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    24061 10th Mile Rd Southfield, MI 48033-3005
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    Property profile & analytics

    24061 10th Mile Rd Southfield, MI 48033-3005

    View on Map
    • Retail space
    • 5,767 SF
    • 0.23 lot acres
    Off-Market
    Last Sale Jan 14, 2022
    $322,000
    Property ID
    US43-0229329
    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

    • Utica Bankruptcy Solutions / Consultant

    Property Details for 24061 10th Mile Rd

    Year built
    1968
    Lot size
    0.23 lot acres
    Property size
    5,767 SF
    Zone code
    I-1
    Property type
    Retail space
    APN
    76-24-29-227-003
    APU
    762429227003

    Description

    This exceptional Southfield, MI property, located at 24061 W. 10 Mile Road, offers 1,915 square feet of combined retail and office space for lease. The single-story building, constructed in 1968, boasts a total of 5,767 square feet and is situated on a highly visible location on W. 10 Mile Road, just east of Telegraph Road. The property features a newly renovated façade, enhancing its curb appeal and attracting potential customers. With its I-1 Industrial zoning, this space presents a versatile opportunity for a variety of businesses. The building includes five parking spaces for tenant and customer convenience. The property benefits from its strategic location, surrounded by a significant number of residential units, ensuring a substantial customer base. This is a rare opportunity to lease space in a well-maintained building with excellent visibility in a thriving Southfield commercial area. The property is under new ownership, signifying a commitment to maintaining and improving the property for tenants. The remaining 1,915 square feet is ready for immediate occupancy. Contact us today to schedule a viewing.

    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
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2801
    Latitude
    42.4716
    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
    $10,414
    $32,560
    $126,610
    $159,170
    -
    $65,120
    $253,220
    $318,340

    Comparable in this City

    • Value Estimation
      $10,460,000
      61,867 SF

      25189 Lahser Rd

      RETAIL STORES (PERSONAL SERVICES) • 61,867 SF
      25189 Lahser Rd, Southfield, MI 48033-5869
      View Details
    • Value Estimation by Request
      3,114 SF

      24691 Telegraph Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,114 SF
      24691 Telegraph Rd, Southfield, MI 48033-3035
      View Details
    • Value Estimation by Request
      5,910 SF

      22525 Telegraph Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,910 SF
      22525 Telegraph Rd, Southfield, MI 48033-4106
      View Details
    • Value Estimation
      $2,125,000
      11,398 SF

      24660 Lahser Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,398 SF
      24660 Lahser Rd, Southfield, MI 48033-3239
      View Details
    • Value Estimation
      $525,000
      9,900 SF

      25992 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,900 SF
      25992 8th Mile Rd, Southfield, MI 48033-5915
      View Details
    • Value Estimation by Request
      2,400 SF

      24210 10th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      24210 10th Mile Rd, Southfield, MI 48033-3039
      View Details

    Similar Nearby for Sale

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      Established Pizza Shop Business

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    Similar Nearby for Lease

    • $2,500 /Mo
      1,350 SF

      Southfield Retail Space For Rent

      1350 SF retail space with frontage on Telegraph Road.
      26400 Telegraph Rd, Southfield, MI 48033
      View Details
    • $2,000 /Mo
      1,340 SF

      Southfield Retail Space For Rent

      Commercial property in a high-traffic location, ideal for business.
      24070 W 10 Mile Rd, Southfield, MI 48033
      View Details
    • Contact for pricing

      Southfield Retail Space Available

      Retail space for lease in Ten-Tel Plaza, Southfield, MI.
      24486 W 10 Mile Rd, Southfield, MI 48033
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      Retail Space Available For Lease

      Retail spaces available for lease on Telegraph Road.
      25239 Telegraph Rd, Southfield, MI 48033
      View Details
    • Contact for pricing

      Prime Retail Space Available

      Highly visible retail space with ample parking and signage.
      22506 Telegraph Rd, Southfield, MI 48033
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    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 1,350 square feet.
      26424 Telegraph Rd, Southfield, MI 48033
      View Details
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    Southfield, MI 48033-3005
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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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    24061 10th Mile Rd, Southfield, MI, 48033
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