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    Property profile & analytics

    23001 Gratiot Ave Eastpointe, MI 48021

    • Commercial real estate
    • 8,553 SF
    • 0.16 lot acres
    For Sale
    View listing
    $775,000
    Last Sale
    Jun 15, 2022
    $575,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0793505
    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

    • Brilliant Beginnings / Day Care Center
    • Precious Gems Learning Center / Day Care Center / Learning Center

    Property Details for 23001 Gratiot Ave

    Year built
    1954
    Construction
    CONCRETE BLOCKS
    Lot size
    0.16 lot acres
    Property size
    8,553 SF
    Zone code
    B-2
    Property type
    Commercial real estate
    APN
    02-14-30-379-031
    APU
    21430379031

    Description

    This exceptional mixed-use investment opportunity in Eastpointe, Michigan, presents a substantial 8,553-square-foot property situated on a 0.16-acre lot. The building, constructed in 1954 and boasting a newer roof, comprises a two-story structure with a DT zoning designation. The property is currently generating significant rental income, with a total annual rent collection of $100,260. Individual unit rentals are as follows: Unit A ($27,600), Unit B ($24,000), Unit R1 ($11,400), Unit R2 ($11,100), Unit R3 ($10,560), and Unit R4 ($15,600). This multi-tenant property offers a compelling blend of retail and residential spaces, providing a diversified income stream. Located at 23001-23005 Gratiot Ave, Eastpointe, MI 48021, this property is priced at $775,000, translating to $90.61 per square foot. The property's strong rental history and prime location in Macomb County make it an attractive investment prospect with considerable potential for future growth and appreciation. This is a rare opportunity to acquire a well-maintained, income-producing asset in a desirable market. The property consists of one building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $475,000
      Market price range: $475k - $1.45M
      AI Estimate
      $475,000
      Market price range: $475k - $1.45M

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

    Location Insight

    • Map
    • Local Demand
    City
    Eastpointe
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9571
    Latitude
    42.4671
    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
    $13,081
    $0.00
    $0.00
    $173,700
    -
    $0.00
    $0.00
    $347,400

    Comparable in this City

    • Value Estimation by Request
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      1.28 Acres

      16428 9th Mile Rd

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      7.18 Acres

      22851 Lexington Ave

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      10,960 SF

      14940 10th Mile Rd

      COMMERCIAL (GENERAL) • 10,960 SF
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    Similar Nearby for Sale

    • Contact for pricing
      0.33 Acres

      Eastpointe Commercial Land - 0.33 Acres

      High-traffic corner lot, ideal redevelopment.
      23825 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • $465,000
      4,716 SF

      Eastpointe Retail Space: High Traffic Area

      Prime Retail Space, 4,716 SF, $465,000
      24850 Gratiot Ave, Eastpointe, MI 48021
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    • $150,000
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      Eastpointe Industrial Building For Sale

      High-traffic location, ideal for business. Land contract available.
      21206 Gratiot Ave, Eastpointe, MI 48021
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    • $775,000
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      Eastpointe Mixed-Use Investment

      8,553 SF Retail & Residential, High Income
      23001 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • $2,130,952
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      Eastpointe Retail Building For Sale

      7,000 SF retail building in a densely populated area.
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    • $339,999
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      Eastpointe Retail Building For Sale

      Multi-tenant retail building on Gratiot Avenue, ideal for investors.
      22220-22228 Gratiot Ave, Eastpointe, MI 48021
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    Similar Nearby for Lease

    • $13 SF/Yr
      31,290 SF

      Eastpointe Retail Space For Rent

      31,290 SF retail space available for lease.
      19001 E 9 Mile Rd, Eastpointe, MI 48021
      View Details
    • $1,500 /Mo

      Retail Space with Open Layout

      892 sq ft retail space with parking available for lease.
      22239 Gratiot Ave, Eastpointe, MI 48021
      View Details
    • $850 /Mo

      Eastpointe Office Space Available Now

      900 SF office space perfect for small business.
      16259 E 9 Mile Rd, Eastpointe, MI 48021
      View Details
    • $2,700 /Mo
      2,908 SF

      Eastpointe Retail Space For Rent

      2908 sqft retail space in the heart of Eastpointe.
      16914 E 9 Mile Rd, Eastpointe, MI 48021
      View Details
    • $2,000 /Mo
      1,904 SF

      Eastpointe Retail Space For Rent

      Retail space available for lease in Eastpointe, Michigan.
      16906 E 9 Mile Rd, Eastpointe, MI 48021
      View Details
    • $25 SF/Yr
      4,386 SF

      Prime Retail Freestanding Building

      Former bank, high visibility, drive-thru.
      19000 9 Mile Rd, Eastpointe, MI 48021
      View Details
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    23001 Gratiot Ave
    Eastpointe, MI 48021
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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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