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    Property profile & analytics

    24758 Southfield Rd Southfield, MI 48075

    • Strip malls
    • 4,515 SF
    • 0.16 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1503199
    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

    • United HealthCare / Food Market / Farmer's Market
    • My Good Life Fitness / Gym & Fitness Center

    Property Details for 24758 Southfield Rd

    Year built
    1962
    Lot size
    0.16 lot acres
    Property size
    4,515 SF
    Zone code
    B-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    76-24-25-102-002
    APU
    762425102002

    Description

    This exceptional industrial property, located at 24758 Southfield Road in Southfield, Michigan, offers a compelling investment opportunity. The property encompasses a substantial 4,515 square feet of space situated on a 0.17-acre lot. Its strategic location in the heart of Southfield provides easy access to major freeways, ensuring convenient transportation and logistics. Currently configured as a private gym, the property's versatile layout presents significant potential for a wide range of businesses. A key advantage is the inclusion of an additional parcel at 24572 Southfield Road, significantly expanding the usable area and offering added flexibility for development or expansion. Ample parking is available on-site, catering to both employees and clients. The asking price for this exceptional property is $449,000. This presents a rare chance to acquire a well-situated industrial property in a thriving Southfield location, offering immediate occupancy and significant upside potential. The combination of size, location, and the inclusion of a second parcel makes this an attractive proposition for discerning investors and business owners seeking a strategic foothold in a high-demand area.

    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
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2205
    Latitude
    42.4722
    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
    $7,909
    $23,400
    $172,080
    $195,480
    -
    $46,800
    $344,160
    $390,960

    Comparable in this City

    • Value Estimation
      $930,000
      8,000 SF

      25110 Evergreen Rd

      SHOPPING CENTER, STRIP CENTER • 8,000 SF
      25110 Evergreen Rd, Southfield, MI 48075-1759
      View Details
    • Value Estimation by Request
      8,176 SF

      21969 9th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 8,176 SF
      21969 9th Mile Rd, Southfield, MI 48075-3267
      View Details
    • Value Estimation
      $2,005,000
      17,619 SF

      25203 Evergreen Rd

      SHOPPING CENTER, STRIP CENTER • 17,619 SF
      25203 Evergreen Rd, Southfield, MI 48075-1735
      View Details
    • Value Estimation
      $1,280,000
      3,223 SF

      24785 Southfield Rd

      SHOPPING CENTER, STRIP CENTER • 3,223 SF
      24785 Southfield Rd, Southfield, MI 48075-2750
      View Details
    • Value Estimation
      $1,250,000
      12,000 SF

      18280 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 12,000 SF
      18280 10th Mile Rd, Southfield, MI 48075-2648
      View Details
    • Value Estimation
      $1,085,000
      20,300 SF

      15600 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 20,300 SF
      15600 10th Mile Rd, Southfield, MI 48075-2147
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      122 SF

      Cornerstone Plaza Retail Redevelopment

      Retail redevelopment underway with national tenants and outlot opportunities.
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      36,000 SF

      Southfield Office Redevelopment Opportunity

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    • $240,000
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      Versatile Building in Southfield, MI

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      16931 W 10 Mile Rd, Southfield, MI 48075
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      Versatile Building Ready for Business

      Turnkey 1,208 sq ft building suitable for various businesses.
      16931 W 10 Mile Rd, Southfield, MI 48075
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    • $1,199,999
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      Southfield Office Building For Sale

      Prime location, 4,836 sq ft, vacant, move-in ready.
      24725 Greenfield Rd, Southfield, MI 48075
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    • $375,000
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      Southfield Office Building For Sale

      Office building with 12,056 square feet of space.
      23555 Northwestern Hwy, Southfield, MI 48075
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    Similar Nearby for Lease

    • $17 SF/Yr
      8,800 SF

      West Ten Mile Rd Retail Center

      Southfield, MI: 8,800 SF Retail Space Available
      18203 10 Mile Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      22,900 SF

      Southfield Retail Plaza Opportunity

      Prime Southfield location, 22,900 SF available.
      23647-23881 Greenfield Rd, Southfield, MI 48075
      View Details
    • $10 SF/Yr
      36,000 SF

      Southfield Office Space Available

      36,000 SF Office Building, Flexible Zoning
      18000 Eight Mile Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      104,650 SF

      Greenfield Plaza: Retail Space Available

      104,650 SF Retail Space - Oakland County
      22555 Greenfield Plz, Southfield, MI 48075
      View Details
    • $5,000 /Mo

      Versatile Space in Farmington Hills

      Adaptable space suitable for office, retail, and more.
      18000 W 8 Mile Rd, Farmington Hills, MI 48075
      View Details
    • $20 SF/Yr
      3,015 SF

      Prime Southfield Road Commercial Space

      3,015 SF commercial space with high visibility and flexible zoning.
      24758 Southfield Rd, Southfield, MI 48075
      View Details
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    Southfield, MI 48075
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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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