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    Property profile & analytics

    23001 Michigan Ave Dearborn, MI 48124

    • Outlet malls
    • 28,786 SF
    • 2.88 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1431352
    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

    • Westborn Mall / Shopping Center & Mall
    • Marshalls / Department Store
    • Lily Banks Florist / (Bike/Boat/Book/etc) Store

    Property Details for 23001 Michigan Ave

    Year built
    1955
    Lot size
    2.88 lot acres
    Property size
    28,786 SF
    Zone code
    BC
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    82 09 214 05 003
    APU
    820921405003

    Description

    Westborn Mall offers exceptional retail opportunities in Dearborn, Michigan. This single-story property, located at 23001 Michigan Ave, zip code 48124, boasts nearly 184,000 square feet of retail space and provides convenient access to a high-traffic area. The mall features a total of 3 suites, with spaces ranging from a minimum of 3,914 square feet to a maximum contiguous space of 6,200 square feet. Currently, there are multiple units available, ideal for a variety of retail businesses. The property is situated in Wayne County, offering excellent visibility and accessibility. Ample parking is available for customers and employees, with a total of 993 parking spaces. The strategic location provides easy access to Downtown Dearborn, Henry Ford College, the University of Michigan-Dearborn, The Henry Ford Museum, Greenfield Village, and Ford Headquarters, ensuring high foot traffic and exposure to a diverse customer base. This prime retail location presents a unique opportunity for businesses seeking to establish or expand their presence in a thriving community. The property's convenient location and ample parking make it an attractive destination for shoppers. Contact us today to learn more about the available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,746,000
      Market price range: $2.22M - $4.61M
      AI Estimate
      $3,746,000
      Market price range: $2.22M - $4.61M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,375,000
      Current use
      OFFICE BUILDING
      $4,255,000
      Change: +26% Conversion: Easy
      RESTAURANT
      $4,115,000
      Change: +22% Conversion: Easy
      MEDICAL BUILDING
      $3,030,000
      Change: -10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,925,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Dearborn
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2589
    Latitude
    42.3019
    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
    $94,370
    $0.00
    $0.00
    $1,527,000
    -
    $0.00
    $0.00
    $3,054,000

    Comparable in this City

    • Value Estimation
      $6,345,000
      82,280 SF

      24411 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 82,280 SF
      24411 Michigan Ave, Dearborn, MI 48124-1827
      View Details
    • Value Estimation by Request
      2,920 SF

      25227 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 2,920 SF
      25227 Michigan Ave, Dearborn, MI 48124-1714
      View Details
    • Value Estimation
      $1,205,000
      15,624 SF

      22631 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 15,624 SF
      22631 Michigan Ave, Dearborn, MI 48124-2115
      View Details
    • Value Estimation by Request
      1,765 SF

      25217 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 1,765 SF
      25217 Michigan Ave, Dearborn, MI 48124-1714
      View Details
    • Value Estimation
      $2,020,000
      26,212 SF

      22611 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 26,212 SF
      22611 Michigan Ave, Dearborn, MI 48124-2115
      View Details
    • Value Estimation
      $1,705,000
      22,101 SF

      22541 Michigan Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 22,101 SF
      22541 Michigan Ave, Dearborn, MI 48124-2122
      View Details

    Similar Nearby for Sale

    • $250,000
      1,250 SF

      Downtown Dearborn Dessert Cafe Opportunity

      Turn-key dessert cafe in high-traffic Dearborn location.
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      Retail Property For Sale

      Retail property available for purchase in Dearborn, Michigan.
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    • $250,000
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      Turn-Key Dessert Cafe Opportunity

      Thriving dessert cafe in Downtown West Dearborn for sale.
      1025 Mason St, Dearborn, MI 48124
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      1,914 SF

      Retail Space in Dearborn, Michigan

      Retail space available for sale in Dearborn, Michigan.
      25000 Michigan Ave, Dearborn, MI 48124
      View Details
    • Contact for pricing
      3,077 SF

      Downtown Dearborn Restaurant For Sale

      3,077 sq ft restaurant in the heart of Dearborn.
      22180 Michigan Ave, Dearborn, MI 48124
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space For Lease

      Retail spaces available for lease.
      2719-2731 South Telegraph Rd, Dearborn, MI 48124
      View Details
    • Contact for pricing

      Dearborn Commercial Property for Rent

      Commercial property available for rent in Dearborn, Michigan.
      3001 Gulley Rd, Dearborn, MI 48124
      View Details
    • Contact for pricing

      Dearborn Retail/Automotive/Parking Opportunity

      Dearborn retail, automotive, or parking space for rent.
      23756 Michigan Ave, Dearborn, MI 48124
      View Details
    • Contact for pricing

      Michigan Avenue Office/Retail Space

      1,416 SF flexible space on Michigan Avenue in Dearborn.
      22211 Michigan Ave, Dearborn, MI 48124
      View Details
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    Dearborn, MI 48124
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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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