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    23350 Greenfield Rd Oak Park, MI 48237
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    23350 Greenfield Rd, Oak Park, MI 48237

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    • Medical Office Space
    • 12,000 SF
    • 0.91 lot acres
    For Lease
    $21,000 SF/Yr
    View Listing →
    Beacon Office Center Medical Space For Lease
    $21,000 SF/Yr
    1,400 SF

    Beacon Office Center Medical Space

    Medical/Office space available in Oak Park, utilities included.

    23350 Greenfield Rd, Oak Park, MI 48237
    View Listing
    Property ID
    US43-0292112
    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
    $515,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 23350 Greenfield Rd

    Year built
    2001
    Lot size
    0.91 lot acres
    Zone code
    O
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    52-25-30-351-040
    APU
    522530351040

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 18, 2020 $450,000 Oak Park Land Dev LLC Wafid Kizy Warranty Deed —
    Aug 30, 2000 — Wafid Kizy National City Bank Michigan/il Grant Deed $275k · First Alliance Mortgage Co
    — — Wafid Kizy — Deed Of Trust · related $1.2M · Unizan Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $555,000
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $630,000
      Market price range: $497k - $1.14M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $755,000
      Current use
      RETAIL STORES
      $830,000
      Change: +10% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $725,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2008
    Latitude
    42.4613
    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
    $30,412
    $44,500
    $390,000
    $434,500
    -
    $89,000
    $780,000
    $869,000

    Comparable in this City

    • Value Estimation by Request
      4,196 SF

      10300 9th Mile Rd

      MEDICAL BUILDING
      10300 9th Mile Rd, Oak Park, MI 48237-2993
      View Details
    • Value Estimation by Request
      5,712 SF

      21900 Greenfield Rd

      MEDICAL BUILDING
      21900 Greenfield Rd, Oak Park, MI 48237-2577
      View Details
    • Value Estimation by Request
      1,701 SF

      10470 9th Mile Rd

      MEDICAL BUILDING
      10470 9th Mile Rd, Oak Park, MI 48237-2914
      View Details
    • Value Estimation
      $3,420,000
      37,638 SF

      21040 Greenfield Rd

      MEDICAL BUILDING
      21040 Greenfield Rd, Oak Park, MI 48237-3025
      View Details
    • Value Estimation by Request
      1,352 SF

      13631 11th Mile Rd

      MEDICAL BUILDING
      13631 11th Mile Rd, Oak Park, MI 48237-1151
      View Details
    • Value Estimation by Request
      2,134 SF

      24651 Coolidge Hwy

      MEDICAL BUILDING
      24651 Coolidge Hwy, Oak Park, MI 48237-1449
      View Details

    Similar Nearby for Sale

    • $690,000

      Medical Office and Activity Space

      Move-in-ready suite with multiple treatment rooms and a full-size activity/gym area for flexible professional use.
      10350 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      5,088 SF

      High-Visibility Commercial Space on 9 Mile

      5,088 SF commercial space on 9 Mile Road.
      10160 w Nine Mile Rd, Oak Park, MI 48237
      View Details
    • $225,000

      Oak Park Retail/Office Opportunity

      Vacant building in the heart of Oak Park, Michigan.
      10140-10150 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • $889,000

      Oak Park Commercial Building Opportunity

      High-potential commercial building in a booming business location.
      20800 Greenfield Rd, Oak Park, MI 48237
      View Details

    Similar Nearby for Lease

    • $1,750 /Mo

      Prime Medical/Office Space Available

      Office space for rent near major roads and Providence Hospital.
      23350 Greenfield Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing

      Beacon Office Center Medical Space

      Medical/Office space available in Oak Park, utilities included.
      23350 Greenfield Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing

      Ferndale Friends Building

      Office/Etc. Space Available:
      10440 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing

      Retail/Office Space For Lease

      1,400 square feet retail/office space available for lease.
      26039 Coolidge Hwy, Oak Park, MI 48237
      View Details
    View Listing
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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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    23350 Greenfield Rd, Oak Park, MI, 48237
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