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Property profile & analytics
OFF-MARKET
Estimated value
$1,420,000
Outlet malls
22981 Hall Rd, Woodhaven, MI 48183-1539
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-0972990
Property summary
AI-generated overview
This exceptional free-standing retail building, located at 22981 Hall Road in Woodhaven, Michigan, presents a compelling investment opportunity. Boasting 11,450 square feet on a one-acre lot, this single-tenant property is ideally situated near I-75 and West Road, offering unparalleled accessibility. Built in 1990 and renovated in 2001, the building features a single story design and ample parking with 56 spaces. The property is zoned B-3, allowing for a variety of uses, including retail, office, or storage. The asking price is $1,200,000, translating to $104.80 per square foot. The building's previous use as a pharmacy provides a solid foundation for a variety of potential tenants. The property's location in Wayne County, Michigan, with its convenient access to major roadways, ensures high visibility and strong potential for attracting customers. The parcel number is 59-041-99-0005-722. This is a NNN lease property. The lease rate is $14.00 per square foot.
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2001
Total area
11,459 SF
Lot
1 ac (43,560 SF)
APN
59 041 99 0005 722
UPID
US43-0972990
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
$1.42M
Blend (final)
Blend
$1.42M
Owner & transaction history
22981 Hall Road LLC · 3 yrs held
22981 Hall Road LLC
since 2023
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+44.2%
Restaurant
$1.2M
+36.0%
Office building
$1.1M
+27.5%
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 Woodhaven submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Woodhaven 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
$875,000
Current use
COMMERCIAL (GENERAL)
$1,260,000
Change: +44% · Conversion: Easy
RESTAURANT
$1,185,000
Change: +36% · Conversion: Easy
OFFICE BUILDING
$1,115,000
Change: +28% · Conversion: Easy
MEDICAL BUILDING
$1,080,000
Change: +24% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$910,000
Change: +4% · Conversion: Moderate
Blend value · Realmo final
$1.42M
Range $1.28M – $1.56M · ±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
$124 / 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
$19,036
Tax year 2023
Assessed value
$739,300
Assessed 2024
Previous assessed
$279,000
+165.0% YoY
Effective rate
2.57%
On assessed value
Total market value
$1,478,600
Applied tax rate
82,365.0000
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2001
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
11,459 SF
Lot
1 ac (43,560 SF)
APN
59 041 99 0005 722
UPID
US43-0972990
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$875,000
COMMERCIAL (GENERAL)
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$910,000
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
2001
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1 ac
Current owner
From public records · entity-resolved
22981 Hall Road LLC
Entity
Free & Clear · 3 yrs held
Mailing address
5750 JOHNSTON ST STE #302, LAFAYETTE, LA 70503-5336
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 6, 2023
—
22981 Hall Road LLC
Jonah LLC
Deed
—
Feb 6, 2015
—
Jonah LLC
Neljo 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.
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