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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    24255 13th Mile Rd Bingham Farms, MI 48025-4320

    • Office buildings
    • 38,762 SF
    • 3.09 lot acres
    OFF-MARKET
    Value Estimations
    $4,435,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0265032
    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 24255 13th Mile Rd

    Year built
    2000
    Lot size
    3.09 lot acres
    Property size
    38,762 SF
    Zone code
    BI
    Property type
    Office buildings
    APN
    TB-24-08-226-040
    APU
    TB2408226040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,256,000
      Market price range: $2.77M - $6.46M
      AI Estimate
      $3,613,000
      Market price range: $1.21M - $5.32M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,545,000
      Current use
      COMMERCIAL (GENERAL)
      $6,830,000
      Change: +50% Conversion: Easy
      RESTAURANT
      $6,710,000
      Change: +48% Conversion: Moderate
      RETAIL STORES
      $6,545,000
      Change: +44% Conversion: Moderate
      MEDICAL BUILDING
      $6,120,000
      Change: +35% Conversion: Easy
      AUTO REPAIR, GARAGE
      $4,750,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bingham Farms
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2836
    Latitude
    42.5151
    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
    $70,137
    $0.00
    $0.00
    $2,093,440
    -
    $0.00
    $0.00
    $4,186,880

    Comparable in this City

    • Value Estimation by Request
      522,000 SF

      30700 Telegraph Rd

      Office space • 522,000 SF
      30700 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • Value Estimation
      $1,910,000
      18,573 SF

      26111 14th Mile Rd Ste, Unit 201

      OFFICE BUILDING • 18,573 SF
      26111 14th Mile Rd Ste, Franklin, MI 48025-1171
      View Details
    • Value Estimation
      $1,780,000
      17,654 SF

      31455 Southfield Rd

      OFFICE BUILDING • 17,654 SF
      31455 Southfield Rd, Beverly Hills, MI 48025-5470
      View Details
    • Value Estimation
      $12,090,000
      176,141 SF

      30150 Telegraph Rd

      OFFICE BUILDING • 176,141 SF
      30150 Telegraph Rd, Bingham Farms, MI 48025-4519
      View Details
    • Value Estimation
      $40,440,000
      544,945 SF

      30600 Telegraph Rd

      OFFICE BUILDING • 544,945 SF
      30600 Telegraph Rd, Bingham Farms, MI 48025-4530
      View Details
    • Value Estimation by Request
      3,793 SF

      16205 14th Mile Rd

      OFFICE BUILDING • 3,793 SF
      16205 14th Mile Rd, Beverly Hills, MI 48025-3324
      View Details

    Similar Nearby for Sale

    • $1,025,000
      0.78 Acres

      Beverly Hills Development Site

      0.78-acre prime development land.
      18189 Gould Ct, Beverly Hills, MI 48025
      View Details
    • $699,000
      2.05 Acres

      Franklin Vacant Land Opportunity

      2+ acre residential land in desirable Franklin location.
      31050 Briarcliff Rd, Franklin, MI 48025
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    • $4,500,000
      7.01 Acres

      Rare 7-Acre Vacant Land Parcel

      Exceptional 7-acre parcel in Bingham Farms, suitable for development.
      23301 W 14 Mile Rd, Bingham Farms, MI 48025
      View Details
    • Contact for pricing
      97 SF

      The Corners Shopping Center

      Shopping center with strong anchor stores and high traffic exposure.
      17600-17740 Southfield Rd, Franklin, MI 48025
      View Details
    • $1,025,000

      Beverly Hills Mixed-Use Parcel

      Prime 0.78-acre parcel suitable for residential, commercial, or office development.
      18189-18207 Gould Ct, Bingham Farms, MI 48025
      View Details
    • $999,000
      2.19 Acres

      Land with River Frontage

      Vacant land with existing renovated home and river frontage.
      24924 Riverwood Dr, Bingham Farms, MI 48025
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    Similar Nearby for Lease

    • $16 SF/Yr
      522,000 SF

      Bingham Farms Office Space Available

      Prime Office Suites, Bingham Farms, MI
      30700 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • $16 SF/Yr
      522,000 SF

      Bingham Farms Office Space Available

      Full-service office building with move-in ready suites and ample parking.
      30600 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • Contact for pricing

      Bingham Farms Office Space Available

      Full-service office building with flexible layouts and central location.
      30150 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • Contact for pricing

      Full Service Office Building

      Office building with cafeteria, conference room, on-site management, and security.
      30300 Telegraph Rd, Bingham Farms, MI 48025
      View Details
    • $22 SF/Yr
      3,866 SF

      Executive Office Suite in Beverly Hills

      Prestigious Franklin Road Office Space Available
      32440 Franklin Rd, Franklin, MI 48025
      View Details
    • $17 SF/Yr
      13,472 SF

      Beverly Hills Office/Medical Space

      Office or medical space with excellent access and storage.
      31000 Lahser Rd, Bingham Farms, MI 48025
      View Details
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    24255 13th Mile Rd
    Bingham Farms, MI 48025-4320
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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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