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Property profile & analytics
OFF-MARKET
Estimated value
$555,000
Bars & Pubs
16549 Woodward Ave, Highland Park, MI 48203-2819
Entity Owned
22-yr Hold
Free & Clear
Property ID
US43-0317485
Property profile
Verified
Property type
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Year built
1920
Total area
7,752 SF
Lot
0.09 ac (3,920 SF)
APN
43 003 01 0001 001
UPID
US43-0317485
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$610k
Blend (final)
Blend
$555k
Owner & transaction history
LUCA FAMILY · 2 yrs held
LUCA FAMILY
since 2024
Last sale
$500,000
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$710,000
+3.6%
Restaurant
$705,000
+3.6%
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 Highland Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Highland Park 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
NIGHTCLUB (COCKTAIL LOUNGE)
$685,000
Current use
COMMERCIAL (GENERAL)
$710,000
Change: +4% · Conversion: Difficult
RESTAURANT
$705,000
Change: +4% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$585,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$555k
Range $500k – $611k · ±10% · vs last sale $500k (Jul 30 2024)
Last sale anchor
$500k
Jul 30 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
$72 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$17,048
Tax year 2023
Assessed value
$233,000
Assessed 2024
Previous assessed
$233,900
-0.4% YoY
Effective rate
7.32%
On assessed value
Total market value
$466,000
Applied tax rate
82,070.0000
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
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Status
Off-Market
Year built
1920
Heating
FORCED AIR
Stories
2
Total area
7,752 SF
Lot
0.09 ac (3,920 SF)
APN
43 003 01 0001 001
UPID
US43-0317485
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
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
NIGHTCLUB (COCKTAIL LOUNGE) Current
Est. value
$685,000
COMMERCIAL (GENERAL)
Est. value
$710,000
RESTAURANT
Est. value
$705,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$585,000
NIGHTCLUB (COCKTAIL LOUNGE) Current
COMMERCIAL (GENERAL)
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
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
1920
Heating
FORCED AIR
Stories
2
Lot
0.09 ac
Current owner
From public records · entity-resolved
LUCA FAMILY
Individual
Free & Clear · 2 yrs held
Mailing address
PO BOX 313, LAKE ORION, MI 48361-0313
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 30, 2024
$500,000
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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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