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    Property profile & analytics

    24056 Pilgrim Redford, MI 48239

    • Office buildings
    • 707 SF
    • 0.12 lot acres
    For Sale
    View listing
    $199,000
    Last Sale
    Jan 12, 2022
    $50,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0425759
    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

    • Office buildings

    Property Details for 24056 Pilgrim

    Year built
    1939
    Lot size
    0.12 lot acres
    Property size
    707 SF
    Property type
    Office buildings
    APN
    79 016 01 0017 001
    APU
    79016010017001

    Description

    This exceptional commercial property, located at 24056 Pilgrim Street in Redford, Michigan, presents a unique investment opportunity. The 707-square-foot building sits on a 0.12-acre lot at the corner of Telegraph and Pilgrim, boasting 100 feet of frontage on the high-traffic Telegraph Road. Previously used as office space, the building has been thoroughly updated and is ready for immediate occupancy. Its versatile design makes it suitable for a variety of commercial uses. A significant advantage is the inclusion of a dedicated parking lot, ensuring convenient access for employees and clients. The property's strategic location offers excellent visibility and accessibility, making it an ideal choice for businesses seeking a prominent presence in a busy commercial area. Furthermore, an adjacent 0.28-acre vacant commercial lot at 0000 Telegraph Road is available for purchase separately for $100,000, presenting the potential to expand the property footprint to a total of 0.40 acres on prime Telegraph Road. This combined offering provides a rare opportunity to acquire a substantial commercial holding in a high-demand location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $60,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $71,000
      Market price range: $18.0k - $71.9k
      AI Estimate
      $71,000
      Market price range: $18.5k - $71.9k

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

    Location Insight

    • Map
    • Local Demand
    City
    Redford
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2774
    Latitude
    42.4059
    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
    2019
    $2,034
    $0.00
    $0.00
    $30,700
    -
    $0.00
    $0.00
    $61,400

    Comparable in this City

    • Value Estimation by Request
      3,635 SF

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      6,816 SF

      27056 Joy Rd

      OFFICE BUILDING • 6,816 SF
      27056 Joy Rd, Redford, MI 48239-1949
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      870 SF

      25718 Schoolcraft

      OFFICE BUILDING • 870 SF
      25718 Schoolcraft, Redford, MI 48239-2631
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      24251 Acacia

      OFFICE BUILDING • 64,257 SF
      24251 Acacia, Redford, MI 48239-2850
      View Details
    • Value Estimation by Request
      1,000 SF

      26629 Plymouth Rd

      OFFICE BUILDING • 1,000 SF
      26629 Plymouth Rd, Redford, MI 48239-2216
      View Details
    • Value Estimation
      $135,000
      1,540 SF

      25517 5th Mile Rd

      OFFICE BUILDING • 1,540 SF
      25517 5th Mile Rd, Redford, MI 48239-3228
      View Details

    Similar Nearby for Sale

    • $150,000

      Corner Commercial Building on Telegraph

      Commercial building with parking lot in high-traffic area.
      24056 Pilgrim, Redford, MI 48239
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      High-Visibility Commercial Property on Warren

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    • $2,500,000
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      Updated commercial building with high traffic and parking lot.
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    • $239,900
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      Redford Commercial Building For Sale

      Commercial building in excellent condition, suitable for multiple uses.
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    • $410,000

      Executive Office Suite in Redford

      Prime Redford Office Space, $410,000
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    Similar Nearby for Lease

    • $3,500 /Mo

      High-Visibility Office Space Available

      Well-maintained office space with high traffic and signage potential.
      23842 Joy Rd, Redford, MI 48239
      View Details
    • $950 /Mo

      Remodeled Salon and Office Suites

      Multi-suite space with utilities included and on-site management.
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      Former Bank Building on Five Mile

      Prime commercial space in Redford, suitable for various businesses.
      26095 5 Mile Rd, Redford, MI 48239
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    • $6 SF/Yr
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      Pinnacle Logistics Park: Redford, MI

      Rare Infill Warehouse Space For Lease in Redford
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    • $2 SF/Yr
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      Industrial Space Near Major Freeways

      Up to 60,000 SF available near Southfield and Jeffries Freeways.
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    • $5,800 /Mo
      6,919 SF

      Renovated Industrial Building with Storage

      Renovated industrial building with fenced outside storage and covered parking.
      15580 Telegraph Rd, Redford, MI 48239
      View Details
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    24056 Pilgrim
    Redford, MI 48239
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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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