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Property profile & analytics
OFF-MARKET
Estimated value
$2,265,000
Flex space
16260 23rd Mile Rd Macomb, MI 48044-1004
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US43-2402826
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1998
Total area
28,544 SF
Lot
1.96 ac (85,290 SF)
Zoning code
M1
APN
20-08-19-200-015
UPID
US43-2402826
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Johnstone Supply Big Box & Wholesale Store Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.03M
Blend (final)
Blend
$2.27M
Owner & transaction history
Macomb 23 LLC · 1 yrs held
Macomb 23 LLC
since 2024
Last sale
$2.5M
7 recorded transactions
Zoning & alternative use
M1 · Macomb, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.5M
+88.4%
Retail stores
$3.0M
+60.0%
Commercial (general)
$2.9M
+57.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Macomb submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Macomb submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,860,000
Current use
MEDICAL BUILDING
$3,505,000
Change: +88% · Conversion: Difficult
RETAIL STORES
$2,980,000
Change: +60% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,935,000
Change: +58% · Conversion: Difficult
OFFICE BUILDING
$2,705,000
Change: +45% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,455,000
Change: +32% · Conversion: Easy
WAREHOUSE, STORAGE
$1,925,000
Change: +3% · Conversion: Easy
Blend value · Realmo final
$2.27M
Range $2.04M – $2.49M · ±10% · vs last sale $2.50M (May 1 2024)
Last sale anchor
$2.50M
May 1 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$79 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$34,153
Tax year 2022
Assessed value
$814,300
Assessed 2023
Previous assessed
$775,600
+5.0% YoY
Effective rate
4.19%
On assessed value
Total market value
$1,628,600
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1998
Heating
FORCED AIR
Stories
1
Total area
28,544 SF
Lot
1.96 ac (85,290 SF)
Zoning code
M1
APN
20-08-19-200-015
UPID
US43-2402826
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
M1 · Macomb, MIZoning M1 · permitted uses
M1 · Macomb, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.9M
MEDICAL BUILDING
Est. value
$3.5M
RETAIL STORES
Est. value
$3.0M
COMMERCIAL (GENERAL)
Est. value
$2.9M
OFFICE BUILDING
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.5M
WAREHOUSE, STORAGE
Est. value
$1.9M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Heating
FORCED AIR
Stories
1
Lot
1.96 ac
Current owner
From public records · entity-resolved
Macomb 23 LLC
Entity
Mailing address
51722 PO BOX 210639TH AVE, AUBURN HILLS, MI 48321-0639
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2024
$2,500,000
Macomb 23 LLC
Chester Limited III LLC
Deed
$1,800,000 · Independent Bank
Jul 30, 2020
—
Chester Ltd III LLC
—
Deed
related
$959,250 · Comerica Bk
Aug 3, 2018
—
Chester Ltd III LLC
—
Deed
related
—
Jan 26, 2015
$1,900,000
Chester Limited III LLC
Sal Mar Industrial 16260 LLC
Warranty Deed
—
May 6, 2013
—
Sal-mar Industrial 16260 LLC
Sal-mar Industrial 16280 LLC
Quit Claim Deed
related
—
—
—
Sal-mar Industrial 16280 LLC
—
Deed Of Trust
related
$4,150,000 · First State Bank
—
—
Sal-mar Industrial 16280 LLC
—
Deed Of Trust
related
$6,400,000 · Warren Bank
—
—
Chester Ltd III LLC
—
Loan Modification
related
—
—
—
Chester Ltd III LLC
—
Loan Modification
related
$959,250 · Comerica Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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