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Property profile & analytics
OFF-MARKET
Estimated value
$1,130,000
Retail space
23900 Woodward Ave Pleasant Ridge, MI 48069-1134
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1796000
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1937
Total area
6,430 SF
Lot
0.24 ac (10,454 SF)
Zoning code
BI
APN
60-25-27-155-002
UPID
US43-1796000
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
Current use
Occupant on record · Public records
-
Motor City Tan Tanning Salon
-
Woodward Place Business Park
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.07M
Comparable Approach
Comparable
$938k
Blend (final)
Blend
$1.13M
Owner & transaction history
23900 Woodward Ave LLC · 3 yrs held
23900 Woodward Ave LLC
since 2023
Last sale
$1.2M
7 recorded transactions
Zoning & alternative use
BI · Pleasant Ridge, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.1M
+4.4%
Restaurant
$1.1M
+2.6%
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 Pleasant Ridge submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Pleasant Ridge 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
$1,305,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,155,000
6.5%
$1,065,000
7%
$990,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,085,000
Current use
COMMERCIAL (GENERAL)
$1,135,000
Change: +4% · Conversion: Easy
RESTAURANT
$1,115,000
Change: +3% · Conversion: Easy
MEDICAL BUILDING
$1,015,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$1.13M
Range $1.02M – $1.24M · ±10% · vs last sale $1.18M (Apr 27 2023)
Last sale anchor
$1.18M
Apr 27 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
$176 / 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
$15,435
Tax year 2023
Assessed value
$315,080
Assessed 2024
Previous assessed
$288,290
+9.3% YoY
Effective rate
4.90%
On assessed value
Total market value
$630,160
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1937
Heating
YES
Buildings
6
Stories
1
Units
1
Total area
6,430 SF
Lot
0.24 ac (10,454 SF)
Zoning code
BI
APN
60-25-27-155-002
UPID
US43-1796000
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
BI · Pleasant Ridge, MIZoning BI · permitted uses
BI · Pleasant Ridge, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.1M
RESTAURANT
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.0M
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
MEDICAL BUILDING
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
1937
Heating
YES
Stories
1
Buildings
6
Units
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
23900 Woodward Ave LLC
Entity
Mailing address
25600 WOODWARD AVE STE #206, ROYAL OAK, MI 48067-0945
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
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 27, 2023
$1,175,000
23900 Woodward Ave LLC
Steven Mills
Warranty Deed
$881,250 · Michigan Schools & Government Cu
Nov 24, 2020
—
Michigan Property LLC
—
Deed
related
$786,000 · First Community Bank
Feb 13, 2019
—
Michigan Property LLC
—
Deed
related
$276,500 · John Thabet
Feb 5, 2018
—
Michigan Property LLC
—
Deed
related
$165,405 · Garrett Austin Acquisitions &
Mar 21, 2017
—
Michigan Property LLC
—
Deed
related
$150,000 · Garrett Austin Acquisitions &
Mar 18, 2014
—
Michigan Property LLC
James Management Corp
Warranty Deed
—
—
—
Michigan Property LLC
—
Deed Of Trust
related
$276,500 · John Thabet
—
—
Michigan Property LLC
—
Deed Of Trust
related
$151,500 · John & Barbara Thabet
—
—
Michigan Property LLC
—
Deed Of Trust
related
$150,000 · Garrett Austin Acquisitions &
—
—
Michigan Property LLC
—
Deed Of Trust
related
$165,405 · Garrett Austin Acquisitions &
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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