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Property profile & analytics
FOR LEASE
Commercial real estate
23439 Michigan Ave Dearborn, MI 48124
Entity Owned
13-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1632045
For Lease
1 / 17
$1,260,000
23439 Michigan Ave, Dearborn, MI 48124
View Listing →
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1955
Total area
11,084 SF
Lot
0.34 ac (14,810 SF)
Zoning code
BC
APN
82 09 213 04 013
UPID
US43-1632045
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
$1.26M
Blend (final)
Blend
$1.26M
Owner & transaction history
Platinum Ventures LLC · 13 yrs held
Platinum Ventures LLC
since 2012
5 recorded transactions
Zoning & alternative use
BC · Dearborn, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.6M
+45.3%
Restaurant
$1.6M
+40.6%
Retail stores
$1.3M
+15.3%
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 Dearborn submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Dearborn 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)
$1,125,000
Current use
OFFICE BUILDING
$1,640,000
Change: +45% · Conversion: Easy
RESTAURANT
$1,585,000
Change: +41% · Conversion: Difficult
RETAIL STORES
$1,300,000
Change: +15% · Conversion: Easy
MEDICAL BUILDING
$1,165,000
Change: +3% · Conversion: Easy
Blend value · Realmo final
$1.26M
Range $1.13M – $1.39M · ±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
$114 / 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
$25,889
Tax year 2023
Assessed value
$605,400
Assessed 2024
Previous assessed
$575,500
+5.2% YoY
Effective rate
4.28%
On assessed value
Total market value
$1,210,800
Applied tax rate
82,030.0000
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
For Lease
Year built
1955
Heating
FORCED AIR
Stories
1
Total area
11,084 SF
Lot
0.34 ac (14,810 SF)
Zoning code
BC
APN
82 09 213 04 013
UPID
US43-1632045
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
BC · Dearborn, MI
Zoning BC · permitted uses
BC · Dearborn, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Dearborn. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.6M
RESTAURANT
Est. value
$1.6M
RETAIL STORES
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.2M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RESTAURANT
RETAIL STORES
MEDICAL 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
1955
Heating
FORCED AIR
Stories
1
Lot
0.34 ac
Current owner
From public records · entity-resolved
Platinum Ventures LLC
Entity
Mailing address
500 N EVANGELINE ST, DEARBORN HEIGHTS, MI 48127-3400
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 23, 2020
—
Platinum Ventures LLC
—
Deed
related
$977,500 · Comerica Bank
Dec 12, 2012
$300,000
Platinum Ventures LLC
Robert W Kohler Family LP I
Warranty Deed
—
Mar 8, 2012
$300,000
Platinum Ventures LLC
Robert W Kohler Family LP I
Dual Purpose Document
$240,000 · Robert W Kohler Family LP I
Feb 28, 2012
—
Robert W Kohler Family LP I
Kohler,robert W
Quit Claim Deed
related
—
—
—
Platinum Ventures LLC
—
Deed Of Trust
related
$650,000 · Comerica Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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