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Property profile & analytics
OFF-MARKET
Estimated value
$1,795,000
Industrial properties
23659 Industrial Park Dr, Farmington Hills, MI 48335-2857
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-5187187
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1974
Total area
16,939 SF
Lot
2.02 ac (88,165 SF)
Zoning code
II
APN
22-23-30-252-006
UPID
US43-5187187
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
$1.90M
CAP Approach
CAP
$1.29M
Comparable Approach
Comparable
$1.66M
Blend (final)
Blend
$1.80M
Owner & transaction history
Mellas Ventures LLC · 2 yrs held
Mellas Ventures LLC
since 2023
Last sale
$1.7M
5 recorded transactions
Zoning & alternative use
II · Farmington Hills, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.0M
+114.7%
Restaurant
$2.9M
+110.9%
Medical building
$2.7M
+92.4%
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 Farmington Hills submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Farmington Hills 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
$1,975,000
ML approach
$1,895,000
CAP Approach
CAP Return
Estimation
6%
$1,400,000
6.5%
$1,290,000
7%
$1,200,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,390,000
Current use
COMMERCIAL (GENERAL)
$2,985,000
Change: +115% · Conversion: Difficult
RESTAURANT
$2,930,000
Change: +111% · Conversion: Difficult
MEDICAL BUILDING
$2,675,000
Change: +92% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,075,000
Change: +49% · Conversion: Easy
OFFICE BUILDING
$2,025,000
Change: +46% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,575,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$1.80M
Range $1.62M – $1.97M · ±10% · vs last sale $1.73M (Jul 25 2023)
Last sale anchor
$1.73M
Jul 25 2023
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
$106 / 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
$16,583
Tax year 2023
Assessed value
$729,170
Assessed 2024
Previous assessed
$550,770
+32.4% YoY
Effective rate
2.27%
On assessed value
Assessed land
$145,290
Assessed improvement
$583,880
Land market value
$290,580
Improvement market value
$1,167,760
Total market value
$1,458,340
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1974
Heating
FORCED AIR
Stories
1
Total area
16,939 SF
Lot
2.02 ac (88,165 SF)
Zoning code
II
APN
22-23-30-252-006
UPID
US43-5187187
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
II · Farmington Hills, MI
Zoning II · permitted uses
II · Farmington Hills, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Farmington Hills. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$3.0M
RESTAURANT
Est. value
$2.9M
MEDICAL BUILDING
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.1M
OFFICE BUILDING
Est. value
$2.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.6M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
RESTAURANT
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1974
Heating
FORCED AIR
Stories
1
Lot
2.02 ac
Current owner
From public records · entity-resolved
Mellas Ventures LLC
Entity
Mailing address
2648 CADES CV, BRIGHTON, MI 48114-8984
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
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
Jul 25, 2023
$1,725,000
Mellas Ventures LLC
Tupper Development Company LLC
Warranty Deed
$832,167 · Oxford Bank
May 5, 2010
—
Tupper Dev Co LLC
Industrial Park LLC
Quit Claim Deed
related
—
May 9, 2006
$950,000
Industrial Park LLC
Boes Associates LLC
Warranty Deed
$855,000 · Metrobank
Apr 23, 2004
—
Boes Associates LLC
Boes,dale J & Kathleen A
Quit Claim Deed
related
—
—
—
Boes Associates LLC
—
Deed Of Trust
related
$2,973,750 · 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.
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