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

    24600 Drake Rd Farmington Hills, MI 48335-2504

    • Industrial properties
    • 28,202 SF
    • 1.78 lot acres
    OFF-MARKET
    Value Estimations
    $1,260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1549018
    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

    • Industrial properties

    Property Details for 24600 Drake Rd

    Year built
    1978
    Lot size
    1.78 lot acres
    Property size
    28,202 SF
    Zone code
    II
    Property type
    Industrial properties
    APN
    22-23-21-351-001
    APU
    222321351001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,717,000
      Market price range: $1.62M - $3.07M

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington Hills
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3958
    Latitude
    42.472
    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
    $39,275
    $127,710
    $627,430
    $755,140
    -
    $255,420
    $1,254,860
    $1,510,280

    Comparable in this City

    • Value Estimation by Request
      6,750 SF

      23933-23975 Research Dr Unit

      Distribution properties • 6,750 SF
      23933-23975 Research Dr Unit, Farmington Hills, MI 48335
      View Details
    • Value Estimation
      $3,585,000
      72,750 SF

      22630 Haggerty Rd

      INDUSTRIAL (GENERAL) • 72,750 SF
      22630 Haggerty Rd, Farmington Hills, MI 48335-2649
      View Details
    • Value Estimation
      $4,505,000
      80,315 SF

      24175 Research Dr

      INDUSTRIAL (GENERAL) • 80,315 SF
      24175 Research Dr, Farmington Hills, MI 48335-2634
      View Details
    • Value Estimation
      $2,665,000
      54,838 SF

      24775 Crestview Ct

      INDUSTRIAL (GENERAL) • 54,838 SF
      24775 Crestview Ct, Farmington Hills, MI 48335-1507
      View Details
    • Value Estimation
      $4,945,000
      124,800 SF

      24120 Haggerty Rd

      INDUSTRIAL (GENERAL) • 124,800 SF
      24120 Haggerty Rd, Farmington Hills, MI 48335-2645
      View Details
    • Value Estimation
      $950,000
      20,089 SF

      38900 10th Mile Rd

      INDUSTRIAL (GENERAL) • 20,089 SF
      38900 10th Mile Rd, Farmington, MI 48335-2636
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,284 SF

      Farmington Hills Flex Space

      16,284 SF Flex Space, Great Freeway Access
      37483 Interchange Dr, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      33,789 SF

      Halsted Commerce Park: Farmington Hills Flex Space

      1-Story Flex Space, 15,132 SF, Excellent Location
      37840 Interchange Dr, Farmington, MI 48335
      View Details
    • $1,537,500
      12,300 SF

      Farmington Hills Industrial Property

      12,300 SF Office/Warehouse, $1.5M
      24351 Indoplex Cir, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      9,800 SF

      Farmington Hills Flex Space

      9,800 SF Flex Building, IRO Zoning
      37655 Interchange Dr, Farmington Hills, MI 48335
      View Details
    • $1,150,000
      15,170 SF

      Farmington Hills Flex Space For Sale

      15,170 SF Flex Building, $1.15M
      24435 Halsted Rd, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      66,036 SF

      Farmington Hills Industrial Flex Space

      66,036 SF Multi-Tenant Industrial Building
      37849 Interchange Dr, Farmington, MI 48335
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,500 SF

      Industrial Space in Farmington Hills

      Industrial property available for lease in Farmington Hills, Michigan.
      24034 Haggerty Rd, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      16,284 SF

      Farmington Hills Industrial Warehouse

      16,284 SF Warehouse/Flex Space Available
      37483 Interchange Dr, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      12,800 SF

      Freestanding Industrial Building For Rent

      Freestanding industrial building featuring heavy power and air-conditioned shop.
      37720 Interchange Dr, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      66,036 SF

      Farmington Warehouse Space for Lease

      Warehouse spaces available for lease in Farmington, Michigan.
      37849-37879 Interchange Dr, Farmington, MI 48335
      View Details
    • $8 SF/Yr
      20,265 SF

      Farmington Hills Warehouse Space

      20,265 sq ft warehouse space available for lease.
      23028 Commerce Dr, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      6,440 SF

      Farmington Hills Flex/Industrial Space

      6,440 SF flex/industrial space available for lease.
      23399 Commerce Dr, Farmington Hills, MI 48335
      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.
    24600 Drake Rd
    Farmington Hills, MI 48335-2504
    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.