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

    24401 Hoover Rd Warren, MI 48089-1969

    • Industrial properties
    • 7,200 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Oct 16, 2023
    $468,000
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    7.6%
    Industrial properties
    Location Intelligence
    Property ID
    US43-1590054
    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

    • Asset Logistics & Liquidations US / Pet Supply Store / Store

    Property Details for 24401 Hoover Rd

    Year built
    1969
    Lot size
    0.46 lot acres
    Property size
    7,200 SF
    Zone code
    MZ
    Property type
    Industrial properties
    APN
    12-13-27-276-021
    APU
    121327276021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $485,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $615,000
      6.5%
      $570,000
      7%
      $530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $509,000
      Market price range: $249k - $721k
      AI Estimate
      $509,000
      Market price range: $249k - $721k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $475,000
      Current use
      OFFICE BUILDING
      $685,000
      Change: +43% Conversion: Difficult
      RESTAURANT
      $620,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $580,000
      Change: +22% Conversion: Difficult
      RETAIL STORES
      $570,000
      Change: +20% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $495,000
      Change: +4% Conversion: Easy
      WAREHOUSE, STORAGE
      $485,000
      Change: +2% Conversion: Easy
      COMMERCIAL (GENERAL)
      $470,000
      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
    -83.0067
    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
    $5,765
    $0.00
    $0.00
    $141,610
    -
    $0.00
    $0.00
    $283,220

    Comparable in this City

    • Value Estimation by Request
      88,609 SF

      114055-11445 Stephens Rd

      Distribution properties • 88,609 SF
      114055-11445 Stephens Rd, Warren, MI 48089
      View Details
    • Value Estimation by Request
      19.31 Acres

      12345 9th Mile Rd

      INDUSTRIAL (GENERAL) • 19.31 Acres
      12345 9th Mile Rd, Warren, MI 48089-2614
      View Details
    • Value Estimation by Request

      24075 Hoover Rd

      INDUSTRIAL (GENERAL)
      24075 Hoover Rd, Warren, MI 48089-1931
      View Details
    • Value Estimation by Request
      0.30 Acres

      23820 Hoover Rd

      INDUSTRIAL (GENERAL) • 0.30 Acres
      23820 Hoover Rd, Warren, MI 48089-1943
      View Details
    • Value Estimation by Request
      2,560 SF

      14230 9th Mile Rd

      INDUSTRIAL (GENERAL) • 2,560 SF
      14230 9th Mile Rd, Warren, MI 48089-2758
      View Details
    • Value Estimation by Request
      1.85 Acres

      14038 Brainbridge Ave

      INDUSTRIAL (GENERAL) • 1.85 Acres
      14038 Brainbridge Ave, Warren, MI 48089-1452
      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
    • $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
    • $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
    • $8,000,000
      88,609 SF

      Warren Industrial Property: 88,609 SF

      Spacious Michigan manufacturing/warehouse
      114055-11445 Stephens Rd, Warren, MI 48089
      View Details
    • $850,000
      11,357 SF

      Prime Warren Manufacturing Facility

      11,357 SF Industrial Building - $850K
      11804 Nine Mile Rd, Warren, MI 48089
      View Details
    • $225,000
      1.44 Acres

      Warren Industrial Land - $225,000

      1.44-acre M-2 zoned industrial lot
      14171 10 Mile Rd, Warren, MI 48089
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      12,172 SF

      Crane-Equipped Standalone Industrial Facility

      Clean, crane-equipped industrial facility available for lease.
      24392 Gibson Dr, Warren, MI 48089
      View Details
    • $3 SF/Yr
      76,704 SF

      Industrial Space with Heavy Power

      Two-story industrial space suitable for various purposes.
      26155 Groesbeck Hwy, 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
    • $10 SF/Yr
      10,800 SF

      Clean Warehouse with Updated Lighting

      Well-maintained 10,800 SF warehouse with offices and heavy power.
      14124 10 Mile Rd, Warren, MI 48089
      View Details
    • Contact for pricing

      Warren Warehouse/Shop Space For Lease

      Warehouse/shop space suitable for machine shop, auto repair, landscaping.
      23900 Amber Ave, 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.
    24401 Hoover Rd
    Warren, MI 48089-1969
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.