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Property profile & analytics
OFF-MARKET
Estimated value
$1,375,000
Industrial properties
21602 Melrose Ave, Southfield, MI 48075-7900
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-3395894
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Year built
1990
Total area
26,850 SF
Lot
0.71 ac (30,797 SF)
Zoning code
I-L
APN
76-24-34-303-002
UPID
US43-3395894
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
-
SpotRx Pharmacy Pharmacy
-
Iron Mountain Storage Facility
-
Disibility Claims Depot (Bike/Boat/Book/etc) Store Florist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.38M
Owner & transaction history
Melrose Twenty LLC · 3 yrs held
Melrose Twenty LLC
since 2023
7 recorded transactions
Zoning & alternative use
I-L · Southfield, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
INDUSTRIAL (GENERAL)
$2,175,000
Current use
WAREHOUSE, STORAGE
$2,050,000
Change: -6% · Conversion: Easy
Blend value · Realmo final
$1.38M
Range $1.24M – $1.51M · ±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
$51 / 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
$39,617
Tax year 2022
Assessed value
$605,530
Assessed 2022
Previous assessed
$605,530
+0.0% YoY
Effective rate
6.54%
On assessed value
Assessed land
$13,090
Assessed improvement
$592,440
Land market value
$26,180
Improvement market value
$1,184,880
Total market value
$1,211,060
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
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Status
Off-Market
Year built
1990
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
1
Total area
26,850 SF
Lot
0.71 ac (30,797 SF)
Zoning code
I-L
APN
76-24-34-303-002
UPID
US43-3395894
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
INDUSTRIAL (GENERAL) Current
Est. value
$2.2M
WAREHOUSE, STORAGE
Est. value
$2.1M
INDUSTRIAL (GENERAL) Current
WAREHOUSE, STORAGE
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
1990
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
0.71 ac
Current owner
From public records · entity-resolved
Melrose Twenty LLC
Entity
Mailing address
211 BLVD OF AMERICAS #13, LAKEWOOD, NJ 08701-4775
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
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 10, 2023
—
Melrose Twenty LLC
Melrose Group I LLC
Intrafamily Transfer
related
$23,000,000 · Bellco Cu
Sep 26, 2022
—
Melrose Twenty LLC
Melrose Group LLC
Intrafamily Transfer
related
$5,000,000 · Ybs Holdings LLC
Feb 28, 2022
—
Melrose Group LLC
—
Deed
related
$9,000,000 · Rga Reinsurence Company
Feb 18, 2020
—
Meirose Group LLC
Manchester Southfleld LLC
Warranty Deed
—
Feb 4, 2020
—
Melrose Group LLC
—
Deed
related
$4,500,000 · The State Bank
Feb 8, 2019
—
Manchester Southfield LLC
—
Loan Modification
related
$10,000,000 · Fifth Third Bk
May 18, 2018
—
Manchester Southfield LLC
—
Grant Deed
related
$10,000,000 · Fifth Third Bk
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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