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    Property profile & analytics

    21015 Farmington Rd Farmington, MI 48336-5016

    • Strip malls
    • 6,570 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Jun 09, 2023
    $835,000
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5292904
    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

    • Cher Salon / Beauty Salon / Hair Salon

    Property Details for 21015 Farmington Rd

    Year built
    1970
    Lot size
    1.00 lot acres
    Property size
    6,570 SF
    Zone code
    BI
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    22-23-33-430-037
    APU
    222333430037

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $955,000
      ML approach
      $975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $716,000
      Market price range: $367k - $912k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $610,000
      Current use
      COMMERCIAL (GENERAL)
      $1,155,000
      Change: +89% Conversion: Easy
      RESTAURANT
      $1,135,000
      Change: +86% Conversion: Difficult
      MEDICAL BUILDING
      $1,035,000
      Change: +70% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $805,000
      Change: +32% Conversion: Difficult
      OFFICE BUILDING
      $765,000
      Change: +25% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $540,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3763
    Latitude
    42.4445
    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
    $16,268
    $138,950
    $237,000
    $375,950
    -
    $277,900
    $474,000
    $751,900

    Comparable in this City

    • Value Estimation
      $1,980,000
      19,936 SF

      22250 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 19,936 SF
      22250 Middlebelt Rd, Farmington Hills, MI 48336-4935
      View Details
    • Value Estimation
      $830,000
      7,038 SF

      30440 8th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 7,038 SF
      30440 8th Mile Rd, Farmington Hills, MI 48336-5300
      View Details
    • Value Estimation
      $1,110,000
      30,582 SF

      32210 8th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 30,582 SF
      32210 8th Mile Rd, Farmington Hills, MI 48336-5100
      View Details
    • Value Estimation by Request
      3,144 SF

      29450 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 3,144 SF
      29450 10th Mile Rd, Farmington Hills, MI 48336-2700
      View Details
    • Value Estimation
      $1,100,000
      10,294 SF

      29829 9th Mile Rd, Unit 3

      SHOPPING CENTER, STRIP CENTER • 10,294 SF
      29829 9th Mile Rd, Farmington Hills, MI 48336-4801
      View Details
    • Value Estimation
      $655,000
      14,224 SF

      29505 9th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 14,224 SF
      29505 9th Mile Rd, Farmington Hills, MI 48336-4803
      View Details

    Similar Nearby for Sale

    • $1,500,000
      4,624 SF

      Fully Leased Five-Unit Strip Center

      Five-unit strip center on a hard corner, fully leased.
      30924-30948 Grand River Ave, Farmington, MI 48336
      View Details
    • Contact for pricing
      74 SF

      Retail Space in Farmington Hills

      Retail space in Kroger-anchored shopping center at 11 Mile and Middlebelt.
      25938 Middlebelt Rd, Farmington, MI 48336
      View Details
    • Contact for pricing
      96 SF

      Retail Center Anchored by Fresh Thyme

      Shopping center with national and local tenants at major intersection.
      33181 Farmington Rd, Farmington, MI 48336
      View Details
    • $360,000
      3,000 SF

      Prime Farmington Hills Storefront

      Fully Leased Retail Space, High ROI
      25710 Eight Mile Rd, Southfield, MI 48336
      View Details
    • $1,199,000

      Turnkey Restaurant in Downtown Farmington

      Fully equipped drive-through restaurant with strong brand recognition.
      32704 Grand River Ave, Farmington, MI 48336
      View Details
    • $350,000

      Turnkey Dry Cleaner Near Downtown

      Freestanding dry cleaner opportunity near downtown Farmington.
      32065 Grand River Ave, Farmington, MI 48336
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1 SF

      Farmington Hills Retail Space Available

      1,200 SF Retail Space in Prime Location
      29505 9 Mile Rd, Farmington Hills, MI 48336
      View Details
    • Contact for pricing
      74,660 SF

      Mid-11 Shopping Center: Prime Space

      Farmington Hills retail/office space; 3 units available.
      25938 Middlebelt Rd, Farmington Hills, MI 48336
      View Details
    • $16 SF/Yr
      311,298 SF

      Farmington Hills Retail Center

      Prime Retail Space, High Traffic Area
      30000-30180 Grand River Ave, Farmington Hills, MI 48336
      View Details
    • Contact for pricing
      4,668 SF

      Retail Space in Farmington Center

      Retail space available in shopping center at Grand River.
      33171 Grand River Ave, Farmington, MI 48336
      View Details
    • $14 SF/Yr
      15,000 SF

      Farmington Hills Retail Space Available

      1,400 SF Retail Space, High Visibility
      29505 9 Mile Rd, Farmington Hills, MI 48336
      View Details
    • $1,200 /Mo
      1,200 SF

      Farmington Commercial Space For Lease

      Office or retail space in high-traffic area, $1,200/month NNN.
      24062 Orchard Lake Rd, Farmington, MI 48336
      View Details
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    Farmington, MI 48336-5016
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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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