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    Property profile & analytics

    21710 29 Mile Rd Ray, MI 48096

    • Retail space
    • 3,752 SF
    • 0.65 lot acres
    For Sale
    View listing
    $375,000
    Last Sale
    Mar 11, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1612942
    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

    • Retail space

    Property Details for 21710 29 Mile Rd

    Year built
    1925
    Lot size
    0.65 lot acres
    Property size
    3,752 SF
    Zone code
    B-2
    Property type
    Retail space
    APN
    21-05-22-227-001
    APU
    210522227001

    Description

    This exceptional investment opportunity in Ray, Michigan presents a 3,752 square foot, two-story building situated on a 0.65-acre lot at 21710 29 Mile. The property boasts three units: two upstairs apartments, each measuring 938 square feet with two bedrooms and one bathroom, currently generating rental income. The substantial 1,876 square foot lower level is currently used as living quarters but is easily adaptable for various commercial uses, including retail, office space, or a store, offering significant potential for increased revenue. Each unit benefits from a private entrance. The property enjoys a highly visible location with substantial traffic flow, making it ideal for a business seeking high exposure. The current rental income is below market average, suggesting a strong potential for increased profitability and a capitalization rate of 8% or more. The expansive lot provides ample room for future expansion. A land contract option is available, and all reasonable offers will be considered. This multi-unit property offers a compelling blend of residential and commercial income potential, making it an attractive investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ray
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9036
    Latitude
    42.7611
    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
    2022
    $1,874
    $0.00
    $0.00
    $147,600
    -
    $0.00
    $0.00
    $295,200

    Comparable in this City

    • Value Estimation by Request
      240 SF

      58014 Romeo Plank Rd

      RETAIL STORES (PERSONAL SERVICES) • 240 SF
      58014 Romeo Plank Rd, Ray, MI 48096
      View Details
    • Value Estimation by Request
      1,280 SF

      58860 Romeo Plank Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,280 SF
      58860 Romeo Plank Rd, Ray, MI 48096-4128
      View Details
    • Value Estimation by Request
      2,400 SF

      63200 Nn Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      63200 Nn Ave, Ray, MI 48096-2705
      View Details
    • Value Estimation
      $85,000
      342 SF

      59031 Romeo Plank Rd

      RETAIL STORES (PERSONAL SERVICES) • 342 SF
      59031 Romeo Plank Rd, Ray, MI 48096-3525
      View Details
    • Value Estimation by Request
      4,890 SF

      68970 Nn Ave

      GROCERY, SUPERMARKET • 4,890 SF
      68970 Nn Ave, Ray, MI 48096-1515
      View Details
    • Value Estimation by Request
      3,025 SF

      16500 32nd Mile Rd

      GROCERY, SUPERMARKET • 3,025 SF
      16500 32nd Mile Rd, Ray, MI 48096-1027
      View Details

    Similar Nearby for Sale

    • $375,000
      3,752 SF

      Mixed-Use Building in Ray, MI

      Two apartments plus commercial space in high-traffic area.
      21710 29 Mile Rd, Ray, MI 48096
      View Details
    • $135,000
      2.85 Acres

      Ray Township Vacant Land Parcel

      2.85-acre residential land in Ray Township, ready for development.
      31 31 Mile Rd, Ray Twp, MI 48096
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    • $162,500
      2.50 Acres

      Ray, MI Vacant Land Parcel

      Spacious country lot to build your dream home!
      0006 Kunstman Rd, Ray, MI 48096
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    • $4,500,000
      20,000 SF

      Macomb, MI 48096

      Industrial properties • 20,000 SF
      Macomb, MI 48096
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    • $1,200,000

      Land For Sale

      Land available for sale in Ray Township, Macomb County.
      0000 Romeo Plank Rd, Ray, MI 48096
      View Details
    • $700,000

      Prime Macomb County Commercial Land

      20 Acres, Industrial/Commercial, $700,000
      59700 North Ave, Ray, MI 48096
      View Details
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    21710 29 Mile Rd
    Ray, MI 48096
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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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