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Property profile & analytics
OFF-MARKET
Estimated value
$740,000
Office buildings
24350 Joy Rd, Redford, MI 48239-1200
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1490006
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1970
Construction
BRICK
Total area
10,880 SF
Lot
0.53 ac (23,087 SF)
APN
79 048 03 0101 001
UPID
US43-1490006
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$540k
Blend (final)
Blend
$740k
Owner & transaction history
Elated Housing LLC · 3 yrs held
Elated Housing LLC
since 2023
Last sale
$800,000
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.0M
+48.9%
Commercial (general)
$995,000
+48.1%
Restaurant
$995,000
+48.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Redford submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Redford submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,015,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$670,000
Current use
RETAIL STORES
$1,000,000
Change: +49% · Conversion: Moderate
COMMERCIAL (GENERAL)
$995,000
Change: +48% · Conversion: Easy
RESTAURANT
$995,000
Change: +48% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$825,000
Change: +23% · Conversion: Difficult
MEDICAL BUILDING
$685,000
Change: +2% · Conversion: Easy
Blend value · Realmo final
$740k
Range $666k – $814k · ±10% · vs last sale $800k (Jan 17 2023)
Last sale anchor
$800k
Jan 17 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$68 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2019Property tax & assessments
Tax year 2019
Tax billed
$13,787
Tax year 2019
Assessed value
$208,000
Assessed 2024
Previous assessed
$205,900
+1.0% YoY
Effective rate
6.63%
On assessed value
Total market value
$416,000
Applied tax rate
82,140.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1970
Construction
BRICK
Heating
FORCED AIR
Cooling
CENTRAL
Stories
2
Bathrooms
6
Total area
10,880 SF
Lot
0.53 ac (23,087 SF)
APN
79 048 03 0101 001
UPID
US43-1490006
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$670,000
RETAIL STORES
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$995,000
RESTAURANT
Est. value
$995,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$825,000
MEDICAL BUILDING
Est. value
$685,000
OFFICE BUILDING Current
RETAIL STORES
COMMERCIAL (GENERAL)
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1970
Construction
BRICK
Heating
FORCED AIR
Cooling
Yes
Stories
2
Bathrooms
6
Lot
0.53 ac
Current owner
From public records · entity-resolved
Elated Housing LLC
Entity
Mailing address
33006 7TH MILE RD #277, LIVONIA, MI 48152-1358
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 17, 2023
$800,000
Elated Housing LLC
16515 Investment LLC
Warranty Deed
$600,000 · Michigan Schools & Government Cu
May 20, 2020
—
16515 Investment LLC
Enk Investment Co
Warranty Deed
$200,000 · R A Szymczak Properties LLC
May 17, 2017
$250,000
16515 Investment LLC
Enk Investment Co LLC
Land Contract
$200,000 · Enk Investment Co LLC
Jan 27, 2005
—
Enk Investment Co LLC
Enk Investment
Quit Claim Deed
related
$375,000 · Comerica Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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