Mile Rd
    Sterling Heights, MI 48312-6712
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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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