Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15240 Merriman Rd Livonia, MI 48154-3570

    • Medical offices
    • 3,042 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Mar 09, 2022
    $329,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0041887
    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

    • Shankman & Associates / Association Or Organization
    • Spine & Aquatic Physical Therapy / Medical Clinic

    Property Details for 15240 Merriman Rd

    Year built
    1965
    Construction
    BRICK
    Lot size
    0.46 lot acres
    Property size
    3,042 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    46 090 99 0019 000
    APU
    46090990019000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3535
    Latitude
    42.3969
    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
    2023
    $11,072
    $0.00
    $0.00
    $211,000
    -
    $0.00
    $0.00
    $422,000

    Comparable in this City

    • Value Estimation
      $2,275,000
      25,915 SF

      37650 Professional Ctr Dr

      MEDICAL BUILDING • 25,915 SF
      37650 Professional Ctr Dr, Livonia, MI 48154-1197
      View Details
    • Value Estimation by Request
      1,562 SF

      36016 5th Mile Rd

      MEDICAL BUILDING • 1,562 SF
      36016 5th Mile Rd, Livonia, MI 48154-1918
      View Details
    • Value Estimation by Request
      1,930 SF

      15540 Middlebelt Rd

      MEDICAL BUILDING • 1,930 SF
      15540 Middlebelt Rd, Livonia, MI 48154-3806
      View Details
    • Value Estimation by Request
      2,217 SF

      15160 Levan Rd

      MEDICAL BUILDING • 2,217 SF
      15160 Levan Rd, Livonia, MI 48154-5027
      View Details
    • Value Estimation by Request
      2,700 SF

      16771 Middlebelt Rd

      MEDICAL BUILDING • 2,700 SF
      16771 Middlebelt Rd, Livonia, MI 48154-3317
      View Details
    • Value Estimation by Request
      2,872 SF

      16311 Middlebelt Rd

      MEDICAL BUILDING • 2,872 SF
      16311 Middlebelt Rd, Livonia, MI 48154-3360
      View Details

    Similar Nearby for Sale

    • $3,400,000
      24,678 SF

      Livonia Medical Office Building

      Prime Livonia location, high-yield medical office.
      15130-15146 Levan R, Livonia, MI 48154
      View Details
    • $695,000
      6,100 SF

      Livonia Office Building Investment

      6,100 SF Office Building, Excellent Location
      32290 5 Mile Rd, Livonia, MI 48154
      View Details
    • $140,000
      0.60 Acres

      Livonia Medical Office Building

      Prime Medical Office Land, $140,000
      15150 Levan Rd, Livonia, MI 48154
      View Details
    • Contact for pricing
      14,874 SF

      Renovated Office/Medical Building For Sale

      Renovated office/medical building with suite entrances and direct climate control.
      16801 Newburgh Rd, Livonia, MI 48154
      View Details
    • $140,000

      Land Near St. Mary Hospital

      Land site plan approved for medical office building.
      15150 Levan Rd, Livonia, MI 48154
      View Details
    • $300,000

      Turnkey Restaurant Opportunity on 5 Mile

      Established restaurant with liquor license in high-traffic Livonia location.
      33897 5 Mile Rd, Livonia, MI 48154
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo
      2,720 SF

      Modern Medical Spa Space Available

      Newly renovated medical spa space for rent in Livonia.
      15645 Farmington Rd, Livonia, MI 48154
      View Details
    • $21 SF/Yr
      25,337 SF

      Livonia Executive Office Space

      Prime Office, 1,380 SF Available
      15130-15148 Levan Rd, Livonia, MI 48154
      View Details
    • Contact for pricing

      Livonia Medical/Office Space Available

      Medical/office space with individual entrances, ample parking, and freeway access.
      14600 Farmington Rd, Livonia, MI 48154
      View Details
    • Contact for pricing
      18,792 SF

      Middlebelt Road Office/Medical Opportunity

      Office building with ample parking and frontage on Middlebelt Rd.
      14021 Middlebelt Rd, Livonia, MI 48154
      View Details
    • $16 SF/Yr
      1,800 SF

      Farmington Road Office Space

      Livonia office suites, ample parking.
      15265 Farmington Rd, Livonia, MI 48154
      View Details
    • $17 SF/Yr
      2,021 SF

      Renovated Office Space Available

      Professionally managed, renovated office space with direct suite entry.
      16801 Newburgh Rd, Livonia, MI 48154
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    15240 Merriman Rd
    Livonia, MI 48154-3570
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.