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    Property profile & analytics

    23940 Gibraltar Rd Flat Rock, MI 48134

    • Auto shops
    • 3,222 SF
    • 1.39 lot acres
    For Sale
    View listing
    $125,000
    Last Sale
    Apr 06, 2023
    $240,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4180779
    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

    • Auto shops

    Property Details for 23940 Gibraltar Rd

    Year built
    1954
    Lot size
    1.39 lot acres
    Property size
    3,222 SF
    Property type
    Auto shops
    APN
    58 098 99 0019 002
    APU
    58098990019002

    Description

    This exceptional 0.77-acre commercial property, located at 23940 Gibraltar Road in Flat Rock, Michigan, presents a unique investment opportunity. The property boasts a 3,222 square foot retail building constructed in 1954 and renovated in 1961, currently operating at 100% occupancy. The single-story building sits on a sizable lot, offering significant potential for expansion or redevelopment. Priced at $125,000, this translates to a price per square foot of $3.73 and a compelling land value of $162,338 per acre. The property's strategic location near I-75 in Wayne County, Michigan, ensures high visibility and accessibility, benefiting from strong demographics and impressive traffic counts. The O1 zoning designation provides flexibility for various commercial uses. The APN is 58-098-99-0019-002. This property is ideal for investors seeking a strong return on investment in a prime location with significant upside potential. The zip code is 48134.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $220,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $209,000
      Market price range: $156k - $351k
      AI Estimate
      $209,000
      Market price range: $156k - $351k

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

    Location Insight

    • Map
    • Local Demand
    City
    Flat Rock
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2653
    Latitude
    42.0956
    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
    $5,872
    $0.00
    $0.00
    $102,500
    -
    $0.00
    $0.00
    $205,000

    Comparable in this City

    • Value Estimation by Request
      2,010 SF

      26260 Gibraltar Rd

      AUTO REPAIR, GARAGE • 2,010 SF
      26260 Gibraltar Rd, Flat Rock, MI 48134-1520
      View Details
    • Value Estimation by Request
      954 SF

      28915 Telegraph Rd

      AUTO REPAIR, GARAGE • 954 SF
      28915 Telegraph Rd, Flat Rock, MI 48134-1513
      View Details
    • Value Estimation
      $130,000
      5,743 SF

      27530 Telegraph Rd

      AUTO REPAIR, GARAGE • 5,743 SF
      27530 Telegraph Rd, Flat Rock, MI 48134-1610
      View Details
    • Value Estimation
      $115,000
      1,428 SF

      27512 Telegraph Rd

      AUTO REPAIR, GARAGE • 1,428 SF
      27512 Telegraph Rd, Flat Rock, MI 48134-1610
      View Details
    • Value Estimation by Request
      3,124 SF

      28935 Telegraph Rd

      AUTO REPAIR, GARAGE • 3,124 SF
      28935 Telegraph Rd, Flat Rock, MI 48134-1513
      View Details
    • Value Estimation by Request
      5,709 SF

      26813 Telegraph Rd

      AUTO REPAIR, GARAGE • 5,709 SF
      26813 Telegraph Rd, Flat Rock, MI 48134-1656
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,000 SF

      Retail Space Near Major Businesses

      2,000 SF retail space with high visibility location.
      27342 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • $375,000
      111,111 SF

      Telegraph Rd Commercial Redevelopment

      Flat Rock, MI Retail Investment Opportunity
      0 Telegraph Rd, Flat Rock, MI 48134
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    • $399,000
      4,000 SF

      Freestanding Building in Downtown Flatrock

      4,000 SF building with frontage on Telegraph Road.
      15005 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • $169,900
      2,020 SF

      Flat Rock Commercial Opportunity

      Commercial building on high-traffic West Road, Flat Rock.
      23344 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • $125,000
      0.77 Acres

      Flat Rock Retail Property - $125K

      High-traffic retail land, I-75 proximity.
      23940 Gibraltar Rd, Flat Rock, MI 48134
      View Details
    • $575,000
      Pending

      Flat Rock Retail Opportunity

      8,575 SF building on 0.96 acres in Flat Rock.
      28418 Telegraph Rd, Flat Rock, MI 48134
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo

      Turnkey Auto Body Mechanic Shop

      Fully equipped auto body and mechanic shop for lease.
      23940 Gibraltar Rd, Flat Rock, MI 48134
      View Details
    • Contact for pricing

      Flat Rock Commercial Property

      Commercial property available for rent in Flat Rock, Michigan.
      28801 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • Contact for pricing

      Flat Rock Retail Opportunity

      Retail, automotive, and parking spaces available for lease.
      27340 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • Contact for pricing
      15,280 SF

      Retail Space in Gibraltar Plaza

      Retail space available in well-located Flat Rock shopping center.
      24637 Gibraltar Rd, Flat Rock, MI 48134
      View Details
    • $15 SF/Yr
      1,085 SF

      Retail Units on Telegraph Road

      Retail spaces available on a signalized hard corner.
      25000-25120 Telegraph Rd, Flat Rock, MI 48134
      View Details
    • $8 SF/Yr
      135,739 SF

      Flat Rock Plaza Retail Center

      High-traffic retail space available in Flat Rock, MI
      27313-27419 Telegraph Rd, Flat Rock, MI 48134
      View Details
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    Flat Rock, MI 48134
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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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