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    21221 8 Mile Rd W Detroit, MI 48219

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    21221 8 Mile Rd W Detroit, MI 48219

    View on Map
    • Warehouses
    • 20,180 SF
    • 0.68 lot acres
    For Sale
    $1,495,000
    View Listing →
    Detroit Commercial Property on 8 Mile For Sale
    $1,495,000
    20,600 SF

    Detroit Commercial Property on 8 Mile

    Commercial property on 8 Mile, Detroit, suitable for retail/storage.

    21221 Eight Mile W, Detroit, MI 48219
    View Listing
    Property ID
    US43-5268431
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 21221 8 Mile Rd W

    Year built
    1959
    Lot size
    0.68 lot acres
    Property size
    20,180 SF
    Zone code
    B4
    Property type
    Warehouses
    APN
    22019029.002
    APU
    22019029002

    Description

    This single-tenant retail property, located at 21221 Eight Mile W, Detroit, MI 48219, offers 20,180 total square feet, with 16,500 square feet currently vacant. Situated on 1.33 acres of land at the intersection of 8 Mile and Lahser Road, this Class B building boasts ample parking with 61 spaces and a convenient drive-in overhead door. Constructed in 1959, the single-story structure is zoned B4 and features no elevators. The property's prime location along heavily traveled 8 Mile Road makes it ideal for a variety of uses, including discount retailers, showrooms, storage facilities, or builder supply businesses. The property's convenient access and substantial square footage present a unique opportunity for businesses seeking high visibility and ample space in the Detroit Evergreen Lahser submarket. The property's APN is 22019029.002. This is a single-tenant property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $638,000
      Market price range: $252k - $1.06M
      AI Estimate
      $610,000
      Market price range: $245k - $1.03M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $650,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.252
    Latitude
    42.443
    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
    $20,717
    $0.00
    $0.00
    $208,700
    -
    $0.00
    $0.00
    $417,400

    Comparable in this City

    • Value Estimation by Request
      6,760 SF

      17205 Lahser Rd

      WAREHOUSE, STORAGE • 6,760 SF
      17205 Lahser Rd, Detroit, MI 48219-3255
      View Details
    • Value Estimation by Request
      2,296 SF

      17342 Lahser Rd

      WAREHOUSE, STORAGE • 2,296 SF
      17342 Lahser Rd, Detroit, MI 48219-2348
      View Details
    • Value Estimation by Request
      14,861 SF

      22520 Grand Riv Ave

      WAREHOUSE, STORAGE • 14,861 SF
      22520 Grand Riv Ave, Detroit, MI 48219-3145
      View Details
    • Value Estimation by Request
      1,365 SF

      17344 Lahser Rd

      WAREHOUSE, STORAGE • 1,365 SF
      17344 Lahser Rd, Detroit, MI 48219-2348
      View Details
    • Value Estimation by Request
      1,611 SF

      20853 Grand Riv Ave

      STORAGE YARD, OPEN STORAGE • 1,611 SF
      20853 Grand Riv Ave, Detroit, MI 48219-3919
      View Details
    • Value Estimation
      $600,000
      16,742 SF

      24377 8th Mile Rd

      WAREHOUSE, STORAGE • 16,742 SF
      24377 8th Mile Rd, Detroit, MI 48219-1028
      View Details

    Similar Nearby for Sale

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      Mixed-Use Facility with Storage

      Mixed-use facility with office and storage on 0.43 acres.
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    • Contact for pricing
      20,600 SF

      Detroit Commercial Property on 8 Mile

      Commercial property on 8 Mile, Detroit, suitable for retail/storage.
      21221 8 Mile Rd W, Detroit, MI 48219
      View Details
    • Contact for pricing
      37,670 SF

      Industrial Building with 5-Year Tenant

      37,670 SF industrial/distribution building with 5-year tenant.
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      Detroit Flex Industrial and Garages

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      17129 Rockdale St, Detroit, MI 48219
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    Similar Nearby for Lease

    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

      Retail space available in Detroit, suitable for various businesses.
      17200 Lahser Rd, Detroit, MI 48219
      View Details
    • Contact for pricing

      Prime Retail/Office Space Available

      Over 6000 SF available on Telegraph Road.
      16136 Telegraph Rd, Detroit, MI 48219
      View Details
    • $1,200 /Mo
      1,400 SF

      Turnkey Office Space Available

      Office space with lobby, fireplace, offices, kitchenette, and storage.
      18244 W Mcnichols Rd, Detroit, MI 48219
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    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

      Retail space available in Detroit, ready for your vision.
      17190 Lahser Rd, Detroit, MI 48219
      View Details
    • Contact for pricing

      Neighborhood Plaza Retail Spaces Available

      Retail spaces in a vibrant, high-traffic neighborhood plaza.
      23675 W Seven Mile Rd, Detroit, MI 48219
      View Details
    View Listing
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    Detroit, MI 48219
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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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    21221 8 Mile Rd W, Detroit, MI, 48219

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