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    Property profile & analytics

    23300 Greenfield Rd Oak Park, MI 48237

    • Office buildings
    • 30,778 SF
    • 0.91 lot acres
    For Lease
    View listing
    Last Sale
    Feb 01, 2021
    $800,000
    Value Estimations
    $790,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5179752
    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

    • Office buildings

    Property Details for 23300 Greenfield Rd

    Year built
    1967
    Lot size
    0.91 lot acres
    Property size
    30,778 SF
    Zone code
    O
    Property type
    Office buildings
    APN
    52-25-30-351-019
    APU
    522530351019

    Description

    This exceptional 10,000 square foot retail space is available for lease at 23300 Greenfield Road in Oak Park, Michigan. Situated on a 0.91-acre lot in Oakland County, this single-tenant property presents a fantastic opportunity for businesses seeking a prominent location. The entire building is currently vacant, offering a blank canvas for a new tenant to customize the space to their exact specifications. The property's address is highly visible along Greenfield Road, ensuring excellent exposure to a substantial volume of daily traffic. The convenient location within Oak Park provides easy access to major roadways and a diverse customer base. This property is ideal for a variety of retail uses, offering ample space for display, inventory, and customer service areas. The building's size and layout provide flexibility for businesses of various scales. The 0.91-acre lot provides ample parking and potential for future expansion. This is a rare opportunity to secure a substantial retail space in a prime Oak Park location. The property is zoned for commercial use and is ready for immediate occupancy. Interested parties are encouraged to inquire promptly to schedule a viewing and discuss lease terms. The zip code for this property is 48237.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $780,000
      ML approach
      $1,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $869,000
      Market price range: $593k - $2.02M
      AI Estimate
      $907,000
      Market price range: $782k - $2.64M

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2007
    Latitude
    42.4603
    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
    $29,688
    $44,500
    $362,700
    $407,200
    -
    $89,000
    $725,400
    $814,400

    Comparable in this City

    • Value Estimation
      $100,000
      5,189 SF

      21950 Wyoming St

      OFFICE BUILDING • 5,189 SF
      21950 Wyoming St, Oak Park, MI 48237-3102
      View Details
    • Value Estimation
      $165,000
      1,927 SF

      15301 9th Mile Rd

      OFFICE BUILDING • 1,927 SF
      15301 9th Mile Rd, Oak Park, MI 48237-2514
      View Details
    • Value Estimation
      $280,000
      2,576 SF

      10440 9th Mile Rd

      OFFICE BUILDING • 2,576 SF
      10440 9th Mile Rd, Oak Park, MI 48237-3057
      View Details
    • Value Estimation
      $275,000
      1,575 SF

      23400 Greenfield Rd

      OFFICE BUILDING • 1,575 SF
      23400 Greenfield Rd, Oak Park, MI 48237-1953
      View Details
    • Value Estimation
      $895,000
      193,136 SF

      21700 Greenfield Rd

      OFFICE BUILDING • 193,136 SF
      21700 Greenfield Rd, Oak Park, MI 48237-2581
      View Details
    • Value Estimation
      $175,000
      3,390 SF

      21910 Greenfield Rd

      OFFICE BUILDING • 3,390 SF
      21910 Greenfield Rd, Oak Park, MI 48237-2577
      View Details

    Similar Nearby for Sale

    • $1,250,000

      Oak Park Office Building For Sale

      Three-story office building with parking for 150 cars.
      14500 W 8 Mile Rd, Farmington Hills, MI 48237
      View Details
    • $330,000
      3,867 SF

      Executive Office Building, Oak Park

      Prime 8 Mile Rd location, high cap rate.
      13650 Eight Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      19,288 SF

      Miller Green Apartments: Oak Park, MI

      17-unit apartment building, high ROI potential.
      15301-15475 Miller St, Oak Park, MI 48237
      View Details
    • $650,000
      1,600 SF

      Approved Mixed-Use Development Opportunity

      Approved mixed-use development site in Oak Park, Michigan.
      14211 W 11 Mile Rd, Oak Park, MI 48237
      View Details
    • $37,500
      0.19 Acres

      Ready-to-Build Vacant Lot

      Vacant lot in developed area near commerce and Detroit Zoo.
      20800 Parklawn Ave, Oak Park, MI 48237
      View Details
    • $399,000
      0.88 Acres

      Oak Park Industrial Land - $399K

      0.88-acre buildable lot, prime location.
      14650 Eight Mile Rd, Oak Park, MI 48237
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      198,000 SF

      Greenfield Plaza: Office & Retail Space

      Prime Oak Park commercial space, flexible layouts.
      21700 Greenfield Rd, Oak Park, MI 48237
      View Details
    • $1,750 /Mo
      12,000 SF

      Prime Medical/Office Space Available

      Office space for rent near major roads and Providence Hospital.
      23350 Greenfield Rd, Oak Park, MI 48237
      View Details
    • $12 SF/Yr
      33,814 SF

      Coolidge Park Plaza Medical Office

      Oak Park medical office space for lease.
      23100-23300 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $9 SF/Yr
      78,478 SF

      Oak Park Office/Warehouse Complex

      78,478 SF Multi-Use Space Available
      13250 Northend Ave, Oak Park, MI 48237
      View Details
    • $2,800 /Mo

      Office Space for Rent

      Office space available for lease in Oak Park, Michigan.
      10840 W 9 Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      17,500 SF

      Prime Oak Park Executive Suites

      Modern Office Space, Flexible Lease Options
      21790 Coolidge Hwy, Oak Park, MI 48237
      View Details
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    Oak Park, MI 48237
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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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