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Property profile & analytics
OFF-MARKET
Estimated value
$1,910,000
Retail space
223 Main St Rochester, MI 48307-2034
Trust Owned
18-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1191875
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1900
Total area
9,914 SF
Lot
0.21 ac (9,148 SF)
Zoning code
BI
APN
68-15-15-235-009
UPID
US43-1191875
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
$2.11M
Blend (final)
Blend
$1.91M
Owner & transaction history
Whitbey Clarence & D Trust · 18 yrs held
Whitbey Clarence & D Trust
since 2007
5 recorded transactions
Zoning & alternative use
BI · Rochester, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.0M
+76.3%
Restaurant
$1.7M
+2.6%
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 Rochester submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rochester 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
$1,675,000
Current use
COMMERCIAL (GENERAL)
$2,950,000
Change: +76% · Conversion: Easy
RESTAURANT
$1,715,000
Change: +3% · Conversion: Easy
MEDICAL BUILDING
$1,565,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$1.91M
Range $1.72M – $2.10M · ±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
$193 / 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
$21,509
Tax year 2023
Assessed value
$706,830
Assessed 2024
Previous assessed
$672,310
+5.1% YoY
Effective rate
3.04%
On assessed value
Total market value
$1,413,660
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
1900
Heating
YES
Cooling
YES
Buildings
2
Stories
1
Units
1
Total area
9,914 SF
Lot
0.21 ac (9,148 SF)
Zoning code
BI
APN
68-15-15-235-009
UPID
US43-1191875
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
BI · Rochester, MI
Zoning BI · permitted uses
BI · Rochester, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rochester. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$3.0M
RESTAURANT
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
MEDICAL 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
1900
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Units
1
Lot
0.21 ac
Current owner
From public records · entity-resolved
Whitbey Clarence & D Trust
Trust
Mailing address
5542 VANDERBILT RD, OLD HICKORY, TN 37138-1133
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 20, 2017
—
Jeffrey R Whitbey
—
Deed
related
$651,000 · First Community Bank
Aug 20, 2007
—
Whitbey Clarence & D Trust
Whitbey,clarence E & Dorene F
Quit Claim Deed
related
—
—
—
Whitbey,dorene Trust
—
Deed Of Trust
related
$500,000 · Main Street Bank
—
—
Joint Clarence & Dorene W Trust
—
Deed Of Trust
related
$651,000 · First Cmnty Bk
—
—
Clarance E Whitbey
—
Deed Of Trust
related
$450,000 · Bank Of Bloomfield Hills
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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