Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    24350 Hoover Rd Warren, MI 48089-1972

    • Flex space
    • 66,783 SF
    • 2.31 lot acres
    OFF-MARKET
    Value Estimations
    $5,240,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1717246
    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

    • Flex space

    Property Details for 24350 Hoover Rd

    Year built
    1967
    Lot size
    2.31 lot acres
    Property size
    66,783 SF
    Zone code
    M-2
    Property type
    Flex space
    APN
    12-13-26-151-001
    APU
    121326151001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,241,000
      Market price range: $2.31M - $6.69M
      AI Estimate
      $5,241,000
      Market price range: $2.31M - $6.69M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,430,000
      Current use
      OFFICE BUILDING
      $6,330,000
      Change: +43% Conversion: Difficult
      RESTAURANT
      $5,770,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $5,385,000
      Change: +22% Conversion: Difficult
      RETAIL STORES
      $5,295,000
      Change: +20% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,605,000
      Change: +4% Conversion: Easy
      WAREHOUSE, STORAGE
      $4,505,000
      Change: +2% Conversion: Easy
      COMMERCIAL (GENERAL)
      $4,350,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0053
    Latitude
    42.4739
    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
    $51,878
    $0.00
    $0.00
    $1,456,280
    -
    $0.00
    $0.00
    $2,912,560

    Comparable in this City

    • Value Estimation by Request
      600 SF

      22714 Schoenherr Rd

      LIGHT INDUSTRIAL • 600 SF
      22714 Schoenherr Rd, Warren, MI 48089-2752
      View Details
    • Value Estimation
      $660,000
      8,636 SF

      24440 Gibson Dr

      LIGHT INDUSTRIAL • 8,636 SF
      24440 Gibson Dr, Warren, MI 48089-4311
      View Details
    • Value Estimation by Request
      8,600 SF

      22875 Globe Ave

      LIGHT INDUSTRIAL • 8,600 SF
      22875 Globe Ave, Warren, MI 48089-3716
      View Details
    • Value Estimation
      $4,095,000
      46,274 SF

      23507 Groesbeck Hwy

      LIGHT INDUSTRIAL • 46,274 SF
      23507 Groesbeck Hwy, Warren, MI 48089-4253
      View Details
    • Value Estimation
      $6,225,000
      102,466 SF

      21535 Hoover Rd

      LIGHT INDUSTRIAL • 102,466 SF
      21535 Hoover Rd, Warren, MI 48089-3159
      View Details
    • Value Estimation
      $15,615,000
      155,916 SF

      21590 Hoover Rd

      LIGHT INDUSTRIAL • 155,916 SF
      21590 Hoover Rd, Warren, MI 48089-3160
      View Details

    Similar Nearby for Sale

    • $450,000
      1,433 SF

      Warren Warehouse: Prime M2 Location

      1,433 SF Warehouse, $450K, M2 Zoning
      23594 Hoover Rd, Warren, MI 48089
      View Details
    • $850,000
      11,357 SF

      Industrial Facility with Cranes

      11,357 SF manufacturing facility with cranes for sale.
      11084 E 9 Mile Rd, Warren, MI 48089
      View Details
    • $315,000
      2,055 SF

      Warren Industrial Building - Prime Location

      Updated Industrial Building, Great Visibility, Ample Parking
      21511 Van Dyke Ave, Warren, MI 48089
      View Details
    • $375,000
      3,450 SF

      Welding Shop Business and Property

      Thriving welding shop with real estate and equipment for sale.
      13118 E Nine Mile Rd, Warren, MI 48089
      View Details
    • $495,000
      5,420 SF

      Industrial Property on Schoenherr Road

      5,420 SF industrial property with excellent exposure for sale.
      23040 Schoenherr Rd, Warren, MI 48089
      View Details
    • $34,500,000
      237,245 SF

      Lipari Foods Headquarters & Distribution

      237,425 SF NNN leased facility in Detroit MSA.
      26661 Bunert Rd, Warren, MI 48089
      View Details

    Similar Nearby for Lease

    • $4,958 /Mo

      Industrial Facility with Office Space

      Well-equipped commercial/industrial facility with modern amenities and heavy-duty infrastructure.
      13920 E 9 Mile Rd Rd, Warren, MI 48089
      View Details
    • $7 SF/Yr
      32,170 SF

      Warren Crane Facility For Lease

      32,170 SF crane facility with office space available for lease.
      13780 E 11 Mile Rd, Warren, MI 48089
      View Details
    • $16 SF/Yr
      17,500 SF

      Industrial Space in Emerald Business

      Industrial space suitable for cannabis grow, processing, or transport.
      21445 Hoover Rd, Warren, MI 48089
      View Details
    • $8 SF/Yr
      22,174 SF

      Forterra Industrial Park: Warren, MI

      Modern R&D Space Available in Warren
      24435-24900 10 Mile Rd, Warren, MI 48089
      View Details
    • $8 SF/Yr
      55,313 SF

      Warren Shopping Plaza: Retail & Office Space

      Prime Macomb County location, multiple suites available.
      13344-13488 Eleven Mile Rd, Warren, MI 48089
      View Details
    • Contact for pricing
      40,946 SF

      Warren Commercial Land - 0.94 Acres

      Prime Macomb County location, build-to-suit opportunity.
      25058 Schoenherr Rd, Warren, MI 48089
      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.
    24350 Hoover Rd
    Warren, MI 48089-1972
    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

    Google sign-in failed. Please try again or use another login method.