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

    24445 Drake Rd Farmington Hills, MI 48335-2556

    • Grocery and convenience stores
    • 43,982 SF
    • 5.12 lot acres
    OFF-MARKET
    Value Estimations
    $6,930,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0142329
    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

    • Grocery and convenience stores

    Property Details for 24445 Drake Rd

    Year built
    2000
    Lot size
    5.12 lot acres
    Property size
    43,982 SF
    Zone code
    BI
    Property type
    Grocery and convenience stores
    APN
    22-23-20-476-009
    APU
    222320476009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,890,000
      6.5%
      $7,280,000
      7%
      $6,760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,679,000
      Market price range: $3.99M - $17.9M
      AI Estimate
      $4,829,000
      Market price range: $2.43M - $9.20M

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington Hills
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3974
    Latitude
    42.4711
    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
    $120,520
    $670,200
    $1,673,580
    $2,343,780
    -
    $1,340,400
    $3,347,160
    $4,687,560

    Comparable in this City

    • Value Estimation
      $710,000
      4,458 SF

      38350 10th Mile Rd

      GROCERY, SUPERMARKET • 4,458 SF
      38350 10th Mile Rd, Farmington, MI 48335-2804
      View Details
    • Value Estimation by Request
      899 SF

      37410 Grand Riv Ave

      GROCERY, SUPERMARKET • 899 SF
      37410 Grand Riv Ave, Farmington, MI 48335-2826
      View Details
    • Value Estimation
      $1,180,000
      15,586 SF

      24385 Halsted Rd

      GROCERY, SUPERMARKET • 15,586 SF
      24385 Halsted Rd, Farmington Hills, MI 48335-1609
      View Details
    • Value Estimation by Request
      2,069 SF

      38171 10th Mile Rd

      GROCERY, SUPERMARKET • 2,069 SF
      38171 10th Mile Rd, Farmington, MI 48335-2803
      View Details
    • Value Estimation
      $975,000
      3,160 SF

      35355 Grand Riv Ave

      GROCERY, SUPERMARKET • 3,160 SF
      35355 Grand Riv Ave, Farmington, MI 48335-3270
      View Details
    • Value Estimation
      $610,000
      1,983 SF

      37375 Grand Riv Ave

      GROCERY, SUPERMARKET • 1,983 SF
      37375 Grand Riv Ave, Farmington, MI 48335-2820
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Well-located building with showroom and expansion opportunity.
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      33,789 SF

      Farmington Industrial Property For Sale

      Industrial property with quick access to major highways.
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    • $1,704,000
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      Warehouse with Truckwell For Sale

      Well-maintained 14,200 sq ft warehouse with truckwell in Farmington Hills.
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      66,036 SF

      Industrial Building For Sale

      Industrial building with flexible leasing options available in Farmington, MI.
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    Similar Nearby for Lease

    • $4,500 /Mo

      Grand River Avenue Retail/Office Space

      Retail and office spaces available for lease on Grand River.
      33419 Grand River Ave, Farmington, MI 48335
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    • $20 SF/Yr
      1,600 SF

      Retail Space in Farmington Hills

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    • Contact for pricing
      25,288 SF

      Farmington Hills Commercial Property

      6.5-acre lot, 25,288 sq ft building
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    • Contact for pricing

      Office and Retail Space Available

      Office and retail spaces with prominent signage and private entrances.
      Farmington, MI 48335
      View Details
    • $16 SF/Yr
      10,000 SF

      Drakeshire Plaza Retail Opportunity

      Grand River Ave. Shopping Center - 6 Spaces Available
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      View Details
    • Contact for pricing
      8,266 SF

      Farmington Retail Space - Grand River Ave.

      Prime Farmington location, 8,266 sq ft, B-3 zoning.
      35080 Grand River Ave, Farmington, MI 48335
      View Details
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    24445 Drake Rd
    Farmington Hills, MI 48335-2556
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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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