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

    15121 24th Mile Rd Shelby Township, MI 48315-2109

    • Drug stores
    • 13,041 SF
    • 1.93 lot acres
    OFF-MARKET
    Last Sale
    Dec 05, 2022
    Value Estimations
    $2,335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1131637
    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

    • CVS Pharmacy / Pharmacy
    • UPS Access Point location / Courier Service / Postal Service
    • MoneyGram / Bank / Credit Union
    • Coinhub Bitcoin ATM Teller / Atm
    • Citizens ATM / Atm

    Property Details for 15121 24th Mile Rd

    Year built
    2008
    Lot size
    1.93 lot acres
    Property size
    13,041 SF
    Zone code
    CK MAP
    Property type
    Drug stores
    APN
    23-07-12-400-048
    APU
    230712400048

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,336,000
      Market price range: $861k - $2.51M
      AI Estimate
      $2,336,000
      Market price range: $861k - $2.51M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,605,000
      Current use
      RESTAURANT
      $1,850,000
      Change: +15% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,805,000
      Change: +12% Conversion: Easy
      OFFICE BUILDING
      $1,805,000
      Change: +12% Conversion: Easy
      MEDICAL BUILDING
      $1,600,000
      Change: -0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby Township
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9764
    Latitude
    42.6867
    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
    $45,639
    $0.00
    $0.00
    $1,083,300
    -
    $0.00
    $0.00
    $2,166,600

    Comparable in this City

    • Value Estimation
      $2,370,000
      15,048 SF

      13664 23rd Mile Rd

      DRUG STORE, PHARMACY • 15,048 SF
      13664 23rd Mile Rd, Shelby Township, MI 48315-2952
      View Details
    • Value Estimation by Request
      1,030 SF

      13603 23rd Mile Rd

      GROCERY, SUPERMARKET • 1,030 SF
      13603 23rd Mile Rd, Shelby Township, MI 48315-2901
      View Details
    • Value Estimation
      $1,370,000
      9,600 SF

      45011 Utica Park Blvd

      RETAIL STORES (PERSONAL SERVICES) • 9,600 SF
      45011 Utica Park Blvd, Utica, MI 48315-5951
      View Details
    • Value Estimation
      $2,155,000
      12,532 SF

      12745 23rd Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 12,532 SF
      12745 23rd Mile Rd, Shelby Township, MI 48315-2703
      View Details
    • Value Estimation by Request
      64,601 SF

      14843 Lakeside N Blvd

      GYM, HEALTH SPA • 64,601 SF
      14843 Lakeside N Blvd, Shelby Township, MI 48315-6220
      View Details
    • Value Estimation
      $3,635,000
      32,597 SF

      14105 Hall Rd

      RETAIL STORES (PERSONAL SERVICES) • 32,597 SF
      14105 Hall Rd, Shelby Township, MI 48315-6142
      View Details

    Similar Nearby for Sale

    • $175,000
      4,200 SF

      Shelby Market Opportunity

      Established market with Mediterranean kitchen in high-traffic location.
      45701 Hayes Rd, Shelby, MI 48315
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    • Contact for pricing
      6 SF

      Restaurant & Sports Bar Opportunity

      Restaurant & Sports Bar for sale or lease in Shelby Township.
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      Hall Road Restaurant Opportunity

      Prime Shelby Twp location, 6,932 SF vacant restaurant.
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    • $475,000
      3.99 Acres

      Shelby Twp Commercial Land - 3.99 Acres

      Prime Shelby Township development land, R-1-B zoning.
      0 Pearson Rd, Shelby Township, MI 48315
      View Details
    • Contact for pricing
      14,440 SF

      Shelby Twp Medical Office Condo

      Turnkey Medical Office Space - Ample Parking
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    • Contact for pricing
      14,440 SF

      Turnkey Medical Condo For Sale

      3,200 SF medical condo ideal for various medical practices.
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    Similar Nearby for Lease

    • Contact for pricing
      1,392 SF

      Retail Space in Growing Community

      Retail space available in a high-growth residential area.
      13221-13333 Hall Rd, Utica, MI 48315
      View Details
    • Contact for pricing
      7,000 SF

      High-Visibility Corner Retail Space

      Prime corner location with high traffic in a top retail corridor.
      45001 Schoenherr Rd, Utica, MI 48315
      View Details
    • $25 SF/Yr
      3,240 SF

      Shelby Township Flex Space Available

      Flex space with high ceilings, overhead doors, and ample parking.
      45147-45231 Market St, Shelby Township, MI 48315
      View Details
    • $20 SF/Yr
      2,350 SF

      Retail/Medical Space Available

      2,350 SF in-line space, built-out medical. Available March 2026.
      47053 Hayes Rd, Shelby Township, MI 48315
      View Details
    • $25 SF/Yr
      800 SF

      Hall Road Retail Space Available

      Retail space with high visibility and strong retail synergy.
      13987 Hall Rd, Shelby Township, MI 48315
      View Details
    • $3,500 /Mo

      Move-In Ready Salon/Spa Space

      Turnkey salon/spa space with fixtures in prime location.
      45305 Market St, Shelby Township, MI 48315
      View Details
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    15121 24th Mile Rd
    Shelby Township, MI 48315-2109
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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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