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Property profile & analytics
OFF-MARKET
Estimated value
$6,450,000
Distribution centers
23305 Commerce Dr Farmington Hills, MI 48335-2727
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US43-0910825
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1995
Total area
68,622 SF
Lot
6.35 ac (276,606 SF)
Zoning code
II
APN
22-23-30-300-040
UPID
US43-0910825
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.35M
Comparable Approach
Comparable
$7.20M
Blend (final)
Blend
$6.45M
Owner & transaction history
Commerce Realty Associates LLC · 7 yrs held
Commerce Realty Associates LLC
since 2018
4 recorded transactions
Zoning & alternative use
II · Farmington Hills, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$8.4M
+60.5%
Office building
$8.2M
+56.5%
Neighborhood: shopping center
$6.4M
+21.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Farmington Hills submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Farmington Hills submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$6,880,000
6.5%
$6,350,000
7%
$5,900,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$5,240,000
Current use
AUTO REPAIR, GARAGE
$8,410,000
Change: +60% · Conversion: Easy
OFFICE BUILDING
$8,205,000
Change: +57% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$6,385,000
Change: +22% · Conversion: Moderate
Blend value · Realmo final
$6.45M
Range $5.81M – $7.10M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$94 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$65,248
Tax year 2023
Assessed value
$2,521,870
Assessed 2024
Previous assessed
$2,396,700
+5.2% YoY
Effective rate
2.59%
On assessed value
Assessed land
$422,620
Assessed improvement
$2,099,250
Land market value
$845,240
Improvement market value
$4,198,500
Total market value
$5,043,740
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1995
Heating
FORCED AIR
Stories
1
Total area
68,622 SF
Lot
6.35 ac (276,606 SF)
Zoning code
II
APN
22-23-30-300-040
UPID
US43-0910825
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
II · Farmington Hills, MI
Zoning II · permitted uses
II · Farmington Hills, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Farmington Hills. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$5.2M
AUTO REPAIR, GARAGE
Est. value
$8.4M
OFFICE BUILDING
Est. value
$8.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$6.4M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1995
Heating
FORCED AIR
Stories
1
Lot
6.35 ac
Current owner
From public records · entity-resolved
Commerce Realty Associates LLC
Entity
Mailing address
23305 COMMERCE DR, FARMINGTON HILLS, MI 48335-2727
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 9, 2018
—
Commerce Realty Associates LLC
—
Deed
related
$1,562,938 · Pnc Bk
—
—
Commerce Realty Associates LLC
—
Loan Modification
related
$1,562,938 · Pnc Bk
—
—
Commerce Realty Associates LLC
—
Deed Of Trust
related
$3,543,000 · National City Bank Midwest
—
—
Commerce Realty Associates LLC
—
Deed Of Trust
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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