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Property profile & analytics
OFF-MARKET
Estimated value
$705,000
Retail space
21919 Michigan Ave, Dearborn, MI 48124-2379
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-5252642
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1914
Total area
5,420 SF
Lot
0.11 ac (4,792 SF)
Zoning code
BC
APN
82 09 223 05 006
UPID
US43-5252642
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
-
Nigosian's Oriental Rug Co Carpet & Flooring Store
-
Adviso Inc (Bike/Boat/Book/etc) Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$705k
Blend (final)
Blend
$705k
Owner & transaction history
Farhat Real Property LLC · 1 yrs held
Farhat Real Property LLC
since 2024
2 recorded transactions
Zoning & alternative use
BC · Dearborn, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$800,000
+26.0%
Restaurant
$775,000
+21.9%
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 Dearborn submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Dearborn 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
RETAIL STORES
$635,000
Current use
OFFICE BUILDING
$800,000
Change: +26% · Conversion: Easy
RESTAURANT
$775,000
Change: +22% · Conversion: Easy
MEDICAL BUILDING
$570,000
Change: -10% · Conversion: Difficult
COMMERCIAL (GENERAL)
$550,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$705k
Range $635k – $776k · ±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
$130 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$10,610
Tax year 2023
Assessed value
$287,400
Assessed 2024
Previous assessed
$284,500
+1.0% YoY
Effective rate
3.69%
On assessed value
Total market value
$574,800
Applied tax rate
82,030.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1914
Heating
FORCED AIR
Buildings
2
Stories
1
Total area
5,420 SF
Lot
0.11 ac (4,792 SF)
Zoning code
BC
APN
82 09 223 05 006
UPID
US43-5252642
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
BC · Dearborn, MI
Zoning BC · permitted uses
BC · Dearborn, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Dearborn. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$635,000
OFFICE BUILDING
Est. value
$800,000
RESTAURANT
Est. value
$775,000
MEDICAL BUILDING
Est. value
$570,000
COMMERCIAL (GENERAL)
Est. value
$550,000
RETAIL STORES Current
OFFICE BUILDING
RESTAURANT
MEDICAL BUILDING
COMMERCIAL (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
1914
Heating
FORCED AIR
Stories
1
Buildings
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
Farhat Real Property LLC
Entity
Mailing address
2999 E BIG BEAVER RD #19, TROY, MI 48083-2420
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 16, 2025
—
Farhat Sweets Bakery LLC
—
Deed
related
$3,629,000 · The Huntington National Bank
Sep 5, 2024
—
Farhat Real Property LLC
George Nigoghosian
Warranty Deed
—
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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