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

    246 Main St Romeo, MI 48065-4618

    • Retail space
    • 1,703 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Jan 25, 2024
    $270,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1349759
    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 246 Main St

    Year built
    1970
    Lot size
    0.26 lot acres
    Property size
    1,703 SF
    Zone code
    VERIFY
    Property type
    Retail space
    APN
    27-01-35-379-003
    APU
    270135379003

    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
    Romeo
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0129
    Latitude
    42.804
    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
    2022
    $5,737
    $0.00
    $0.00
    $157,800
    -
    $0.00
    $0.00
    $315,600

    Comparable in this City

    • Value Estimation by Request
      460 SF

      152 Main St

      RETAIL STORES (PERSONAL SERVICES) • 460 SF
      152 Main St, Romeo, MI 48065-5169
      View Details
    • Value Estimation
      $1,060,000
      10,150 SF

      230 Saint Clair St

      RETAIL STORES (PERSONAL SERVICES) • 10,150 SF
      230 Saint Clair St, Romeo, MI 48065-5259
      View Details
    • Value Estimation by Request
      2,567 SF

      131 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,567 SF
      131 Main St, Romeo, MI 48065-5125
      View Details
    • Value Estimation by Request
      1,900 SF

      224 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,900 SF
      224 Main St, Romeo, MI 48065-4616
      View Details
    • Value Estimation by Request
      2,224 SF

      149 St Clair St

      Individual retail properties • 2,224 SF
      149 St Clair St, Romeo, MI 48065
      View Details
    • Value Estimation by Request
      1,865 SF

      123 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,865 SF
      123 Main St, Romeo, MI 48065-5125
      View Details

    Similar Nearby for Sale

    • $215,000
      1,143 SF

      Romeo Storefront - Event Venue

      Turn-key event space, high traffic area.
      70941 Van Dyke Rd, Romeo, MI 48065
      View Details
    • $240,000
      1,143 SF

      Commercial Property on Van Dyke Road

      Commercial property for sale in a high-traffic location.
      70941 Van Dyke Rd, Bruce, MI 48065
      View Details
    • $699,000
      3.21 Acres

      Beaver Creek Industrial Land Parcel

      3.21-Acre Industrial Lot, Shovel-Ready
      25 Beaver Crk Dr, Beaver Creek, MI 48065
      View Details
    • $82,000

      Updated Co-op Unit in Romeo

      Clean, updated 1 bed, 1 bath co-op in Romeo.
      419 Prospect 203, Romeo, MI 48065
      View Details
    • $425,000

      Romeo Specialty Property For Sale

      Specialty property available for purchase in Romeo, Michigan.
      261 S Main St, Romeo, MI 48065
      View Details
    • $699,000
      3 SF

      Industrial Lots for Sale

      Industrial lots available in new development with municipal services.
      Beaver Crk Subdivision -, Bruce Township, MI 48065
      View Details

    Similar Nearby for Lease

    • $1,300 /Mo

      Retail and Office Space Available

      Retail and office spaces for lease near downtown Romeo.
      71289 Van Dyke Ave, Romeo, MI 48065
      View Details
    • $2,520 /Mo

      Retail and Office Space Available

      Retail or office spaces for lease, anchored by CVS.
      71070 Van Dyke Ave, Romeo, MI 48065
      View Details
    • $15 SF/Yr
      76,438 SF

      Fiddler's Cove Shopping Center: Romeo, MI

      Retail & Office Space Available: Multiple Suites, High Visibility
      70920 Van Dyke Rd, Romeo, MI 48065
      View Details
    • $8 SF/Yr
      20,190 SF

      Romeo Industrial/Office Space for Lease

      20,190 SF Multi-Use Building in Romeo, MI
      15065 32 Mile Rd, Romeo, MI 48065
      View Details
    • $13 SF/Yr
      26,160 SF

      Industrial Space with Outside Storage

      Industrial property offering flexible space and outside storage options.
      Beaver Crk Dr, Bruce Twp, MI 48065
      View Details
    • $1,800 /Mo

      Historic Office Space in Romeo

      Charming historic office space suitable for medical or professional use.
      241 N Main St, Romeo, MI 48065
      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.
    246 Main St
    Romeo, MI 48065-4618
    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.