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

    24501 7th Mile Rd Detroit, MI 48219

    • Retail space
    • 17,640 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2020
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1204662
    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

    • Retail space

    Property Details for 24501 7th Mile Rd

    Year built
    1957
    Lot size
    0.66 lot acres
    Property size
    17,640 SF
    Zone code
    B4
    Property type
    Retail space
    APN
    22016747-52
    APU
    2201674752

    Description

    This exceptional commercial property, located at 24501 W 7 Mile Rd, Detroit, MI 48219, presents a unique investment opportunity. Situated on a generous 2.2-acre lot, this single-tenant building boasts 17,640 square feet of space, perfect for a variety of uses. Built in 1957, the single-story structure is zoned commercial and features a convenient location south of 7 Mile Road and west of Fenton. The property's APN is 2201674752. Its versatility makes it ideal for businesses seeking a large footprint. The property's size and zoning offer significant potential for adaptive reuse, particularly given its suitability for daycare centers or event spaces, as suggested by its previous use. The building's single-tenant occupancy provides a streamlined operational structure. This prime Detroit location offers excellent visibility and accessibility, making it an attractive proposition for businesses seeking a strong presence in a vibrant community. All measurements are approximate and should be independently verified. This property is ready for a new chapter, offering a blank canvas for a discerning investor or business owner. The property's substantial size and strategic location combine to create a compelling investment opportunity with significant upside potential. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,089,000
      Market price range: $633k - $2.96M
      AI Estimate
      $1,089,000
      Market price range: $633k - $2.96M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,610,000
      RESTAURANT
      $1,610,000
      AUTO REPAIR, GARAGE
      $1,540,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2835
    Latitude
    42.4284
    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
    $8,728
    $0.00
    $0.00
    $206,700
    -
    $0.00
    $0.00
    $413,400

    Comparable in this City

    • Value Estimation by Request
      1,917 SF

      18437 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,917 SF
      18437 8th Mile Rd, Detroit, MI 48219-1520
      View Details
    • Value Estimation by Request
      5,158 SF

      20301 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,158 SF
      20301 7th Mile Rd, Detroit, MI 48219-3407
      View Details
    • Value Estimation
      $760,000
      7,761 SF

      20400 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,761 SF
      20400 7th Mile Rd, Detroit, MI 48219-3471
      View Details
    • Value Estimation
      $635,000
      4,140 SF

      21700 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,140 SF
      21700 7th Mile Rd, Detroit, MI 48219-1809
      View Details
    • Value Estimation by Request
      3,972 SF

      19445 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,972 SF
      19445 7th Mile Rd, Detroit, MI 48219-2719
      View Details
    • Value Estimation by Request
      1,324 SF

      20655 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,324 SF
      20655 Grand Riv Ave, Detroit, MI 48219-3917
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $1,250 /Mo
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      Detroit Retail Space For Rent

      Retail space available in Detroit, suitable for various businesses.
      17200 Lahser Rd, Detroit, MI 48219
      View Details
    • $900 /Mo

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      Established location suitable for retail or events. Updated building.
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      View Details
    • $1,200 /Mo
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      Detroit Retail Space For Rent

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    • $8 SF/Yr
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      Retail Space on West 7 Mile

      Versatile retail space in Evergreen Pointe East, Detroit.
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    • $6,000 /Mo
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      Detroit Retail Space on Telegraph

      Retail space with prime exposure and frontage on Telegraph Road.
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    • $12 SF/Yr
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      Retail Space at Evergreen Pointe

      Retail space with visibility on West 7 Mile Road.
      20400 W 7 Mile Rd, Detroit, MI 48219
      View Details
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    24501 7th Mile Rd
    Detroit, MI 48219
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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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