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    Property profile & analytics

    22720 Allen Rd Woodhaven, MI 48183-2246

    • Retail space
    • 5,800 SF
    • 0.65 lot acres
    OFF-MARKET
    Last Sale
    Mar 02, 2023
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0059545
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 22720 Allen Rd

    Year built
    1977
    Lot size
    0.65 lot acres
    Property size
    5,800 SF
    Property type
    Retail space
    APN
    59 042 02 0005 000
    APU
    59042020005000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $500,000
      Market price range: $277k - $679k
      AI Estimate
      $500,000
      Market price range: $277k - $679k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $475,000
      Current use
      COMMERCIAL (GENERAL)
      $705,000
      Change: +48% Conversion: Easy
      MEDICAL BUILDING
      $545,000
      Change: +15% Conversion: Difficult
      OFFICE BUILDING
      $510,000
      Change: +7% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $460,000
      Change: -3% Conversion: Moderate
      RESTAURANT
      $445,000
      Change: -6% Conversion: Easy
      AUTO REPAIR, GARAGE
      $415,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Woodhaven
    County
    Wayne
    State
    Michigan
    Longitude
    -83.227
    Latitude
    42.1425
    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
    $13,074
    $0.00
    $0.00
    $193,100
    -
    $0.00
    $0.00
    $386,200

    Comparable in this City

    • Value Estimation by Request
      5,600 SF

      124 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 5,600 SF
      124 Elm St, Trenton, MI 48183-2801
      View Details
    • Value Estimation by Request
      600 SF

      3345 Jefferson Ave

      RETAIL STORES (PERSONAL SERVICES) • 600 SF
      3345 Jefferson Ave, Trenton, MI 48183-2938
      View Details
    • Value Estimation
      $520,000
      6,391 SF

      1707 Ww Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,391 SF
      1707 Ww Rd, Trenton, MI 48183-2607
      View Details
    • Value Estimation
      $1,255,000
      11,388 SF

      3575 Ww Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,388 SF
      3575 Ww Rd, Trenton, MI 48183-2346
      View Details
    • Value Estimation by Request
      1,600 SF

      2233 Ww Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,600 SF
      2233 Ww Rd, Trenton, MI 48183-3615
      View Details
    • Value Estimation by Request
      3,081 SF

      3800 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 3,081 SF
      3800 Ft St, Trenton, MI 48183-4106
      View Details

    Similar Nearby for Sale

    • $1,150,000

      Prime Retail Building For Sale

      Well-maintained 5,800 SF retail building in a thriving business district.
      22720 Allen Rd, Woodhaven, MI 48183
      View Details
    • $130,000

      Retail Building on West Road

      Well-maintained building suitable for a salon in Trenton, MI.
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      2,088 SF

      Former Bank Branch For Sale

      Former bank branch on Telegraph Rd with drive-thru.
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    • $749,000
      2,376 SF

      Trenton, MI QSR/Restaurant

      Former McDonald's, high-traffic location, build-to-suit.
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      Westwood Auto Wash: Redevelopment Opportunity

      Prime Woodhaven, MI Car Wash Site - 3,821 SF
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      Three-Story Building in Trenton, MI

      Three-story building suitable for a restaurant, office, or mixed-use venture.
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    Similar Nearby for Lease

    • $3,000 /Mo
      2,028 SF

      Commercial Space in Trenton, MI

      2028 sqft commercial space with garage and storefront.
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      View Details
    • $2,700 /Mo

      Downtown Trenton Commercial Lease Available

      Commercial lease available in the growing Trenton business district.
      2704 W Jefferson Ave, Trenton, MI 48183
      View Details
    • Contact for pricing
      2,088 SF

      Former Bank with Drive-Thru

      Former bank with drive-thru available for lease or build-to-suit.
      21333 Telegraph Rd, Trenton, MI 48183
      View Details
    • Contact for pricing

      Woodhaven Commercial Property for Lease

      Commercial property available for rent in Woodhaven, Michigan.
      22051-22169 Rd West, Woodhaven, MI 48183
      View Details
    • $16 SF/Yr
      4,200 SF

      Woodhaven Retail End Cap Space

      Prime 4,200 SF retail space in thriving center.
      23500 Allen Rd, Woodhaven, MI 48183
      View Details
    • $35 SF/Yr
      12,000 SF

      Shoppes of Woodhaven Medical Office Space

      Prime Medical Office Space in Woodhaven, MI. Large footprint available.
      21595 Allen Rd, Woodhaven, MI 48183
      View Details
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    Woodhaven, MI 48183-2246
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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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