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    22777 Kelly Rd Eastpointe, MI 48021-2036
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    Property profile & analytics

    22777 Kelly Rd Eastpointe, MI 48021-2036

    View on Map
    • Office buildings
    • 6,732 SF
    • 0.34 lot acres
    Off-Market
    Last Sale Sep 17, 2024
    Property ID
    US43-1512294
    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.
    Value Estimations
    $725,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Earphonics Corporate Office / Physician

    Property Details for 22777 Kelly Rd

    Year built
    1978
    Lot size
    0.34 lot acres
    Property size
    6,732 SF
    Zone code
    MU1
    Property type
    Office buildings
    APN
    02-14-29-479-022
    APU
    21429479022

    Description

    This exceptional Eastpointe, Michigan office building at 22777 Kelly Road presents a unique opportunity for businesses seeking flexible and high-quality space. The property, a two-story Class C building constructed in 1978, offers a total of 6,500 square feet, currently entirely vacant and available for lease. Multiple tenancy options are available, with spaces ranging from a minimum of 1,625 square feet to a maximum contiguous space of 3,250 square feet. The building sits on a 0.335-acre lot and is zoned MU1. Ample parking is provided for tenants and visitors. The building features an elevator for convenient access to both floors. Its location in Eastpointe offers excellent visibility and exposure, making it an ideal location for businesses seeking a strong presence in the area. The property's Macomb County location (APN: 02-14-29-479-022) provides easy access to major transportation routes and amenities. This is an excellent opportunity to secure a well-located, versatile office space in a thriving community. The entire 6,500 square feet is available for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $722,000
      Market price range: $419k - $896k
      AI Estimate
      $722,000
      Market price range: $419k - $896k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $640,000
      Current use
      RESTAURANT
      $955,000
      Change: +50% Conversion: Moderate
      MEDICAL BUILDING
      $825,000
      Change: +30% Conversion: Easy
      COMMERCIAL (GENERAL)
      $690,000
      Change: +8% Conversion: Easy
      AUTO REPAIR, GARAGE
      $580,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Eastpointe
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9273
    Latitude
    42.4668
    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
    $21,368
    $0.00
    $0.00
    $323,800
    -
    $0.00
    $0.00
    $647,600

    Comparable in this City

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    • Value Estimation by Request
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      22755 Kelly Rd

      OFFICE BUILDING • 3,075 SF
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    • Value Estimation by Request
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      22805 Kelly Rd, Unit 3

      OFFICE BUILDING • 252 SF
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    • Value Estimation by Request
      2,600 SF

      16102 9th Mile Rd

      OFFICE BUILDING • 2,600 SF
      16102 9th Mile Rd, Eastpointe, MI 48021-2321
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    • Value Estimation
      $1,860,000
      38,617 SF

      17200 10th Mile Rd

      OFFICE BUILDING • 38,617 SF
      17200 10th Mile Rd, Eastpointe, MI 48021-3355
      View Details
    • Value Estimation by Request
      1,232 SF

      21420 Gratiot Ave

      OFFICE BUILDING • 1,232 SF
      21420 Gratiot Ave, Eastpointe, MI 48021-2834
      View Details

    Similar Nearby for Sale

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      Renovated Office with Built-in Pool

      Renovated office space with top-of-the-line equipment and built-in pool.
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      Medical Office Building Near I-94

      Medical office building with exam rooms, near I-94.
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    Similar Nearby for Lease

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      Freestanding Restaurant and Office/Retail Space

      Restaurant and office/retail spaces available for lease.
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      Eastpointe Multi-Use Commercial Space

      4,000 SF Multi-Use Building - Prime Location
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      Renovated Retail Building on Gratiot

      Turnkey retail building with modern interior on Gratiot Avenue.
      21103 Gratiot Ave, Eastpointe, MI 48021
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    • $3,500 /Mo

      Renovated Retail Building on Gratiot

      Turnkey retail building with modern design and high-end finishes.
      21103 Gratiot Ave, Eastpointe, MI 48021
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      Eastpointe Manor Retail/Office/Entertainment Venue

      Iconic Eastpointe Manor ideal for retail, office, or entertainment use.
      24611 Gratiot Ave, Eastpointe, MI 48021
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    • Contact for pricing
      5,166 SF

      Move-in Ready Office Space

      Professional office space with main road exposure and quick highway access.
      22815 Kelly Rd, Eastpointe, MI 48021
      View Details
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    Eastpointe, MI 48021-2036
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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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