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    Property profile & analytics

    16741 Canal Rd Clinton Township, MI 48038-1614

    • Drug stores
    • 15,177 SF
    • 1.91 lot acres
    OFF-MARKET
    Last Sale
    Apr 21, 2023
    Value Estimations
    $2,370,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1586774
    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 16741 Canal Rd

    Year built
    2000
    Lot size
    1.91 lot acres
    Property size
    15,177 SF
    Zone code
    B-2
    Property type
    Drug stores
    APN
    16-11-07-276-022
    APU
    161107276022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,370,000
      Market price range: $691k - $3.00M
      AI Estimate
      $2,370,000
      Market price range: $691k - $3.00M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,840,000
      Current use
      RESTAURANT
      $2,150,000
      Change: +17% Conversion: Easy
      MEDICAL BUILDING
      $1,865,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Clinton Township
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9533
    Latitude
    42.606
    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
    $44,479
    $0.00
    $0.00
    $715,400
    -
    $0.00
    $0.00
    $1,430,800

    Comparable in this City

    • Value Estimation
      $2,240,000
      14,497 SF

      39040 Garfield Rd

      DRUG STORE, PHARMACY • 14,497 SF
      39040 Garfield Rd, Clinton Township, MI 48038-2790
      View Details
    • Value Estimation
      $2,000,000
      11,143 SF

      40925 Garfield Rd

      DRUG STORE, PHARMACY • 11,143 SF
      40925 Garfield Rd, Clinton Township, MI 48038-2537
      View Details
    • Value Estimation by Request
      2,423 SF

      42490 Garfield Rd

      Individual retail properties • 2,423 SF
      42490 Garfield Rd, Clinton Township, MI 48038
      View Details
    • Value Estimation
      $1,925,000
      12,996 SF

      15255 17th Mile Rd

      DRUG STORE, PHARMACY • 12,996 SF
      15255 17th Mile Rd, Clinton Township, MI 48038-5718
      View Details
    • Value Estimation by Request
      1,280 SF

      42730 Hayes Rd

      GROCERY, SUPERMARKET • 1,280 SF
      42730 Hayes Rd, Clinton Township, MI 48038-1660
      View Details
    • Value Estimation
      $820,000
      7,350 SF

      41730 Garfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,350 SF
      41730 Garfield Rd, Clinton Township, MI 48038-1963
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space in Kroger Center

      Prime 2,000 SF space in a Kroger-anchored shopping center.
      41831 Garfield Rd, Clinton Township, MI 48038
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      Versatile Industrial Flex Facility

      14,807 SF industrial flex facility on 1.89 acres.
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      Retail Space in Kroger Center

      2,000 SF retail space in Clinton Township.
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      New Shopping Center For Sale

      New shopping center with high visibility and traffic.
      16620-16660 19 Mile Rd, Clinton Township, MI 48038
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      Retail Space in Macomb County

      Located in a high-traffic retail corridor with strong demographics.
      43201 Garfield Rd, Clinton Township, MI 48038
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      Turnkey Corned Beef Restaurant

      Thriving carryout restaurant specializing in corned beef for sale.
      21300 Hall Rd, Clinton Township, MI 48038
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    Similar Nearby for Lease

    • $12 SF/Yr
      1,250 SF

      Retail Space Near Lakeside Mall

      Retail space with great visibility and ample parking available for lease.
      40000 Hayes Rd, Clinton Township, MI 48038
      View Details
    • $2,500 /Mo

      Retail Space For Rent

      Retail space available for lease in Clinton Charter Township.
      39079 Garfield Rd, Clinton Township, MI 48038
      View Details
    • Contact for pricing

      Hayes Road Retail Space Available

      Premium retail space with frontage on busy Hayes Road.
      40280-40522 Hayes Rd, Clinton Township, MI 48038
      View Details
    • Contact for pricing

      Former Bank Branch Office Building

      Former bank branch with drive-thru, offices, and full basement.
      38880 Garfield Rd, Clinton Township, MI 48038
      View Details
    • Contact for pricing

      Hall Road Retail Opportunity

      Retail and office spaces available on Hall Road.
      20658 Hall Rd, Clinton Twp, MI 48038
      View Details
    • Contact for pricing

      Retail Space Near Kroger

      Retail space available with Kroger as anchor tenant.
      41861 Garfield Rd, Clinton Twp, MI 48038
      View Details

    Property Visit Statistics

    • Visits by month
      20.6k
    • Visitors by month
      14.0k
    • Avg Time on site
      16 min
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    Clinton Township, MI 48038-1614
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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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