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

    2388 Cole St Birmingham, MI 48009-7021

    • Super regional malls
    • 16,044 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2022
    $6,000,000
    Value Estimations
    $4,770,000
    Show details
    Cap Rate Potential
    3.8%
    Super regional malls
    Location Intelligence
    Property ID
    US43-5266460
    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

    • Super regional malls

    Property Details for 2388 Cole St

    Year built
    1962
    Lot size
    0.50 lot acres
    Property size
    16,044 SF
    Zone code
    II
    Property type
    Super regional malls
    APN
    08-20-31-402-002
    APU
    82031402002

    Description

    This exceptional 5,030 square foot commercial space, located at 2388 Cole Street in Oakland County's vibrant Rail District, presents a unique investment opportunity. The property is a single-tenant building offering a flexible layout ideal for various uses, including traditional, medical, creative, or executive office space, as well as retail. The building's total square footage is 20,062 square feet, with 5,030 square feet currently vacant and ready for immediate occupancy. The vacant space is strategically divided across two floors: a first-floor area of 850 square feet and a larger second-floor area of 4,180 square feet. Previously occupied by a salon, the space boasts a modern, industrial aesthetic featuring open ceilings, providing a blank canvas for customization to suit a wide range of business needs. The Rail District itself is a dynamic and revitalized area in the heart of Birmingham, blending historic charm with contemporary appeal, making it an attractive location for businesses seeking a blend of character and modern amenities. This property offers a rare opportunity to establish a presence in a thriving and sought-after neighborhood. The property type is listed as Retail and Office.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,365,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,035,000
      6.5%
      $3,725,000
      7%
      $3,460,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Oakland
    State
    Michigan
    Longitude
    -83.191
    Latitude
    42.5401
    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
    $43,738
    $0.00
    $0.00
    $840,280
    -
    $0.00
    $0.00
    $1,680,560

    Comparable in this City

    • Value Estimation
      $5,965,000
      56,867 SF

      725 Maple Rd

      REGIONAL SHOPPING CENTER, MALL • 56,867 SF
      725 Maple Rd, Birmingham, MI 48009-6355
      View Details
    • Value Estimation
      $1,305,000
      32,920 SF

      2121 Cole St

      REGIONAL SHOPPING CENTER, MALL • 32,920 SF
      2121 Cole St, Birmingham, MI 48009-7062
      View Details
    • Value Estimation
      $1,305,000
      32,920 SF

      2099 Cole St

      REGIONAL SHOPPING CENTER, MALL • 32,920 SF
      2099 Cole St, Birmingham, MI 48009-7062
      View Details
    • Value Estimation
      $1,435,000
      13,693 SF

      1120 Lincoln St

      REGIONAL SHOPPING CENTER, MALL • 13,693 SF
      1120 Lincoln St, Birmingham, MI 48009-7105
      View Details
    • Value Estimation
      $8,885,000
      84,711 SF

      597 Adams Rd

      REGIONAL SHOPPING CENTER, MALL • 84,711 SF
      597 Adams Rd, Birmingham, MI 48009-6756
      View Details
    • Value Estimation
      $2,065,000
      36,301 SF

      2211 Cole St

      REGIONAL SHOPPING CENTER, MALL • 36,301 SF
      2211 Cole St, Birmingham, MI 48009-7073
      View Details

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    2388 Cole St
    Birmingham, MI 48009-7021
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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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