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    Property profile & analytics

    15921 8th Mile Rd Eastpointe, MI 48021-2901

    • Medical Office Space
    • 8,118 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Mar 02, 2024
    $500,000
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4660216
    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

    • Eastland Women’s Clinic / Abortion Clinic / Medical Clinic
    • Dr. Angel Ojeda / Physician / Medical Clinic

    Property Details for 15921 8th Mile Rd

    Year built
    1961
    Lot size
    0.15 lot acres
    Property size
    8,118 SF
    Zone code
    B-1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    02-14-31-380-034
    APU
    21431380034

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $770,000
      Market price range: $619k - $1.49M
      AI Estimate
      $770,000
      Market price range: $619k - $1.49M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $995,000
      Current use
      COMMERCIAL (GENERAL)
      $835,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Eastpointe
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9574
    Latitude
    42.4506
    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
    $20,430
    $0.00
    $0.00
    $352,000
    -
    $0.00
    $0.00
    $704,000

    Comparable in this City

    • Value Estimation
      $570,000
      4,091 SF

      19070 10th Mile Rd

      MEDICAL BUILDING • 4,091 SF
      19070 10th Mile Rd, Eastpointe, MI 48021-1449
      View Details
    • Value Estimation by Request
      3,825 SF

      18161 8th Mile Rd

      MEDICAL BUILDING • 3,825 SF
      18161 8th Mile Rd, Eastpointe, MI 48021-3219
      View Details
    • Value Estimation by Request
      4,197 SF

      20927 Kelly Rd

      MEDICAL BUILDING • 4,197 SF
      20927 Kelly Rd, Eastpointe, MI 48021-3128
      View Details
    • Value Estimation by Request
      4,125 SF

      22835 Kelly Rd

      MEDICAL BUILDING • 4,125 SF
      22835 Kelly Rd, Eastpointe, MI 48021-2073
      View Details
    • Value Estimation by Request
      1,800 SF

      20945 Kelly Rd

      MEDICAL BUILDING • 1,800 SF
      20945 Kelly Rd, Eastpointe, MI 48021-3135
      View Details
    • Value Estimation by Request
      2,684 SF

      24420 Gratiot Ave

      MEDICAL BUILDING • 2,684 SF
      24420 Gratiot Ave, Eastpointe, MI 48021-3307
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,730 SF

      Renovated Office with Built-in Pool

      Renovated office space with top-of-the-line equipment and built-in pool.
      22830 Kelly Rd, Eastpointe, MI 48021
      View Details
    • Contact for pricing

      Medical Office Building Near I-94

      Medical office building with exam rooms, near I-94.
      18200 10 Mile Rd, Eastpointe, MI 48021
      View Details
    • $199,000
      4,197 SF

      Eastpointe Office Building For Sale

      Former medical building with parking lot, suitable for office/retail.
      20927 Kelly Rd, Eastpointe, MI 48021
      View Details
    • Contact for pricing
      5,700 SF

      Move-in Ready Medical Facility

      Eastpointe, MI medical facility with surgical suite for sale.
      22480 Kelly Rd, Eastpointe, MI 48021
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      4,000 SF

      Eastpointe Multi-Use Commercial Space

      4,000 SF Multi-Use Building - Prime Location
      18145 8 Mile Rd, Eastpointe, MI 48021
      View Details
    • $3,500 /Mo

      Renovated Retail Building on Gratiot

      Turnkey retail building with modern design and high-end finishes.
      21103 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • $3,500 /Mo
      3,631 SF

      Renovated Retail Building on Gratiot

      Turnkey retail building with modern interior on Gratiot Avenue.
      21103 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • Contact for pricing

      Freestanding Restaurant and Office/Retail Space

      Restaurant and office/retail spaces available for lease.
      17265-17275 E 9 Mile Rd, Eastpointe, MI 48021
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space for lease in Eastpointe, Michigan.
      24850 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • Contact for pricing

      Eastpointe Retail Space For Lease

      Retail space available for lease in Eastpointe, Michigan.
      22600 Gratiot Ave, Eastpointe, MI 48021
      View Details
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    15921 8th Mile Rd
    Eastpointe, MI 48021-2901
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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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