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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Commercial real estate
23351 Redwood Dr, Chelsea, MI 48118-4536
Entity Owned
4-yr Hold
Free & Clear
Property ID
US43-4289340
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2003
Total area
2,224 SF
Lot
51.48 ac (2,242,469 SF)
Zoning code
MHP
APN
F -06-14-400-010
UPID
US43-4289340
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
by Request
Comparable Approach
Comparable
$513k
Blend (final)
Blend
$515k
Owner & transaction history
Sun Sylvan Crossing LLC · 4 yrs held
Sun Sylvan Crossing LLC
since 2021
7 recorded transactions
Zoning & alternative use
MHP · Chelsea, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$335,000
+5.2%
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 Chelsea submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chelsea 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$320,000
Current use
OFFICE BUILDING
$335,000
Change: +5% · Conversion: Easy
Blend value · Realmo final
$515k
Range $464k – $567k · ±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
$232 / 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
Assessed value
$581,500
Assessed 2024
Previous assessed
$522,500
+11.3% YoY
Total market value
$1,163,000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
2003
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
2,224 SF
Lot
51.48 ac (2,242,469 SF)
Zoning code
MHP
APN
F -06-14-400-010
UPID
US43-4289340
Jurisdiction
WASHTENAW
Zoning & alternative use
MHP · Chelsea, MI
Zoning MHP · permitted uses
MHP · Chelsea, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chelsea. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$320,000
OFFICE BUILDING
Est. value
$335,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
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
2003
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
51.48 ac
Current owner
From public records · entity-resolved
Sun Sylvan Crossing LLC
Entity
Free & Clear · 4 yrs held
Mailing address
27777 FRANKLIN RD STE #200, SOUTHFIELD, MI 48034-8205
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 10, 2021
—
Sun Sylvan Crossing LLC
Sylvan Partners LLC
Deed
—
Sep 28, 2018
—
Sylvan Phase II Partners LLC
Sylvan Crossing Phase II LLC
Quitclaim Deed
—
Aug 31, 2018
—
Sylvan Partnerse LLC
Sylvan Crossing LLC
Quit Claim Deed
—
Oct 10, 2017
—
Daniel Wellbaum
—
Deed
related
$60,000 · Huron Vly Fin'l
Dec 16, 2016
—
Sylvan Crossing LLC
—
Deed
related
$3,750,000 · Pnc Bank NA
Dec 6, 2016
—
Sylvan Crossing Phase II LLC
Sylvan Crossing LLC
Quitclaim Deed
related
—
—
—
Daniel Wellbaum
—
Deed Of Trust
related
$60,000 · Huron Vly Fin'l
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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