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

    15619 Farmington Rd Livonia, MI 48154

    • Office buildings
    • 2,000 SF
    • 0.25 lot acres
    For Lease
    View listing
    $1,000 /Mo
    Last Sale
    Mar 09, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0995324
    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

    • Farmers Insurance - Robert Pietila / Insurance Agency

    Property Details for 15619 Farmington Rd

    Year built
    1970
    Construction
    BRICK
    Lot size
    0.25 lot acres
    Property size
    2,000 SF
    Property type
    Office buildings
    APN
    46 064 01 0231 000
    APU
    46064010231000

    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
    -83.3741
    Latitude
    42.4001
    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
    $8,281
    $0.00
    $0.00
    $175,000
    -
    $0.00
    $0.00
    $350,000

    Comparable in this City

    • Value Estimation
      $1,050,000
      7,200 SF

      16000 Middlebelt Rd

      OFFICE BUILDING • 7,200 SF
      16000 Middlebelt Rd, Livonia, MI 48154-3359
      View Details
    • Value Estimation by Request
      1,448 SF

      15400 Oak Dr

      OFFICE BUILDING • 1,448 SF
      15400 Oak Dr, Livonia, MI 48154-3476
      View Details
    • Value Estimation
      $795,000
      4,270 SF

      32398 5th Mile Rd

      OFFICE BUILDING • 4,270 SF
      32398 5th Mile Rd, Livonia, MI 48154-6109
      View Details
    • Value Estimation by Request
      2,200 SF

      33020 5th Mile Rd

      OFFICE BUILDING • 2,200 SF
      33020 5th Mile Rd, Livonia, MI 48154-3075
      View Details
    • Value Estimation
      $600,000
      6,507 SF

      29594 5th Mile Rd

      OFFICE BUILDING • 6,507 SF
      29594 5th Mile Rd, Livonia, MI 48154-3710
      View Details
    • Value Estimation
      $2,150,000
      20,779 SF

      29550 5th Mile Rd

      OFFICE BUILDING • 20,779 SF
      29550 5th Mile Rd, Livonia, MI 48154-3710
      View Details

    Similar Nearby for Sale

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      24,678 SF

      Livonia Medical Office Building

      Prime Livonia location, high-yield medical office.
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    • $695,000
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      Livonia Office Building Investment

      6,100 SF Office Building, Excellent Location
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      Renovated Office/Medical Building For Sale

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

      Livonia Medical Office Building

      Prime Medical Office Land, $140,000
      15150 Levan Rd, Livonia, MI 48154
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    • $140,000

      Land Near St. Mary Hospital

      Land site plan approved for medical office building.
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    • $300,000

      Turnkey Restaurant Opportunity on 5 Mile

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    Similar Nearby for Lease

    • 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
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    • $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
    • $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
    • $16 SF/Yr
      1,800 SF

      Farmington Road Office Space

      Livonia office suites, ample parking.
      15265 Farmington Rd, Livonia, MI 48154
      View Details
    • $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
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    15619 Farmington Rd
    Livonia, MI 48154
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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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