Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    24 Mile Rd Macomb, MI 48042
    Back to Search
    Property profile & analytics

    24 Mile Rd Macomb, MI 48042

    View on Map
    • Industrial land
    • 6.30 lot acres
    Off-Market
    Property ID
    US43-1952111
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Portable Toilet Rental / Building Supply

    Property Details for 24 Mile Rd

    Lot size
    6.30 lot acres
    Zone code
    AG
    Property type
    Industrial land
    APN
    20-08-18-100-005
    APU
    200818100005

    Description

    This exceptional 70.95-acre parcel presents a remarkable investment opportunity in Macomb County, Michigan. Located on 24 Mile Road in the desirable Macomb Township, this property boasts prime residential zoning, allowing for up to 3 units per acre, offering significant development potential. The land is ideally situated adjacent to a recently constructed subdivision, benefiting from existing infrastructure and established community amenities. Its strategic location directly across from Macomb Township's master-planned downtown district positions it for exceptional future appreciation. This rapidly growing market offers a compelling case for long-term investment and development. The property's expansive size and versatile zoning make it suitable for a variety of residential projects, from single-family homes to multi-family dwellings. With its convenient access to major roadways and proximity to thriving commercial centers, this land offers both immediate and long-term value. The asking price is $2,979,000. The property's 48042 zip code further underscores its location within a highly sought-after area of Macomb County. This is a rare opportunity to acquire a substantial land holding in a dynamic and expanding community. Detailed zoning information and development guidelines are readily available upon request. Don't miss this chance to secure a piece of Macomb County's promising future.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Macomb
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9722
    Latitude
    42.6824
    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
    2022
    $1,081
    $0.00
    $0.00
    $69,300
    -
    $0.00
    $0.00
    $138,600

    Comparable in this City

    • Value Estimation by Request
      2.28 Acres

      Leone Dr

      INDUSTRIAL - VACANT LAND • 2.28 Acres
      Leone Dr, Macomb, MI 48042
      View Details
    • Value Estimation by Request
      23.04 Acres

      24545 21st Mile Rd

      INDUSTRIAL - VACANT LAND • 23.04 Acres
      24545 21st Mile Rd, Macomb, MI 48042
      View Details
    • Value Estimation by Request
      3.72 Acres

      15825 23rd Mile Rd

      INDUSTRIAL - VACANT LAND • 3.72 Acres
      15825 23rd Mile Rd, Macomb, MI 48042-4002
      View Details
    • Value Estimation by Request
      1.12 Acres

      15799 Leone Dr

      INDUSTRIAL - VACANT LAND • 1.12 Acres
      15799 Leone Dr, Macomb, MI 48042-4006
      View Details
    • Value Estimation by Request
      2.45 Acres

      51015 Quadrate Dr

      INDUSTRIAL - VACANT LAND • 2.45 Acres
      51015 Quadrate Dr, Macomb, MI 48042-4053
      View Details
    • Value Estimation by Request

      51795 Regency Ctr Dr

      INDUSTRIAL - VACANT LAND
      51795 Regency Ctr Dr, Macomb, MI 48042-4133
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Industrial Land Build to Suit

      Industrial land with build to suit opportunity in Macomb Township.
      Build to Suit Milano St, Macomb Township, MI 48042
      View Details
    • Contact for pricing
      15,000 SF

      Industrial Parcel for Sale

      1.15-acre industrial parcel suitable for a 10,000-15,000 SF building.
      1.15-Acre Erb Dr, Macomb, MI 48042
      View Details
    • Contact for pricing

      Commercial Land on Hard Corner

      Five-acre commercial land parcel suitable for various uses.
      23510 26 Mile Rd, Macomb, MI 48042
      View Details
    • Contact for pricing

      Macomb Land For Sale

      Land available for sale in Macomb, Michigan.
      16701 25 Mile Rd, Macomb, MI 48042
      View Details
    • $220,000
      4.97 Acres

      Macomb Twp Vacant Land

      4.97 acre vacant land parcel in Macomb Twp, Michigan.
      Macomb Twp, MI 48042
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Macomb Township Land Opportunity

      2.25 acre land for ground lease or build-to-suit.
      45550 N Gratiot Ave, Macomb, MI 48042
      View Details
    • $7 SF/Yr
      20,000 SF

      Groesbeck North Warehouse Space

      10,000 SF Warehouse, Excellent Location
      46705 Erb Dr, Macomb, MI 48042
      View Details
    • Contact for pricing

      New Multi-Tenant Industrial Building

      Newly constructed industrial building available for lease.
      17243 Leone Dr, Macomb, MI 48042
      View Details
    • Contact for pricing

      Refurbished Duplex Building For Lease

      Refurbished duplex building with office and shop areas available for lease.
      15695-15721 Leone Dr, Macomb, MI 48042
      View Details
    • Contact for pricing

      Macomb Centre Plaza Retail Space

      Retail space available at Macomb Centre Plaza in Macomb.
      51058 Romeo Plank Rd, Macomb, MI 48042
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24 Mile Rd
    Macomb, MI 48042
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    24 Mile Rd, Macomb, MI, 48042
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!