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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23600 Grand Riv Ave Detroit, MI 48219-3128

    • Grocery and convenience stores
    • 1,620 SF
    • 0.33 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0105778
    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

    • Khoury's Petroleum Co / Auto Repair Shop / Gas Station
    • Marathon Gas / Gas Station / Convenience Store
    • Amoco / Gas Station / Convenience Store

    Property Details for 23600 Grand Riv Ave

    Year built
    1953
    Lot size
    0.33 lot acres
    Property size
    1,620 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    22007770-4
    APU
    220077704

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2728
    Latitude
    42.423
    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
    2020
    $8,911
    $0.00
    $0.00
    $197,000
    -
    $0.00
    $0.00
    $394,000

    Comparable in this City

    • Value Estimation
      $1,280,000
      7,560 SF

      17118 Lahser Rd

      CONVENIENCE STORE • 7,560 SF
      17118 Lahser Rd, Detroit, MI 48219-3254
      View Details
    • Value Estimation by Request
      1,400 SF

      19830 Mcnichols Rd

      CONVENIENCE STORE • 1,400 SF
      19830 Mcnichols Rd, Detroit, MI 48219-3354
      View Details
    • Value Estimation
      $620,000
      2,652 SF

      18120 Mcnichols Rd

      CONVENIENCE STORE • 2,652 SF
      18120 Mcnichols Rd, Detroit, MI 48219-4164
      View Details
    • Value Estimation
      $630,000
      3,159 SF

      24861 Mcnichols Rd

      CONVENIENCE STORE • 3,159 SF
      24861 Mcnichols Rd, Detroit, MI 48219-3604
      View Details
    • Value Estimation
      $590,000
      1,860 SF

      18321 8th Mile Rd

      CONVENIENCE STORE • 1,860 SF
      18321 8th Mile Rd, Detroit, MI 48219-1511
      View Details
    • Value Estimation by Request
      912 SF

      18111 8th Mile Rd

      CONVENIENCE STORE • 912 SF
      18111 8th Mile Rd, Detroit, MI 48219-1509
      View Details

    Similar Nearby for Sale

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      Detroit Retail Property with Parking

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      Detroit Gas Stations Portfolio

      Five gas stations for sale in Detroit, investment or owner/operator.
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    • $2,200,000

      Gas Station, Audio, Mechanic Opportunity

      Gas station, audio shop, and mechanic shop for sale.
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      Updated Retail Property on McNichols

      Retail property with updated facade and interior features.
      19618 W Mcnichols Rd, Detroit, MI 48219
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      Main street location suitable for retail, office, or service business.
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    Similar Nearby for Lease

    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

      Retail space available in Detroit, suitable for various businesses.
      17200 Lahser Rd, Detroit, MI 48219
      View Details
    • $900 /Mo

      Retail or Event Space Available

      Established location suitable for retail or events. Updated building.
      18926 W Mcnichols Rd, Detroit, MI 48219
      View Details
    • $1,200 /Mo
      1,400 SF

      Detroit Retail Space For Rent

      B2-zoned 1400 sqft retail space suitable for barber shop/salon.
      18246 W Mcnichols Rd, Detroit, MI 48219
      View Details
    • $8 SF/Yr
      1,734 SF

      Retail Space on West 7 Mile

      Versatile retail space in Evergreen Pointe East, Detroit.
      20338 W 7 Mile Rd, Detroit, MI 48219
      View Details
    • $6,000 /Mo
      6,168 SF

      Detroit Retail Space on Telegraph

      Retail space with prime exposure and frontage on Telegraph Road.
      16136 Telegraph Rd, Detroit, MI 48219
      View Details
    • $12 SF/Yr
      1,692 SF

      Retail Space at Evergreen Pointe

      Retail space with visibility on West 7 Mile Road.
      20400 W 7 Mile Rd, Detroit, MI 48219
      View Details

    Property Visit Statistics

    • Visits by month
      0
    • Visitors by month
      3.5k
    • Avg Time on site
      6 min
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    23600 Grand Riv Ave
    Detroit, MI 48219-3128
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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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