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

    24530 Michigan Ave Dearborn, MI 48124-1711

    • Medical offices
    • 4,337 SF
    • 0.32 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0315508
    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

    • Ramsey Hammoud / Orthopedic Surgeon
    • The Dearborn Hills Surgical Institute / Hearing Aid Store / Otolaryngologist
    • Dr. Nouha Alammar, DO / Otolaryngologist
    • Kibit & Smith PLLC / Certified Public Accountant

    Property Details for 24530 Michigan Ave

    Year built
    1954
    Lot size
    0.32 lot acres
    Property size
    4,337 SF
    Zone code
    BB
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    82 09 204 08 010
    APU
    820920408010

    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
    Dearborn
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2771
    Latitude
    42.2991
    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
    $8,858
    $0.00
    $0.00
    $299,500
    -
    $0.00
    $0.00
    $599,000

    Comparable in this City

    • Value Estimation by Request
      10,050 SF

      23874 Kean St

      MEDICAL BUILDING • 10,050 SF
      23874 Kean St, Dearborn, MI 48124-1851
      View Details
    • Value Estimation by Request
      4,285 SF

      2814 Monroe St

      MEDICAL BUILDING • 4,285 SF
      2814 Monroe St, Dearborn, MI 48124-3473
      View Details
    • Value Estimation by Request
      5,888 SF

      861 Monroe St

      MEDICAL BUILDING • 5,888 SF
      861 Monroe St, Dearborn, MI 48124-2308
      View Details
    • Value Estimation by Request
      2,517 SF

      2100 Monroe St

      MEDICAL BUILDING • 2,517 SF
      2100 Monroe St, Dearborn, MI 48124-2923
      View Details
    • Value Estimation by Request
      1,950 SF

      1637 Monroe St

      MEDICAL BUILDING • 1,950 SF
      1637 Monroe St, Dearborn, MI 48124-2912
      View Details
    • Value Estimation by Request
      2,954 SF

      1711 Monroe St

      MEDICAL BUILDING • 2,954 SF
      1711 Monroe St, Dearborn, MI 48124-2914
      View Details

    Similar Nearby for Sale

    • $499,900

      Modern Commercial Space in Dearborn

      Built in 2022, ideal for restaurant, medical, or retail.
      3764 Monroe St, Dearborn, MI 48124
      View Details
    • $598,900
      4,336 SF

      Dearborn Heights Stand Alone Building

      Prime stand alone building in Dearborn Heights Downtown West.
      1103 Washington St, Dearborn, MI 48124
      View Details
    • $749,900

      Commercial Property on Michigan Avenue

      Commercial property near downtown Dearborn with high visibility and versatile space.
      25217 Michigan Ave, Dearborn, MI 48124
      View Details
    • $499,999

      West Dearborn Undeveloped Land Opportunity

      Half-acre land parcel in West Dearborn, offering great exposure.
      22620 Newman St, Dearborn, MI 48124
      View Details
    • $89,900

      Dearborn Hills Buildable Lot

      Buildable lot in Dearborn Hills, east side of Telegraph.
      425 S Telegraph Rd, Dearborn, MI 48124
      View Details
    • $4,700,000

      Commercial Land For Sale

      Commercial land available for sale.
      3250 Pelham St, Dearborn, MI 48124
      View Details

    Similar Nearby for Lease

    • $3,575 /Mo

      Downtown Dearborn Office Space Available

      Professional office space for lease in Downtown West Dearborn.
      22190 Garrison St, Dearborn, MI 48124
      View Details
    • $3,500 /Mo

      Corner Unit Office/Medical Space

      Versatile 2,026 sq ft office/medical space for lease.
      20251 Carlysle St, Dearborn, MI 48124
      View Details
    • $1,800 /Mo

      Medical Office Space Available

      Professional building with fully equipped medical suite for lease.
      23100 Cherry Hill St, Dearborn, MI 48124
      View Details
    • $100 SF/Yr

      West Dearborn Office Space Available

      Office space for lease in prime West Dearborn area.
      2119 Monroe St, Dearborn, MI 48124
      View Details
    • $3,500 /Mo

      Turnkey Medical Suite in Dearborn

      Modern medical suite with five plumbed exam rooms available for rent.
      22720 Michigan Ave, Dearborn, MI 48124
      View Details
    • $3,000 /Mo

      West Dearborn Office Space Available

      Well-maintained office space in prime West Dearborn location.
      23930 Michigan Ave, Dearborn, MI 48124
      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.
    24530 Michigan Ave
    Dearborn, MI 48124-1711
    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.