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

    15241 Michigan Ave Dearborn, MI 48126-2929

    • Retail space
    • 14,025 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Apr 07, 2023
    Value Estimations
    $1,295,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1283710
    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

    • Family Dollar / Toy Store / Dollar Store

    Property Details for 15241 Michigan Ave

    Year built
    1955
    Lot size
    0.45 lot acres
    Property size
    14,025 SF
    Zone code
    BB
    Property type
    Retail space
    APN
    82 10 183 16 052
    APU
    821018316052

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,293,000
      Market price range: $988k - $1.90M
      AI Estimate
      $1,293,000
      Market price range: $988k - $1.90M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,515,000
      Current use
      RESTAURANT
      $2,005,000
      Change: +32% Conversion: Easy
      OFFICE BUILDING
      $1,805,000
      Change: +19% Conversion: Easy
      MEDICAL BUILDING
      $1,475,000
      Change: -3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,425,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Dearborn
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1921
    Latitude
    42.3168
    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
    $31,040
    $0.00
    $0.00
    $543,900
    -
    $0.00
    $0.00
    $1,087,800

    Comparable in this City

    • Value Estimation by Request
      2,004 SF

      7116 Greenfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,004 SF
      7116 Greenfield Rd, Dearborn, MI 48126-1703
      View Details
    • Value Estimation by Request
      3,398 SF

      13318 Michigan Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,398 SF
      13318 Michigan Ave, Dearborn, MI 48126-3541
      View Details
    • Value Estimation by Request
      4,054 SF

      15101 Tireman Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,054 SF
      15101 Tireman Ave, Dearborn, MI 48126-1043
      View Details
    • Value Estimation by Request
      2,379 SF

      10221 Warren Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,379 SF
      10221 Warren Ave, Dearborn, MI 48126-1672
      View Details
    • Value Estimation by Request
      3,288 SF

      7320 Greenfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,288 SF
      7320 Greenfield Rd, Dearborn, MI 48126-1371
      View Details
    • Value Estimation by Request
      2,180 SF

      13742 Michigan Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,180 SF
      13742 Michigan Ave, Dearborn, MI 48126-3824
      View Details

    Similar Nearby for Sale

    • $1,800,000
      4,800 SF

      Established Auto Repair Business Opportunity

      Thriving auto repair business and real estate for sale in Dearborn.
      14433 W Warren Ave, Dearborn, MI 48126
      View Details
    • $799,999
      3,200 SF

      Dearborn Commercial Building on Ford

      3,200 sq ft commercial building on high-traffic Ford Road.
      14455 Ford Rd, Dearborn, MI 48126
      View Details
    • $649,900
      2,613 SF

      Turnkey Nail Salon For Sale

      Well-maintained, renovated nail salon with modern amenities and VIP suite.
      5460 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $795,000

      Established Bakery in Dearborn

      Turn-key bakery with real estate, business, and equipment included.
      6412 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $3,695,000
      14,025 SF

      Dearborn Commercial Property For Sale

      Centrally located commercial property in high-traffic Dearborn business district.
      15241 Michigan Ave Ave, Dearborn, MI 48126
      View Details
    • $49,999

      Dearborn Retail Business Opportunity

      Established business with inventory in a developing Dearborn location.
      15322 W Warren Ave, Dearborn, MI 48126
      View Details

    Similar Nearby for Lease

    • $2,300 /Mo

      New Retail Space Available

      Newly built retail space available in Dearborn, Michigan.
      6060 Miller Rd, Dearborn, MI 48126
      View Details
    • $2,899 /Mo

      East Dearborn Commercial Space Available

      2,500 sq ft space in high-traffic East Dearborn location.
      5461 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $3,300 /Mo

      High-Traffic Retail Space Available

      Retail space with high visibility and unlimited parking.
      13306 Michigan Ave, Dearborn, MI 48126
      View Details
    • $4,229 /Mo

      East Dearborn Retail Space Available

      Retail space available in East Dearborn's newest development.
      13730 Michigan Ave, Dearborn, MI 48126
      View Details
    • $4,500 /Mo
      2,400 SF

      Dearborn Commercial Space for Rent

      2400 sq ft commercial space suitable for office, medical, retail.
      6307-6309 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $4,400 /Mo
      3,200 SF

      Ford Road Commercial Opportunity

      High-visibility 3,200 sq ft property suitable for various businesses.
      14455 Frd Rd Rd, Dearborn, MI 48126
      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.
    15241 Michigan Ave
    Dearborn, MI 48126-2929
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.