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Property profile & analytics
OFF-MARKET
Estimated value
$2,545,000
Distribution centers
21600 Melrose Ave, Southfield, MI 48075-7905
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-0944213
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1989
Total area
42,727 SF
Lot
2.99 ac (130,244 SF)
Zoning code
I-L
APN
76-24-34-302-049
UPID
US43-0944213
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
FedEx Ship Center Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.56M
Blend (final)
Blend
$2.55M
Owner & transaction history
21600 Melrose Owner LLC · 4 yrs held
21600 Melrose Owner LLC
since 2022
7 recorded transactions
Zoning & alternative use
I-L · Southfield, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$4.0M
+21.9%
Industrial (general)
$3.5M
+6.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Southfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Southfield submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,265,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$3,975,000
Change: +22% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$3,460,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$2.55M
Range $2.29M – $2.80M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$60 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$71,554
Tax year 2022
Assessed value
$1,093,670
Assessed 2022
Previous assessed
$1,093,670
+0.0% YoY
Effective rate
6.54%
On assessed value
Assessed land
$113,970
Assessed improvement
$979,700
Land market value
$227,940
Improvement market value
$1,959,400
Total market value
$2,187,340
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1989
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
1
Total area
42,727 SF
Lot
2.99 ac (130,244 SF)
Zoning code
I-L
APN
76-24-34-302-049
UPID
US43-0944213
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
I-L · Southfield, MI
Zoning I-L · permitted uses
I-L · Southfield, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Southfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$3.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.0M
INDUSTRIAL (GENERAL)
Est. value
$3.5M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1989
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
2.99 ac
Current owner
From public records · entity-resolved
21600 Melrose Owner LLC
Entity
Mailing address
1633 BROADWAYEQUITIES, NEW YORK, NY 10019-6708
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 25, 2022
—
21600 Melrose Owner LLC
William M Gardner
Warranty Deed
$3,010,000 · Readycap Commercial LLC
Nov 22, 2016
—
William M Gardner
Southfield Melrose Partners Ll
Grant Deed
$2,604,996 · Alliant Cu
Oct 12, 2015
—
Southfield Melrose Partners LLC
Aerl Lc
Deed
$1,000,000 · Denver Savings Bank
Jan 3, 2013
—
Aerl Lc
Southfield Technecenter Re2 Ll
Grant Deed
—
Feb 27, 2004
—
Southfield Technecenter Re2 Ll
Southfield Technecenter Ep LLC
Quit Claim Deed
related
$27,000,000 · Teachers Insurance & Annuity
Aug 2, 1999
—
Southfield Technecenter LLC
Southfield Technecenter Proper
Quit Claim Deed
related
$900,000 · Bank Of America
—
—
Southfield Technecenter Re2 Ll
—
Deed Of Trust
related
$3,075,000 · American Equity Inv Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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