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

    21800 Greenfield Rd Oak Park, MI 48237-2507

    • Outlet malls
    • 30,786 SF
    • 2.96 lot acres
    OFF-MARKET
    Last Sale
    May 27, 2025
    Value Estimations
    $4,430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1401696
    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

    • Outlet malls

    Property Details for 21800 Greenfield Rd

    Year built
    1996
    Lot size
    2.96 lot acres
    Property size
    30,786 SF
    Zone code
    B-2
    Property type
    Outlet malls
    APN
    52-25-31-155-003
    APU
    522531155003

    Description

    This exceptional 30,786-square-foot industrial distribution building, constructed in 1996 and renovated in 2018, presents a compelling investment opportunity. Situated on a 3-acre lot at 21800 Greenfield Road in Oak Park, Michigan (48237), this property boasts a highly desirable location across from the new Northland City Center development and the new Costco Business Center, ensuring exceptional visibility and accessibility. The building features two loading docks and two grade-level doors, facilitating efficient loading and unloading operations. The interior offers approximately 20-foot clear ceiling heights, providing ample space for storage and operations. Cold storage (freezer/cooler) capacity and commercial kitchen capabilities add significant versatility. Ample parking is available with approximately 119 spaces. The property benefits from strong demographics, with a population exceeding 135,000 and an average household income over $70,000 within a 3-mile radius. This turnkey facility is ready for immediate occupancy and presents a rare opportunity to acquire a high-quality industrial property in a thriving market. The APN is 25-31-155-003.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,196,000
      Market price range: $2.42M - $8.09M
      AI Estimate
      $3,666,000
      Market price range: $2.10M - $5.60M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,195,000
      Current use
      COMMERCIAL (GENERAL)
      $5,425,000
      Change: +4% Conversion: Easy
      RESTAURANT
      $5,330,000
      Change: +3% Conversion: Easy
      MEDICAL BUILDING
      $4,860,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1999
    Latitude
    42.4543
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $7,525,000
      123,882 SF

      25940 Greenfield Rd, Unit 26196

      WHOLESALE OUTLET, DISCOUNT STORE • 123,882 SF
      25940 Greenfield Rd, Oak Park, MI 48237-1001
      View Details
    • Value Estimation
      $14,895,000
      104,904 SF

      25940 Greenfield Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 104,904 SF
      25940 Greenfield Rd, Oak Park, MI 48237-1001
      View Details
    • Value Estimation by Request
      2,800 SF

      24709 Coolidge Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 2,800 SF
      24709 Coolidge Hwy, Oak Park, MI 48237-1484
      View Details
    • Value Estimation
      $3,255,000
      91,006 SF

      21110 Greenfield Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 91,006 SF
      21110 Greenfield Rd, Oak Park, MI 48237-3025
      View Details
    • Value Estimation
      $3,480,000
      91,807 SF

      26200 Greenfield Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 91,807 SF
      26200 Greenfield Rd, Oak Park, MI 48237-1051
      View Details
    • Value Estimation
      $2,910,000
      30,714 SF

      22150 Coolidge Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 30,714 SF
      22150 Coolidge Hwy, Oak Park, MI 48237-2813
      View Details

    Similar Nearby for Sale

    • 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
    • $1,250,000

      Oak Park Office Building For Sale

      Three-story office building with parking for 150 cars.
      14500 W 8 Mile Rd, Farmington Hills, MI 48237
      View Details
    • $950,000

      Approved Carwash Site For Sale

      Municipally approved carwash site with high visibility and multiple access.
      13400 W 8 Mile Rd, Detroit, MI 48237
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    • $849,900
      20,000 SF

      Retail Property in Oak Park

      Retail property available for sale in Oak Park, Michigan.
      21600 Greenfield Rd, Oak Park, MI 48237
      View Details
    • $330,000
      3,867 SF

      Executive Office Building, Oak Park

      Prime 8 Mile Rd location, high cap rate.
      13650 Eight Mile Rd, 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

    Similar Nearby for Lease

    • $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
    • $10 SF/Yr
      198,000 SF

      Greenfield Plaza: Office & Retail Space

      Prime Oak Park commercial space, flexible layouts.
      21700 Greenfield Rd, 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
    • 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
    • $2,200 /Mo
      2,645 SF

      Retail Space on Coolidge Avenue

      Retail space for lease in Oak Park, near I-696.
      26001 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $2,100 /Mo
      2,880 SF

      Retail/Office Space For Lease

      1,400 SF retail or office space with parking.
      26039 Coolidge Hwy, Oak Park, MI 48237
      View Details
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    21800 Greenfield Rd
    Oak Park, MI 48237-2507
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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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