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

    21241 Meyers Rd Oak Park, MI 48237-3201

    • Manufacturing properties
    • 11,460 SF
    • 0.62 lot acres
    OFF-MARKET
    Value Estimations
    $630,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0869650
    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

    • Manufacturing properties

    Property Details for 21241 Meyers Rd

    Year built
    1965
    Lot size
    0.62 lot acres
    Property size
    11,460 SF
    Zone code
    LI
    Property type
    Manufacturing properties
    APN
    52-25-32-326-015
    APU
    522532326015

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $930,000
      6.5%
      $860,000
      7%
      $795,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $385,000
      Market price range: $259k - $582k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $945,000
      Current use
      COMMERCIAL (GENERAL)
      $1,045,000
      Change: +11% Conversion: Difficult
      RESTAURANT
      $1,045,000
      Change: +11% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $870,000
      Change: -8% Conversion: Difficult
      RETAIL STORES
      $790,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1725
    Latitude
    42.451
    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
    $9,978
    $34,000
    $158,200
    $192,200
    -
    $68,000
    $316,400
    $384,400

    Comparable in this City

    • Value Estimation
      $850,000
      14,468 SF

      12980 8th Mile Rd

      MANUFACTURING (LIGHT) • 14,468 SF
      12980 8th Mile Rd, Oak Park, MI 48237-3238
      View Details
    • Value Estimation by Request
      8,025 SF

      12721 Capital St

      MANUFACTURING (LIGHT) • 8,025 SF
      12721 Capital St, Oak Park, MI 48237-3113
      View Details
    • Value Estimation
      $890,000
      19,593 SF

      10311 Capital St

      MANUFACTURING (LIGHT) • 19,593 SF
      10311 Capital St, Oak Park, MI 48237-3139
      View Details
    • Value Estimation by Request
      6,713 SF

      10130 Capital St

      MANUFACTURING (LIGHT) • 6,713 SF
      10130 Capital St, Oak Park, MI 48237-3130
      View Details
    • Value Estimation
      $795,000
      15,720 SF

      10280 Capital St

      MANUFACTURING (LIGHT) • 15,720 SF
      10280 Capital St, Oak Park, MI 48237-3131
      View Details
    • Value Estimation
      $980,000
      17,292 SF

      10725 Capital St

      MANUFACTURING (LIGHT) • 17,292 SF
      10725 Capital St, Oak Park, MI 48237-3143
      View Details

    Similar Nearby for Sale

    • $600,000

      Oak Park Industrial Property

      Heavy industrial/commercial-zoned property with excellent freeway access.
      21171 Meyers Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      47,638 SF

      Renovated Multi-Tenant Industrial Building

      Centrally located, newly renovated industrial building with flexible leasing options.
      14350 W Eight Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      19,288 SF

      Miller Green Apartments: Oak Park, MI

      17-unit apartment building, high ROI potential.
      15301-15475 Miller St, Oak Park, MI 48237
      View Details
    • $37,500
      0.19 Acres

      Ready-to-Build Vacant Lot

      Vacant lot in developed area near commerce and Detroit Zoo.
      20800 Parklawn Ave, Oak Park, MI 48237
      View Details
    • $650,000
      1,600 SF

      Approved Mixed-Use Development Opportunity

      Approved mixed-use development site in Oak Park, Michigan.
      14211 W 11 Mile Rd, Oak Park, MI 48237
      View Details
    • $399,000
      0.88 Acres

      Oak Park Industrial Land - $399K

      0.88-acre buildable lot, prime location.
      14650 Eight Mile Rd, Oak Park, MI 48237
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      78,478 SF

      Oak Park Office/Warehouse Complex

      78,478 SF Multi-Use Space Available
      13250 Northend Ave, Oak Park, MI 48237
      View Details
    • Contact for pricing

      Industrial Property for Lease

      Industrial property available for lease in Oak Park, Michigan.
      10325 Capital St, Oak Park, MI 48237
      View Details
    • $25,200
      2,645 SF

      Oak Park Retail Space For Lease

      Prime Oak Park storefront, 1,515 sq ft available.
      26001 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $13 SF/Yr
      4,967 SF

      West 9 Mile Rd Retail Center

      Two Suites Available, Prime Location
      10800 Nine Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      10,000 SF

      Greenfield Road Retail Space

      Oak Park, MI: 10,000 SF Retail Space
      23300 Greenfield Rd, Oak Park, MI 48237
      View Details
    • $1,750 /Mo
      12,000 SF

      Prime Medical/Office Space Available

      Office space for rent near major roads and Providence Hospital.
      23350 Greenfield Rd, Oak Park, MI 48237
      View Details
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    21241 Meyers Rd
    Oak Park, MI 48237-3201
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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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