Property profile

19992 Kelly Rd Harper Woods, MI 48225

OFF-MARKET
Office buildings
Property ID
US43-4720129
21,302 SF 1.12 ac lot Built 1954
Individually Owned 3-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional two-story medical office building, totaling 21,451 square feet, presents a fantastic owner-user or investment opportunity in Wayne County. Situated on a 1.11-acre lot, the Class B building boasts convenient access to major thoroughfares, including I-94 and I-696, ensuring effortless commutes for both staff and patients. Constructed in 1958, the property offers a blend of established infrastructure and potential for modernization. Currently, 10,000 square feet of space is available for lease or sale, with flexible options ranging from a minimum of 700 square feet to a maximum contiguous space of 4,600 square feet. The building is ideally suited for multiple tenants, offering a variety of configurations to accommodate diverse medical practices. A gated parking lot provides ample and secure parking for staff and visitors. The strategic location near a hospital and the Eastland Commerce Center further enhances its appeal, offering proximity to a robust healthcare network and a thriving business community. The asking price for the entire building is $1,050,000, while lease rates are $10 per square foot, plus electricity. This property represents a rare opportunity to acquire a well-located, versatile medical office building with significant upside potential.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1954
Total area 21,302 SF
Lot 1.12 ac (48,787 SF)
Zoning code C-1
APN 42 005 02 0001 000
UPID US43-4720129

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Association / Organization
  • Charitable Organization Social Service Agency
  • Physician Medical Clinic

Location

19992 Kelly Rd Harper Woods, MI 48225-1919
Harper Woods metro Census 551500 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$950k
Blend (final) Blend
$1.00M

Owner & transaction history

since 2022
Last sale
$1.1M
7 recorded transactions
2022
$41,000
2021
$892,500
2020
Price N/A
2012
$400,000
2009
Price N/A
2005
$996,160
2005
$1,000

Zoning & alternative use

C-1 · Harper Woods, MI
Top alternative use upside
Neighborhood: shopping center $1.6M +22.9%
Retail stores $1.5M +12.1%
Medical building $1.3M +2.2%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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