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    Property profile & analytics

    21850 Greenfield Rd Oak Park, MI 48237-2507

    • Office buildings
    • 9,808 SF
    • 0.60 lot acres
    OFF-MARKET
    Last Sale
    Mar 18, 2024
    $450,000
    Value Estimations
    $455,000
    Show details
    Cap Rate Potential
    8%
    Office buildings
    Location Intelligence
    Property ID
    US43-0346062
    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

    • Office buildings

    Property Details for 21850 Greenfield Rd

    Year built
    1963
    Lot size
    0.60 lot acres
    Property size
    9,808 SF
    Zone code
    O
    Property type
    Office buildings
    APN
    52-25-31-155-001
    APU
    522531155001

    Description

    This 10,000-square-foot single-tenant office building in Oak Park, MI, is available for lease starting April 1, 2024. Located at 21850 Greenfield Rd (APN 67534586545604781), this Class C building boasts a 15-foot ceiling height and ample parking (50 spaces). Built in 1963 and renovated in 2010, the property features an ADA-compliant entrance, a large bullpen area, twenty private exterior offices, two conference rooms, and three restrooms (one executive). The 0.5-acre lot is zoned for office/retail use, offering excellent signage opportunities. Its prime location across from the new Costco Business Center, near M-10 (Lodge) and I-696 freeways, Providence Hospital Southfield, and just 15 minutes from Downtown Detroit, provides easy access to major transportation routes and amenities. Nearby restaurants and shopping centers add to the convenience. The property is situated near new apartment construction, indicating a growing and vibrant area. This is an exceptional opportunity for a business seeking a well-maintained, conveniently located office space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $450,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $600,000
      6.5%
      $555,000
      7%
      $515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $445,000
      Market price range: $189k - $645k
      AI Estimate
      $465,000
      Market price range: $249k - $840k

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2005
    Latitude
    42.4554
    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
    $12,978
    $29,300
    $179,300
    $208,600
    -
    $58,600
    $358,600
    $417,200

    Comparable in this City

    • Value Estimation by Request
      6,700 SF

      25401 Coolidge Hwy

      OFFICE BUILDING • 6,700 SF
      25401 Coolidge Hwy, Oak Park, MI 48237-1304
      View Details
    • Value Estimation
      $285,000
      3,575 SF

      12821 Capital St

      OFFICE BUILDING • 3,575 SF
      12821 Capital St, Oak Park, MI 48237-3160
      View Details
    • Value Estimation
      $265,000
      0.14 Acres

      25000 Biarritz Cir

      OFFICE BUILDING • 0.14 Acres
      25000 Biarritz Cir, Oak Park, MI 48237-1440
      View Details
    • Value Estimation
      $280,000
      3,252 SF

      13691 11th Mile Rd

      OFFICE BUILDING • 3,252 SF
      13691 11th Mile Rd, Oak Park, MI 48237-1151
      View Details
    • Value Estimation
      $305,000
      4,688 SF

      10400 9th Mile Rd

      OFFICE BUILDING • 4,688 SF
      10400 9th Mile Rd, Oak Park, MI 48237-2914
      View Details
    • Value Estimation
      $540,000
      4,007 SF

      10450 9th Mile Rd

      OFFICE BUILDING • 4,007 SF
      10450 9th Mile Rd, Oak Park, MI 48237-2914
      View Details

    Similar Nearby for Sale

    • $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
    • $330,000
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      Executive Office Building, Oak Park

      Prime 8 Mile Rd location, high cap rate.
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    • Contact for pricing
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      Miller Green Apartments: Oak Park, MI

      17-unit apartment building, high ROI potential.
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    • $650,000
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      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
    • $37,500
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      Ready-to-Build Vacant Lot

      Vacant lot in developed area near commerce and Detroit Zoo.
      20800 Parklawn Ave, Oak Park, MI 48237
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    • $399,000
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      Oak Park Industrial Land - $399K

      0.88-acre buildable lot, prime location.
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    Similar Nearby for Lease

    • $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
    • Contact for pricing
      17,500 SF

      Prime Oak Park Executive Suites

      Modern Office Space, Flexible Lease Options
      21790 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $14 SF/Yr
      36,837 SF

      Prime Office Space For Lease

      Office space for lease with excellent signage and accessibility.
      20820 Greenfield 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
    • $12 SF/Yr
      33,814 SF

      Coolidge Park Plaza Medical Office

      Oak Park medical office space for lease.
      23100-23300 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $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
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    21850 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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