New search
Property profile & analytics
OFF-MARKET
Estimated value
$505,000
Auto shops
223 Lafayette St, Romeo, MI 48065-5296
Entity Owned
2-yr Hold
Free & Clear
Property ID
US43-0186864
Property profile
Verified
Property type
Auto shops
Use group
AUTO REPAIR, GARAGE
Year built
1930
Total area
6,872 SF
Lot
0.34 ac (14,985 SF)
Zoning code
VILLAGE
APN
28-04-02-127-016
UPID
US43-0186864
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$401k
Blend (final)
Blend
$505k
Owner & transaction history
Avery Real Estate Holding LLC · 2 yrs held
Avery Real Estate Holding LLC
since 2023
Last sale
$500,000
1 recorded transaction
Zoning & alternative use
VILLAGE · Romeo, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$715,000
+21.3%
Commercial (general)
$705,000
+19.5%
Office building
$650,000
+10.2%
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 Romeo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Romeo 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
$520,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$590,000
Current use
RETAIL STORES
$715,000
Change: +21% · Conversion: Difficult
COMMERCIAL (GENERAL)
$705,000
Change: +20% · Conversion: Moderate
OFFICE BUILDING
$650,000
Change: +10% · Conversion: Difficult
Blend value · Realmo final
$505k
Range $455k – $556k · ±10% · vs last sale $500k (Jul 24 2023)
Last sale anchor
$500k
Jul 24 2023
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
$73 / 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
$2,861
Tax year 2022
Assessed value
$152,900
Assessed 2023
Previous assessed
$152,900
+0.0% YoY
Effective rate
1.87%
On assessed value
Total market value
$305,800
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
Auto shops
Use group
AUTO REPAIR, GARAGE
Status
Off-Market
Year built
1930
Heating
FORCED AIR
Stories
1
Total area
6,872 SF
Lot
0.34 ac (14,985 SF)
Zoning code
VILLAGE
APN
28-04-02-127-016
UPID
US43-0186864
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
VILLAGE · Romeo, MI
Zoning VILLAGE · permitted uses
VILLAGE · Romeo, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Romeo. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE Current
Est. value
$590,000
RETAIL STORES
Est. value
$715,000
COMMERCIAL (GENERAL)
Est. value
$705,000
OFFICE BUILDING
Est. value
$650,000
AUTO REPAIR, GARAGE Current
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1930
Heating
FORCED AIR
Stories
1
Lot
0.34 ac
Current owner
From public records · entity-resolved
Avery Real Estate Holding LLC
Entity
Free & Clear · 2 yrs held
Mailing address
24546-21 MILE RD, MACOMB, MI 48042
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 24, 2023
$500,000
Avery Real Estate Holding LLC
Walter G Zajko LLC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 223 Lafayette St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
