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

    15521 7th Mile Rd Detroit, MI 48235-2927

    • Drug stores
    • 13,516 SF
    • 1.02 lot acres
    OFF-MARKET
    Value Estimations
    $1,150,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1628490
    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

    • Drug stores

    Property Details for 15521 7th Mile Rd

    Year built
    2007
    Lot size
    1.02 lot acres
    Property size
    13,516 SF
    Zone code
    B4
    Property type
    Drug stores
    APN
    22016167-81
    APU
    2201616781

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,151,000
      Market price range: $374k - $1.15M
      AI Estimate
      $1,151,000
      Market price range: $374k - $1.15M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $805,000
      Current use
      COMMERCIAL (GENERAL)
      $1,235,000
      Change: +53% Conversion: Easy
      RESTAURANT
      $1,235,000
      Change: +53% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,025,000
      Change: +27% Conversion: Moderate
      MEDICAL BUILDING
      $850,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $835,000
      Change: +4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $820,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2007
    Latitude
    42.43
    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
    $40,556
    $0.00
    $0.00
    $542,800
    -
    $0.00
    $0.00
    $1,085,600

    Comparable in this City

    • Value Estimation
      $1,180,000
      10,982 SF

      19160 Greenfield Rd

      DRUG STORE, PHARMACY • 10,982 SF
      19160 Greenfield Rd, Detroit, MI 48235-2001
      View Details
    • Value Estimation by Request
      3,781 SF

      16301 8 Mile Rd

      Individual retail properties • 3,781 SF
      16301 8 Mile Rd, Detroit, MI 48235
      View Details
    • Value Estimation by Request
      1,242 SF

      14125 Mcnichols Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,242 SF
      14125 Mcnichols Rd, Detroit, MI 48235-3903
      View Details
    • Value Estimation by Request
      5,796 SF

      13345 Mcnichols Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,796 SF
      13345 Mcnichols Rd, Detroit, MI 48235-4122
      View Details
    • Value Estimation by Request
      1,982 SF

      13716 Mcnichols Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,982 SF
      13716 Mcnichols Rd, Detroit, MI 48235-4154
      View Details
    • Value Estimation by Request
      1,460 SF

      17320 Mcnichols Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,460 SF
      17320 Mcnichols Rd, Detroit, MI 48235-3323
      View Details

    Similar Nearby for Sale

    • $1,500,000
      15,600 SF

      Detroit Retail Property For Sale

      Freestanding retail property with strong demographics and high traffic counts.
      13433 W 8 Mile Rd, Detroit, MI 48235
      View Details
    • $750,000
      3,800 SF

      Detroit Gentlemen’s Club Opportunity

      Historic Detroit gentlemen’s club with licenses, cash flow, and equipment.
      13109 W 8 Mile Rd, Detroit, MI 48235
      View Details
    • $350,000
      2,788 SF

      Detroit Bar & Restaurant for Sale

      Turnkey Detroit eatery, 2788 sq ft, updated.
      13101 Mcnichols Rd, Detroit, MI 48235
      View Details
    • $930,000
      3,563 SF

      Detroit Retail Investment Opportunity

      Fully Leased, High-Cap Rate Retail Building
      12730 Seven Mile Rd, Detroit, MI 48235
      View Details
    • $225,000
      5,522 SF

      Stand-Alone Building with Potential

      Stand-alone building suitable for office, retail, and medical use.
      16180 Meyers Rd, Detroit, MI 48235
      View Details
    • Contact for pricing

      Vacant Building Ready for Options

      Vacant building ready for new possibilities.
      16316 W 7 Mile Rd, Detroit, MI 48235
      View Details

    Similar Nearby for Lease

    • $1,200 /Mo

      Versatile Commercial Space For Rent

      High-access commercial space suitable for various business types.
      16135 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • $1,250 /Mo
      2,000 SF

      New Retail Space Available

      Brand new retail space in white box condition for rent.
      13308 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • $14 SF/Yr
      1,142 SF

      Retail Space in East Bend

      Retail space available in high-traffic Detroit's Regent Park neighborhood.
      15200-15300 7 Mile Rd E Seven Mile, Detroit, MI 48235
      View Details
    • $1,750 /Mo

      Versatile Commercial Space For Rent

      Commercial space with high foot traffic, great for businesses.
      16116 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • $3,000 /Mo

      Remodeled Retail or Office Space

      Remodeled retail or office space with updated features and parking.
      15292 E 8 Mile Rd, Detroit, MI 48235
      View Details
    • $1,200 /Mo
      1,400 SF

      Detroit Storefront with Original Features

      1400 SF Detroit storefront with original tile and plumbing.
      16895 Schaefer Hwy, Detroit, MI 48235
      View Details
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    15521 7th Mile Rd
    Detroit, MI 48235-2927
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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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