Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    20501 Joy Rd Detroit, MI 48228-1640

    • Commercial land
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Aug 22, 2023
    $112,250
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4656361
    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

    • Commercial land

    Property Details for 20501 Joy Rd

    Year built
    1954
    Lot size
    0.07 lot acres
    Zone code
    B4
    Property type
    Commercial land
    APN
    22002541.
    APU
    22002541

    Description

    This exceptional investment opportunity presents three retail buildings totaling 2,990 square feet, situated on a 0.15-acre lot at 20501, 20511, and 20515 Joy Road in Detroit, Michigan, 48228. Built in 1953, these single-story structures offer a unique chance to acquire established commercial space in a high-traffic area. The property boasts a convenient adjacent parking lot, ensuring ample customer parking. Inside, you'll find a 11-foot clear height, providing versatile space for various retail uses. The buildings are equipped with 220-volt, 3-phase power, catering to a range of business needs. The property is zoned B4, allowing for a variety of commercial applications. Priced at $195,000, or $65.22 per square foot, this represents a compelling value proposition for investors seeking a strong return on investment in a thriving Detroit location. The combined square footage and convenient location make this an ideal opportunity for a multi-tenant retail operation or a single large-scale business. Don't miss this chance to acquire this well-positioned Detroit retail property.

    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
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.241
    Latitude
    42.3572
    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
    2020
    $709
    $0.00
    $0.00
    $3,900
    -
    $0.00
    $0.00
    $7,800

    Comparable in this City

    • Value Estimation by Request
      0.05 Acres

      8055 Schaefer Hwy

      VACANT COMMERCIAL LAND • 0.05 Acres
      8055 Schaefer Hwy, Detroit, MI 48228-2744
      View Details
    • Value Estimation by Request
      0.05 Acres

      8059 Schaefer Hwy

      VACANT COMMERCIAL LAND • 0.05 Acres
      8059 Schaefer Hwy, Detroit, MI 48228-2744
      View Details
    • Value Estimation by Request
      0.06 Acres

      7784 Southfield Fwy

      VACANT COMMERCIAL LAND • 0.06 Acres
      7784 Southfield Fwy, Detroit, MI 48228-3580
      View Details
    • Value Estimation by Request
      0.03 Acres

      8627 Southfield Fwy

      VACANT COMMERCIAL LAND • 0.03 Acres
      8627 Southfield Fwy, Detroit, MI 48228-1975
      View Details
    • Value Estimation by Request
      0.03 Acres

      8631 Southfield Fwy

      VACANT COMMERCIAL LAND • 0.03 Acres
      8631 Southfield Fwy, Detroit, MI 48228-1975
      View Details
    • Value Estimation by Request
      0.07 Acres

      7748 Southfield Fwy

      VACANT COMMERCIAL LAND • 0.07 Acres
      7748 Southfield Fwy, Detroit, MI 48228-3580
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.25 Acres

      Vacant Land on High Traffic

      Vacant commercial lot ready for your next business venture!
      12800 W Chicago St, Detroit, MI 48228
      View Details
    • $35,651

      Commercial Land in Franklin Park

      Over 37,000 sq ft of commercial space available.
      18110 Weaver St, Detroit, MI 48228
      View Details
    • Contact for pricing
      0.10 Acres

      Detroit Vacant Land For Sale

      Vacant land zoned B4, ideal for urban agriculture or beautification.
      8441 Southfield Fwy, Detroit, MI 48228
      View Details
    • $100,000
      0.09 Acres

      Detroit Commercial Land For Sale

      Commercial land available in Detroit, Michigan.
      12719 W Chicago St, Detroit, MI 48228
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      30 SF

      Commercial Land for Lease

      Up to 30 acres of commercial land available for lease.
      12155 Southfield Service Dr, Detroit, MI 48228
      View Details
    • Contact for pricing

      Fenced and Paved Commercial Yard

      Large fenced and paved yard suitable for various commercial uses.
      19440 Fitzpatrick St, Detroit, MI 48228
      View Details
    • Contact for pricing

      Industrial Land For Lease

      Up to 42.6 acres available for lease or build-to-suit.
      12155 Southfield Fwy, Detroit, MI 48228
      View Details
    • $2,500 /Mo
      1,200 SF

      Detroit Retail Space For Lease

      Retail space for lease in high-traffic Detroit location.
      6901 Greenfield Rd, Detroit, MI 48228
      View Details
    • $2,650 /Mo
      2,910 SF

      Renovated Corner Building in Detroit

      Renovated corner building in Detroit's Warrendale area, approximately 3000 sqft.
      18900 W Warren Ave, Detroit, MI 48228
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    20501 Joy Rd
    Detroit, MI 48228-1640
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!