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    Property profile & analytics

    22977 23rd Mile Rd Macomb, MI 48042-4420

    • Grocery and convenience stores
    • 3,360 SF
    • 2.58 lot acres
    OFF-MARKET
    Last Sale
    Oct 06, 2022
    $800,000
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    3.1%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-1445552
    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

    • ATM (A J Management Mobil) / Atm / Gas Station
    • Bitcoin ATM - DVG / Atm
    • Car Wash / Car Wash
    • Mobil / Gas Station
    • Athena Bitcoin ATM / Atm / Crypto Atm

    Property Details for 22977 23rd Mile Rd

    Year built
    1999
    Lot size
    2.58 lot acres
    Property size
    3,360 SF
    Zone code
    C2
    Property type
    Grocery and convenience stores
    APN
    20-08-14-400-010
    APU
    200814400010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $800,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $563,000
      Market price range: $192k - $563k
      AI Estimate
      $563,000
      Market price range: $192k - $563k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Macomb
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8785
    Latitude
    42.6743
    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
    2022
    $24,293
    $0.00
    $0.00
    $506,500
    -
    $0.00
    $0.00
    $1,013,000

    Comparable in this City

    • Value Estimation by Request
      2,940 SF

      16570 24th Mile Rd

      GROCERY, SUPERMARKET • 2,940 SF
      16570 24th Mile Rd, Macomb, MI 48042-5819
      View Details
    • Value Estimation by Request
      760 SF

      16182 26th Mile Rd

      GROCERY, SUPERMARKET • 760 SF
      16182 26th Mile Rd, Macomb, MI 48042-1054
      View Details
    • Value Estimation by Request
      3,584 SF

      16661 25th Mile Rd

      GROCERY, SUPERMARKET • 3,584 SF
      16661 25th Mile Rd, Macomb, MI 48042-1701
      View Details
    • Value Estimation
      $12,460,000
      74,354 SF

      16450 26th Mile Rd

      GROCERY, SUPERMARKET • 74,354 SF
      16450 26th Mile Rd, Macomb, MI 48042-1056
      View Details
    • Value Estimation
      $845,000
      5,030 SF

      22961 Hall Rd

      GROCERY, SUPERMARKET • 5,030 SF
      22961 Hall Rd, Macomb, MI 48042-5221
      View Details
    • Value Estimation
      $585,000
      3,500 SF

      16500 26th Mile Rd

      GROCERY, SUPERMARKET • 3,500 SF
      16500 26th Mile Rd, Macomb, MI 48042-1023
      View Details

    Similar Nearby for Sale

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      0.47 Acres

      Macomb Retail Space - $250K

      Prime Macomb storefront, office, and land.
      16701 25 Mile Rd, Macomb, MI 48042
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      1,448 SF

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      Ranch condo with updated kitchen, finished basement, and attached garage.
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    • $250,000
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      Macomb Industrial Land - $250K

      1.15-acre lot, buildable up to 15,000 sq ft.
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    • $420,000
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      Spacious Ranch Condo with Finished Basement

      Open-concept ranch condo with finished basement and community amenities.
      49639 Cranberry Creek Dr, Macomb Twp, MI 48042
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    • $3,271,320
      24,232 SF

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      Manufacturing properties • 24,232 SF
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    • $2,400,000
      60.00 Acres

      60-Acre Residential Land in Macomb Twp, MI

      Prime residential land, 60 acres, master-planned.
      19800 26 Mile Rd, Ray, MI 48042
      View Details

    Similar Nearby for Lease

    • $2,000 /Mo
      5,100 SF

      Macomb Retail/Office Space Available

      Prime retail/office space in high-traffic Macomb Township plaza.
      23135 21 Mile Rd, Macomb, MI 48042
      View Details
    • $3,125 /Mo

      Macomb Township Commercial Space Available

      Commercial space for rent in Macomb Township, Michigan.
      17016 25 Mile Rd, Macomb, MI 48042
      View Details
    • $3,392 /Mo

      Macomb Township Retail/Office Space

      Retail or office space available for lease in Macomb Township.
      24600 Wood Ct, Macomb, MI 48042
      View Details
    • $25 SF/Yr
      6,000 SF

      Macomb County Medical Office Space

      New 6,000 SF medical/commercial building. Four suites available.
      16984 25 Mile Rd, Macomb, MI 48042
      View Details
    • $15 SF/Yr
      60,000 SF

      Macomb, MI Office Space Available

      4,030 SF Medical/Office Suite in Macomb
      22000 23 Mile Rd, Macomb, MI 48042
      View Details
    • Contact for pricing
      20,000 SF

      Macomb Township Retail Space

      Prime Retail Space, Macomb County, MI
      51058-51336 Romeo Plank Rd, Macomb, MI 48042
      View Details

    Property Visit Statistics

    • Visits by month
      19.0k
    • Visitors by month
      12.3k
    • Avg Time on site
      5 min
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    Macomb, MI 48042-4420
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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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