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

    245 7th Mile Rd Detroit, MI 48203-1951

    • Auto shops
    • 5,734 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Jun 08, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1016139
    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

    • Auto shops

    Property Details for 245 7th Mile Rd

    Year built
    1960
    Lot size
    0.36 lot acres
    Property size
    5,734 SF
    Zone code
    B4
    Property type
    Auto shops
    APN
    01006949-57
    APU
    100694957

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1059
    Latitude
    42.432
    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
    2020
    $5,322
    $0.00
    $0.00
    $163,000
    -
    $0.00
    $0.00
    $326,000

    Comparable in this City

    • Value Estimation by Request
      3,360 SF

      13607 Hamilton Ave

      AUTO REPAIR, GARAGE • 3,360 SF
      13607 Hamilton Ave, Highland Park, MI 48203-3056
      View Details
    • Value Estimation by Request
      2,000 SF

      1021 State Fair

      AUTO REPAIR, GARAGE • 2,000 SF
      1021 State Fair, Highland Park, MI 48203-1215
      View Details
    • Value Estimation by Request
      3,713 SF

      20491 John R St

      AUTO REPAIR, GARAGE • 3,713 SF
      20491 John R St, Highland Park, MI 48203-1139
      View Details
    • Value Estimation by Request
      1,926 SF

      16070 Woodward Ave

      AUTO REPAIR, GARAGE • 1,926 SF
      16070 Woodward Ave, Highland Park, MI 48203-2903
      View Details
    • Value Estimation by Request
      2,945 SF

      19680 Woodward Ave

      AUTO REPAIR, GARAGE • 2,945 SF
      19680 Woodward Ave, Detroit, MI 48203-1528
      View Details
    • Value Estimation by Request
      3,880 SF

      18524 John R St

      AUTO REPAIR, GARAGE • 3,880 SF
      18524 John R St, Highland Park, MI 48203-2057
      View Details

    Similar Nearby for Sale

    • $499,999
      100 SF

      Detroit Commercial Property with Licenses

      Commercial property in Detroit with junkyard, dealer, and repair licenses.
      222 Warren St, Detroit, MI 48203
      View Details
    • $600,000

      Land for Development Opportunity

      Land suitable for development, ideal for fast food location.
      19700 Woodward Ave, Detroit, MI 48203
      View Details
    • $255,000

      Highland Park Manufacturing/Storage Opportunity

      Unique building near Woodward Ave, ideal for manufacturing or storage.
      15 Ferris St, Highland Park, MI 48203
      View Details
    • $1,200,000

      Portfolio Sale Development Opportunity

      Five parcels including buildings and parking lots on 1.7 acres.
      17105 Woodward Ave, Detroit, MI 48203
      View Details
    • $65,000
      2,500 SF

      Detroit Commercial Property For Sale

      Non-operational 5-bay car wash on a high-traffic Detroit lot.
      1750 E 7 Mile Rd, Detroit, MI 48203
      View Details
    • $400,000
      0.07 Acres

      Woodward Ave Mixed-Use Gem

      Detroit Investment Opportunity: High-Traffic Location
      17422 Woodward Ave, Detroit, MI 48203
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Highland Park Commercial Space Available

      Commercial space available in Highland Park, Michigan.
      14000 Woodward Ave, Detroit, MI 48203
      View Details
    • $15 SF/Yr
      122,430 SF

      Model T Plaza Retail Center

      Highland Park, MI Retail Space Available
      14004-14134 Woodward Ave, Highland Park, MI 48203
      View Details
    • $20 SF/Yr
      4,125 SF

      Highland Park Retail Storefront

      Prime Woodward Ave. Liquor Store Opportunity
      11744 Woodward Ave, Highland Park, MI 48203
      View Details
    • $14 SF/Yr
      4,286 SF

      Woodward Ave Retail Opportunity

      Freestanding Retail, High Visibility, 4,286 SF
      20404 Woodward Ave, Detroit, MI 48203
      View Details
    • $16 SF/Yr
      1,192 SF

      New Retail Space Available

      Newly constructed retail space with ample parking on a corner.
      18901-18931 W 7 Mile Rd, Detroit, MI 48203
      View Details
    • Contact for pricing
      6,564 SF

      Highland Park Retail Plaza

      Prime Retail Space, High Traffic Area
      12029 Woodward Ave, Highland Park, MI 48203
      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.
    245 7th Mile Rd
    Detroit, MI 48203-1951
    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.