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    Property profile & analytics

    23594 Hoover Rd Warren, MI 48089

    • Turn key restaurants
    • 2,316 SF
    • 0.49 lot acres
    For Sale
    View listing
    $450,000
    Last Sale
    Nov 02, 2020
    $200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0138468
    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

    • Cozy Grill Cafe / Restaurant

    Property Details for 23594 Hoover Rd

    Year built
    1950
    Lot size
    0.49 lot acres
    Property size
    2,316 SF
    Zone code
    M-2
    Property type
    Turn key restaurants
    APN
    12-13-26-303-046
    APU
    121326303046

    Description

    This exceptional 1,433-square-foot warehouse, located at 23594 Hoover Rd in Warren, Michigan (zip code 48089), presents a compelling investment opportunity. Priced at $450,000 ($314.03 per square foot), this property boasts a highly desirable M2 zoning designation, opening doors to a variety of commercial uses. The building itself is fully operational, having undergone recent interior and exterior remodeling. Ample parking is available on-site, enhancing its practicality and appeal. A significant advantage is the inclusion of a separate 864-square-foot outbuilding, providing additional space and further parking capacity. This versatile property is situated in Macomb County, Michigan, and its location offers convenient access to major transportation routes and amenities. The property's recent renovations ensure a move-in ready condition, minimizing upfront investment and maximizing immediate return. This is an ideal opportunity for investors seeking a well-maintained, functional warehouse with significant expansion potential in a thriving commercial area. The property's size, zoning, and additional outbuilding make it a truly unique and attractive offering.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $146,000
      Market price range: $147k - $247k
      AI Estimate
      $146,000
      Market price range: $147k - $247k

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

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0053
    Latitude
    42.4681
    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
    2022
    $6,112
    $0.00
    $0.00
    $99,990
    -
    $0.00
    $0.00
    $199,980

    Comparable in this City

    • Value Estimation
      $180,000
      2,275 SF

      22935 Van Dyke Ave

      RESTAURANT • 2,275 SF
      22935 Van Dyke Ave, Warren, MI 48089-2355
      View Details
    • Value Estimation by Request
      616 SF

      14693 8th Mile Rd

      RESTAURANT • 616 SF
      14693 8th Mile Rd, Warren, MI 48089-3431
      View Details
    • Value Estimation by Request
      7,535 SF

      25901 Hoover Rd

      RESTAURANT • 7,535 SF
      25901 Hoover Rd, Warren, MI 48089-1149
      View Details
    • Value Estimation by Request
      1,247 SF

      20958 Van Dyke Ave

      RESTAURANT • 1,247 SF
      20958 Van Dyke Ave, Warren, MI 48089-2942
      View Details
    • Value Estimation by Request
      600 SF

      22905 Van Dyke Ave

      RESTAURANT • 600 SF
      22905 Van Dyke Ave, Warren, MI 48089-2355
      View Details
    • Value Estimation by Request
      1,060 SF

      8209 8th Mile Rd

      RESTAURANT • 1,060 SF
      8209 8th Mile Rd, Warren, MI 48089-2937
      View Details

    Similar Nearby for Sale

    • $450,000
      1,433 SF

      Remodeled Restaurant with Extra Building

      Operating restaurant with remodeled interior/exterior and separate out-building.
      23594 Hoover Rd, Warren, MI 48089
      View Details
    • $375,000
      800 SF

      Turnkey Restaurant on Busy 8 Mile

      Well-established restaurant with furniture, fixtures, and equipment included.
      14693 E 8 Mile Rd, Warren, MI 48089
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    • $950,000

      Rustic Bar and Restaurant For Sale

      Country bar and restaurant with liquor and lottery licenses included.
      26700 Schoenherr Rd Rd, Warren, MI 48089
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    • $145,000
      0.05 Acres

      Warren Retail & Residential Investment

      Prime Warren location, dual-income potential.
      23146 Van Dyke Ave, Warren, MI 48089
      View Details
    • New
      $375,000
      3,450 SF

      Welding Shop Business and Property

      Thriving welding shop with real estate and equipment for sale.
      13118 E Nine Mile Rd, Warren, MI 48089
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    • $450,000
      1,433 SF

      Warren Warehouse: Prime M2 Location

      1,433 SF Warehouse, $450K, M2 Zoning
      23594 Hoover Rd, Warren, MI 48089
      View Details

    Similar Nearby for Lease

    • $4,000 /Mo
      616 SF

      Turnkey Diner/Take-Out Restaurant For Lease

      Fully operational 600 sq ft restaurant ready for its next owner.
      14693 E Eight Mile Rd, Warren, MI 48089
      View Details
    • $8 SF/Yr
      3,500 SF

      Retail Center with High Visibility

      Retail spaces available in active center with high traffic.
      13344 E 11 Mile Rd, Warren, MI 48089
      View Details
    • Contact for pricing
      1,584 SF

      Warren Retail Space For Rent

      Regional shopping center space available in Warren, Michigan.
      26601-26651 Hoover Rd, Warren, MI 48089
      View Details
    • Contact for pricing
      4,918 SF

      Retail Space in Anchored Center

      Retail space available in well-located, high-visibility shopping center.
      26233-26489 Hoover Rd, Warren, MI 48089
      View Details
    • Contact for pricing
      8,500 SF

      Warren Retail Space Available

      Retail property available for lease in Warren, Michigan.
      13355 East 10 Mile Rd, Warren, MI 48089
      View Details
    • $13 SF/Yr
      2,250 SF

      Retail Space For Lease

      Retail spaces available for lease at Frazho Plaza.
      26030-26124 Groesbeck Hwy, Warren, MI 48089
      View Details
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    23594 Hoover Rd
    Warren, MI 48089
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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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