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Property profile & analytics
OFF-MARKET
Estimated value
$1,920,000
Strip malls
24520 12th Mile Rd, Southfield, MI 48034-1207
Individually Owned
19-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-0047912
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2007
Total area
16,000 SF
Lot
1.29 ac (56,192 SF)
Zoning code
B-3
APN
76-24-08-451-009
UPID
US43-0047912
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
$2.22M
Blend (final)
Blend
$1.92M
Owner & transaction history
Louie Barbat · 19 yrs held
Louie Barbat
since 2007
3 recorded transactions
Zoning & alternative use
B-3 · Southfield, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.8M
+89.3%
Restaurant
$2.8M
+86.0%
Auto repair, garage
$2.0M
+31.7%
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 Southfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Southfield 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,490,000
Current use
COMMERCIAL (GENERAL)
$2,820,000
Change: +89% · Conversion: Easy
RESTAURANT
$2,770,000
Change: +86% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,960,000
Change: +32% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,295,000
Change: -13% · Conversion: Difficult
OFFICE BUILDING
$1,265,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$1.92M
Range $1.73M – $2.11M · ±10%
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
$120 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$64,004
Tax year 2022
Assessed value
$1,726,070
Assessed 2022
Previous assessed
$1,726,070
+0.0% YoY
Effective rate
3.71%
On assessed value
Assessed land
$139,080
Assessed improvement
$1,586,990
Land market value
$278,160
Improvement market value
$3,173,980
Total market value
$3,452,140
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2007
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
1
Total area
16,000 SF
Lot
1.29 ac (56,192 SF)
Zoning code
B-3
APN
76-24-08-451-009
UPID
US43-0047912
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
B-3 · Southfield, MI
Zoning B-3 · permitted uses
B-3 · Southfield, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Southfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$2.8M
RESTAURANT
Est. value
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.0M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
OFFICE 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
2007
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
1.29 ac
Current owner
From public records · entity-resolved
Louie Barbat
Individual
Free & Clear · 19 yrs held
Mailing address
28995 TELEGRAPH RD, SOUTHFIELD, MI 48034-7509
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2019
—
24520 Twelve Mile Southfield LLC
—
Deed
related
$3,473,000 · The Huntington National Bank
Jan 10, 2007
$185,085
Louie Barbat
Lutfy,paul & Michelle
Warranty Deed
—
Aug 8, 2006
—
Paul Lutfy
Gorman Golf Products INC
Warranty Deed
—
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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