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

    18224 Farmington Rd Livonia, MI 48152-3297

    • Office buildings
    • 2,400 SF
    • 0.21 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2020
    $230,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1226174
    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

    • ABC Dental Care / Dental Office
    • Evergreen Dental Lab / Dental Office
    • ABC Dental Care: Kenneth A. Velick D.D.S. / Dental Office
    • Livonia Smiles Dental Center / Dental Office
    • Dr. Rami Essak / Dental Office

    Property Details for 18224 Farmington Rd

    Year built
    1969
    Construction
    BRICK
    Lot size
    0.21 lot acres
    Property size
    2,400 SF
    Property type
    Office buildings
    APN
    46 038 02 0063 000
    APU
    46038020063000

    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
    -83.3742
    Latitude
    42.4191
    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
    $7,325
    $0.00
    $0.00
    $137,200
    -
    $0.00
    $0.00
    $274,400

    Comparable in this City

    • Value Estimation
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      39111 6th Mile Rd

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    • Value Estimation
      $11,360,000
      123,696 SF

      17177 Laurel Dr

      OFFICE BUILDING • 123,696 SF
      17177 Laurel Dr, Livonia, MI 48152-3160
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    • Value Estimation
      $8,885,000
      85,388 SF

      20000 Victor Pkwy, Unit 3

      OFFICE BUILDING • 85,388 SF
      20000 Victor Pkwy, Livonia, MI 48152-7029
      View Details
    • Value Estimation
      $2,970,000
      30,518 SF

      20270 Middlebelt Rd

      OFFICE BUILDING • 30,518 SF
      20270 Middlebelt Rd, Livonia, MI 48152-2000
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    • Value Estimation by Request
      1,782 SF

      19140 Farmington Rd

      OFFICE BUILDING • 1,782 SF
      19140 Farmington Rd, Livonia, MI 48152-1403
      View Details
    • Value Estimation
      $580,000
      5,157 SF

      29905 6th Mile Rd

      OFFICE BUILDING • 5,157 SF
      29905 6th Mile Rd, Livonia, MI 48152-3603
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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    • $1,150,000

      Office Building Near 7 Mile

      Office building for sale in high-growth area.
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      Livonia Office Space For Sale

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      100,597 SF

      Prime Livonia Office Space

      Class A Office Building, 100,597 SF
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      15,000 SF

      Livonia Storefront: 15,000 SF

      Prime Livonia storefront, 15,000 sq ft, high visibility.
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    • $825,000
      5,846 SF

      Medical Office Building For Sale

      5,846 SF medical office building on 1.51 acres.
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    Similar Nearby for Lease

    • $16 SF/Yr
      1,280 SF

      Office Building Near I-275

      Five-story office building with move-in ready suites available for rent.
      17197 N Laurel Park Dr, Livonia, MI 48152
      View Details
    • $15 SF/Yr
      300,000 SF

      Class A Office Space Available

      Class A office space for lease in Livonia, Michigan.
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      View Details
    • $18 SF/Yr
      20,984 SF

      Livonia Medical Office Space

      Prime Medical Office, 1,445 SF Available
      37655-37699 6 Mile Rd, Livonia, MI 48152
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    • $14 SF/Yr
      4,774 SF

      Livonia Executive Office Suites

      Premium I-275 Corridor Office Space
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    • $19 SF/Yr
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      Prime Livonia Executive Suites

      Class A Office Space, Multiple Sizes Available
      38777 6 Mile Rd, Livonia, MI 48152
      View Details
    • $1,700 /Mo

      Medical Unit with Exam Rooms

      Fully built-out medical unit available for rent with parking.
      28477 7 Mile Rd, Livonia, MI 48152
      View Details
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    Livonia, MI 48152-3297
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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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