Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Mile Rd Shelby Township, MI 48317

    • Commercial land
    • 14.05 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1132006
    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

    • Dmc Physical Therapy And Sports Medicine / Medical Clinic
    • Speedway / Gas Station
    • Coyote Reserve / Wildlife Refuge
    • The Tutu Shop, LLC / Children'S Clothing Store

    Property Details for 23 Mile Rd

    Lot size
    14.05 lot acres
    Zone code
    R-5
    Property type
    Commercial land
    APN
    23-07-22-226-006
    APU
    230722226006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby Township
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0171
    Latitude
    42.6673
    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
    $3,034
    $0.00
    $0.00
    $376,000
    -
    $0.00
    $0.00
    $752,000

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      2015 Auburn Rd

      VACANT COMMERCIAL LAND • 0.13 Acres
      2015 Auburn Rd, Shelby Township, MI 48317-3804
      View Details
    • Value Estimation by Request
      0.28 Acres

      5844 Auburn Rd

      VACANT COMMERCIAL LAND • 0.28 Acres
      5844 Auburn Rd, Shelby Township, MI 48317-4202
      View Details
    • Value Estimation by Request
      0.18 Acres

      Utica, MI 48317

      VACANT COMMERCIAL LAND • 0.18 Acres
      Utica, MI 48317
      View Details
    • Value Estimation by Request
      1.99 Acres

      Shelby Township, MI 48317

      VACANT COMMERCIAL LAND • 1.99 Acres
      Shelby Township, MI 48317
      View Details
    • Value Estimation by Request
      0.10 Acres

      Utica, MI 48317

      VACANT COMMERCIAL LAND • 0.10 Acres
      Utica, MI 48317
      View Details
    • Value Estimation by Request
      0.92 Acres

      59th Service Dr

      VACANT COMMERCIAL LAND • 650 SF
      59th Service Dr, Shelby Township, MI 48317
      View Details

    Similar Nearby for Sale

    • $449,000

      Shelby Township Development Opportunity

      Land available for development in Shelby Township, Michigan.
      2391 Auburn Rd, Shelby Township, MI 48317
      View Details
    • $350,000

      Shelby Township Development Opportunity

      Land available in Shelby Township, surrounded by residential properties.
      2591 Auburn Rd, Shelby Township, MI 48317
      View Details
    • $220,000
      0.50 Acres

      Auburn Road Commercial Land

      Half-acre lot, prime Shelby Twp location.
      2466 Auburn Rd, Shelby Township, MI 48317
      View Details
    • $449,000
      0.77 Acres

      Auburn Road Commercial Land

      Shelby Township development opportunity.
      2391-2441 Auburn Rd, Shelby Township, MI 48317
      View Details
    • $145,000
      1.55 Acres

      Vacant Land in Shelby Township

      Large vacant lot in a fast-growing Shelby Township area.
      5720 Hearst Rd, Shelby Twp, MI 48317
      View Details
    • $350,000
      0.46 Acres

      Shelby Twp Commercial Land - $350K

      Prime Auburn Rd corner lot, C-1 zoning.
      2591 Auburn Rd, Shelby Township, MI 48317
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      17,086 SF

      Mound Road Office Building - 17,086 SF

      Prime Macomb County office space; high visibility, ample parking.
      45700 Mound Rd, Shelby Township, MI 48317
      View Details
    • $14 SF/Yr
      33,076 SF

      Shelby Commons Retail Space

      Prime Shelby Twp. retail, 1,400-2,800 SF
      45537-45581 Mound Rd, Shelby Township, MI 48317
      View Details
    • $13 SF/Yr
      5,800 SF

      Shaggy Dog Plaza: Utica Retail Space

      Prime Utica Retail, 1,248 SF Available
      47501 Van Dyke Ave, Utica, MI 48317
      View Details
    • $2,200 /Mo
      1,684 SF

      Downtown Utica Retail Space Available

      Highly visible retail building in walkable downtown Utica location.
      45101 Cass Ave, Utica, MI 48317
      View Details
    • $1,900 /Mo
      12,500 SF

      Renovated Church Available For Lease

      Handicap accessible, renovated church in Utica available for shared lease.
      45504 Cass Ave, Utica, MI 48317
      View Details
    • $6,000 /Mo
      6,000 SF

      Shelby Twp Retail Opportunity

      Spacious 6,000 SF retail space in a vibrant location.
      49562 Van Dyke Ave, Shelby Twp, MI 48317
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 Mile Rd
    Shelby Township, MI 48317
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.