Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    23055 Telegraph Rd Southfield, MI 48033-4105
    Back to Search
    Property profile & analytics

    23055 Telegraph Rd Southfield, MI 48033-4105

    View on Map
    • Banks
    • 4,242 SF
    • 1.66 lot acres
    Off-Market
    Last Sale Oct 9, 2024
    Property ID
    US43-0289504
    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.
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Banks

    Property Details for 23055 Telegraph Rd

    Year built
    1989
    Lot size
    1.66 lot acres
    Property size
    4,242 SF
    Zone code
    I-1
    Property type
    Banks
    APN
    76-24-29-476-024
    APU
    762429476024

    Description

    This exceptional 4,438 square foot retail property, formerly a Bank of America branch, presents a unique investment opportunity in Southfield, Michigan. Located at 23055 Telegraph Rd, this 1.66-acre site boasts a highly desirable B-3 zoning classification and has already received site plan approval for a car wash, significantly streamlining the development process. The asking price is $1,995,000, translating to $449.53 per square foot. The property's prime location on Telegraph Road, just north of 9 Mile Road, ensures high visibility and accessibility, making it ideal for a variety of commercial uses beyond the approved car wash. Given its strategic location and existing approvals, this property offers significant potential for immediate development or a lucrative ground lease arrangement. The property's history as a well-established financial institution adds to its appeal, providing a solid foundation for future success. Detailed site plans and zoning information are readily available. This is a rare opportunity to acquire a turnkey property in a thriving commercial corridor. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $567,000
      Market price range: $323k - $622k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $445,000
      Current use
      RETAIL STORES
      $480,000
      Change: +7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2797
    Latitude
    42.4582
    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
    $42,726
    $307,790
    $345,260
    $653,050
    -
    $615,580
    $690,520
    $1,306,100

    Comparable in this City

    • Value Estimation
      $2,405,000
      22,940 SF

      24333 Lahser Rd

      FINANCIAL BUILDING • 22,940 SF
      24333 Lahser Rd, Southfield, MI 48033-6041
      View Details
    • Value Estimation
      $2,355,000
      22,474 SF

      24333 Lahser Rd

      FINANCIAL BUILDING • 22,474 SF
      24333 Lahser Rd, Southfield, MI 48033-6041
      View Details
    • Value Estimation by Request
      5,723 SF

      24770 Telegraph Rd

      FINANCIAL BUILDING • 5,723 SF
      24770 Telegraph Rd, Southfield, MI 48033-3016
      View Details
    • Value Estimation by Request
      0.87 Acres

      Berg Rd

      FINANCIAL BUILDING • 0.87 Acres
      Berg Rd, Southfield, MI 48033
      View Details
    • Value Estimation by Request
      2,734 SF

      26800 8th Mile Rd

      GYM, HEALTH SPA • 2,734 SF
      26800 8th Mile Rd, Southfield, MI 48033-3618
      View Details
    • Value Estimation
      $660,000
      90,314 SF

      25239 Telegraph Rd

      GYM, HEALTH SPA • 90,314 SF
      25239 Telegraph Rd, Southfield, MI 48033-5263
      View Details

    Similar Nearby for Sale

    • $350,000
      200,000 SF

      Established Pizza Shop Business

      High-volume pizza franchise opportunity in Southfield, operating for over 20 years.
      25855 Lahser Rd, Southfield, MI 48033
      View Details
    • $49,000
      0.56 Acres

      Southfield Buildable Residential Lots

      Shovel-ready side-by-side lots in Southfield, Michigan.
      23874 W Nine Mile Rd, Southfield, MI 48033
      View Details
    • Contact for pricing
      8,750 SF

      Southfield Commercial Property For Sale

      Commercial property available for sale in Southfield, Michigan.
      24260 Telegraph Rd, Southfield, MI 48033
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      1,350 SF

      Southfield Retail Space For Rent

      1350 SF retail space with frontage on Telegraph Road.
      26400 Telegraph Rd, Southfield, MI 48033
      View Details
    • $2,000 /Mo
      1,340 SF

      Southfield Retail Space For Rent

      Commercial property in a high-traffic location, ideal for business.
      24070 W 10 Mile Rd, Southfield, MI 48033
      View Details
    • Contact for pricing

      Southfield Commercial Space For Lease

      Commercial space available for lease in Southfield, Michigan.
      22519 Telegraph Rd, Southfield, MI 48033
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail spaces available for lease on Telegraph Road.
      25239 Telegraph Rd, Southfield, MI 48033
      View Details
    • $14 SF/Yr

      Southfield Retail Space Available

      Retail space for lease in Ten-Tel Plaza, Southfield, MI.
      24486 W 10 Mile Rd, Southfield, MI 48033
      View Details
    • $3,999 /Mo
      6,000 SF

      Southfield Office Space on Telegraph

      6,000 SF upper-level office space on Telegraph Road.
      23455 Telegraph Rd, Southfield, MI 48033
      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.
    23055 Telegraph Rd
    Southfield, MI 48033-4105
    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

    Thank You for Inquiry
    23055 Telegraph Rd, Southfield, MI, 48033
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!