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

    23850 Van Born Rd Dearborn Heights, MI 48125-2325

    • Medical offices
    • 3,600 SF
    • 0.20 lot acres
    OFF-MARKET
    Last Sale
    Sep 14, 2023
    $240,000
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0798122
    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

    • Adam Medical Center / Doctor / Weight Loss Service
    • Dr. Fuad Rahimee / Internist
    • Wellness Health Mart 2 / Pharmacy
    • Fuad Rahimee MD / Family Practice Physician
    • iCare Urgent Care / Urgent Care Center

    Property Details for 23850 Van Born Rd

    Year built
    1958
    Lot size
    0.20 lot acres
    Property size
    3,600 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    33 047 02 0120 001
    APU
    33047020120001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $245,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $284,000
      Market price range: $228k - $485k
      AI Estimate
      $284,000
      Market price range: $228k - $485k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $340,000
      Current use
      COMMERCIAL (GENERAL)
      $395,000
      Change: +17% Conversion: Easy
      OFFICE BUILDING
      $350,000
      Change: +3% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $285,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Dearborn Heights
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2684
    Latitude
    42.2694
    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
    2023
    $9,746
    $0.00
    $0.00
    $160,000
    -
    $0.00
    $0.00
    $320,000

    Comparable in this City

    • Value Estimation by Request
      1,602 SF

      4218 Pelham St

      MEDICAL BUILDING • 1,602 SF
      4218 Pelham St, Dearborn Heights, MI 48125-3121
      View Details
    • Value Estimation
      $430,000
      3,198 SF

      3902 Monroe St

      MEDICAL BUILDING • 3,198 SF
      3902 Monroe St, Dearborn Heights, MI 48125-2545
      View Details
    • Value Estimation by Request
      3,080 SF

      23600 Van Born Rd

      MEDICAL BUILDING • 3,080 SF
      23600 Van Born Rd, Dearborn Heights, MI 48125-2356
      View Details
    • Value Estimation by Request
      2,560 SF

      21194 Van Born Rd

      MEDICAL BUILDING • 2,560 SF
      21194 Van Born Rd, Dearborn Heights, MI 48125-2753
      View Details
    • Value Estimation
      $385,000
      6,733 SF

      4245 Beech Daly St

      MEDICAL BUILDING • 6,733 SF
      4245 Beech Daly St, Dearborn Heights, MI 48125-1576
      View Details
    • Value Estimation by Request
      3,360 SF

      4655 Telegraph Rd

      MEDICAL BUILDING • 3,360 SF
      4655 Telegraph Rd, Dearborn Heights, MI 48125-1936
      View Details

    Similar Nearby for Sale

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      Multi-Use Commercial Property For Sale

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      Dearborn Heights Commercial Space For Sale

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      Prime Commercial Space - 3,000 SF
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      0.17 Acres

      Dearborn Heights Commercial Land

      0.17-acre commercial lot, residential zoning.
      0 New York St, Dearborn Heights, MI 48125
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    Similar Nearby for Lease

    • Contact for pricing
      415,606 SF

      Prime Taylor Office Building

      415,606 SF Executive Office Space
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    • $4,500 /Mo
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      Dearborn Heights Commercial Space Available

      Versatile commercial space for lease in Dearborn Heights, Michigan.
      4650 S Beech Daly St, Dearborn Heights, MI 48125
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    • $1,195 /Mo

      Retail/Office Space For Rent

      Retail or professional space with parking and signage available.
      25442 Van Born Rd, Dearborn Heights, MI 48125
      View Details
    • $2,250 /Mo
      2,105 SF

      Dearborn Heights Commercial Space For Rent

      Versatile commercial space suitable for offices, retail, or restaurant.
      25568 Van Born Rd, Dearborn Heights, MI 48125
      View Details
    • $2,100 /Mo

      Office and Apartment Space Available

      Office space and apartment available for lease.
      18624 Van Born Rd, Dearborn Heights, MI 48125
      View Details
    • $2,000 /Mo
      9,821 SF

      Prime Retail Space Available

      High-traffic retail space in Vinery Market Plaza.
      3968 Pelham St, Dearborn Heights, MI 48125
      View Details
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    23850 Van Born Rd
    Dearborn Heights, MI 48125-2325
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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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