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    Property profile & analytics

    2398 Franklin Rd Bloomfield Hills, MI 48302-0334

    • Super regional malls
    • 10,740 SF
    • 0.98 lot acres
    OFF-MARKET
    Value Estimations
    $1,125,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4223618
    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 2398 Franklin Rd

    Year built
    1985
    Lot size
    0.98 lot acres
    Property size
    10,740 SF
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    C -19-05-476-102
    APU
    C1905476102

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,491,000
      Market price range: $600k - $1.49M
      AI Estimate
      $762,000
      Market price range: $252k - $762k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,000,000
      Current use
      RESTAURANT
      $1,860,000
      Change: +86% Conversion: Difficult
      RETAIL STORES
      $1,815,000
      Change: +81% Conversion: Easy
      MEDICAL BUILDING
      $1,695,000
      Change: +70% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,315,000
      Change: +32% Conversion: Difficult
      OFFICE BUILDING
      $1,260,000
      Change: +26% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $870,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomfield Hills
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2881
    Latitude
    42.6034
    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
    $21,635
    $0.00
    $0.00
    $800,600
    -
    $0.00
    $0.00
    $1,601,200

    Comparable in this City

    • Value Estimation
      $4,355,000
      41,527 SF

      4055 Telegraph Rd

      REGIONAL SHOPPING CENTER, MALL • 41,527 SF
      4055 Telegraph Rd, Bloomfield Hills, MI 48302-2035
      View Details
    • Value Estimation
      $945,000
      9,710 SF

      1079 Long Lk Rd, Unit 1087

      REGIONAL SHOPPING CENTER, MALL • 9,710 SF
      1079 Long Lk Rd, Bloomfield Hills, MI 48302-2015
      View Details
    • Value Estimation
      $1,850,000
      17,628 SF

      2125 Telegraph Rd Ste F

      REGIONAL SHOPPING CENTER, MALL • 17,628 SF
      2125 Telegraph Rd Ste F, Bloomfield Hills, MI 48302-0249
      View Details
    • Value Estimation
      $8,405,000
      89,442 SF

      43061 Woodward Ave

      REGIONAL SHOPPING CENTER, MALL • 89,442 SF
      43061 Woodward Ave, Bloomfield Hills, MI 48302-5012
      View Details
    • Value Estimation
      $640,000
      6,111 SF

      1681 Telegraph Rd, Unit 1687

      REGIONAL SHOPPING CENTER, MALL • 6,111 SF
      1681 Telegraph Rd, Bloomfield Hills, MI 48302-0049
      View Details
    • Value Estimation
      $5,800,000
      55,269 SF

      2053 Telegraph Rd, Unit 2067

      REGIONAL SHOPPING CENTER, MALL • 55,269 SF
      2053 Telegraph Rd, Bloomfield Hills, MI 48302-0248
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space in Bloomfield Hills

      Shopping center space in upscale Bloomfield Hills neighborhood near hospital.
      43313 Woodward Ave, Bloomfield Hills, MI 48302
      View Details
    • Contact for pricing

      Retail Space in CVS Anchored Center

      Retail space available in a CVS anchored shopping center.
      42934 Woodward Ave, Bloomfield Township, MI 48302
      View Details
    • $300,000
      1.00 Acre

      Buildable Lot with Lake Views

      Buildable lot with lake views in Bloomfield Hills, Michigan.
      0003 Klingensmith Rd, Bloomfield Hills, MI 48302
      View Details
    • $359,900
      0.75 Acres

      Bloomfield Hills Vacant Land

      0.75-acre lot in Bloomfield Township with existing home.
      1085 Frankel Ln, Bloomfield Hills, MI 48302
      View Details
    • $999,999
      0.61 Acres

      Bloomfield Hills Lakefront Land Opportunity

      Premium homesite with all-sports lake frontage in gated community.
      1729 Heron Ridge Dr, Bloomfield Hills, MI 48302
      View Details
    • $300,000
      1.00 Acre

      Buildable Lot with Lake Views

      0.78 acre buildable lot with lake views in Bloomfield Hills.
      0001 Klingensmith Rd, Bloomfield Hills, MI 48302
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,035 SF

      Retail Space in Bloomfield Hills

      Retail space available in high-traffic Bloomfield Town Square.
      2125 S Telegraph Rd, Bloomfield Hills, MI 48302
      View Details
    • Contact for pricing

      Former Gym on Telegraph Road

      Two-story former LA Fitness with diverse recreational amenities.
      2050 S Telegraph Rd, Bloomfield Hills, MI 48302
      View Details
    • $19 SF/Yr
      4,989 SF

      Bloomfield Township Executive Suites

      Premium Office Space, Michigan
      1760 Telegraph Rd, Bloomfield Township, MI 48302
      View Details
    • Contact for pricing

      Bloomfield Hills Office Space

      Office space available for lease in Bloomfield Hills, Michigan.
      1760 S Telegraph Rd, Bloomfield Hills, MI 48302
      View Details
    • Contact for pricing

      Bloomfield Hills Office Space Available

      Office space for rent in a centralized, convenient location.
      2600 S Telegraph Rd, Bloomfield Hills, MI 48302
      View Details
    • $18 SF/Yr
      6,603 SF

      Bloomfield Hills Office Space Available

      Office suites available in well-maintained Bloomfield Hills building.
      2350 Franklin Rd, Bloomfield Hills, MI 48302
      View Details

    Property Visit Statistics

    • Visits by month
      1.0k
    • Visitors by month
      828
    • Avg Time on site
      36 min
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    Bloomfield Hills, MI 48302-0334
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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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