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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    24761 7th Mile Rd Detroit, MI 48219-7604

    • Grocery and convenience stores
    • 4,066 SF
    • 0.71 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2024
    $700,000
    Value Estimations
    $815,000
    Show details
    Cap Rate Potential
    7.7%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-3596361
    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

    • Grocery and convenience stores

    Property Details for 24761 7th Mile Rd

    Year built
    1996
    Lot size
    0.71 lot acres
    Property size
    4,066 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    22016759-60
    APU
    2201675960

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $700,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $895,000
      6.5%
      $825,000
      7%
      $765,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,130,000
      Market price range: $487k - $1.29M
      AI Estimate
      $1,130,000
      Market price range: $487k - $1.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $420,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2858
    Latitude
    42.4283
    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
    2020
    $30,366
    $0.00
    $0.00
    $450,400
    -
    $0.00
    $0.00
    $900,800

    Comparable in this City

    • Value Estimation by Request
      1,152 SF

      23891 Mcnichols Rd

      CONVENIENCE STORE • 1,152 SF
      23891 Mcnichols Rd, Detroit, MI 48219-3124
      View Details
    • Value Estimation by Request
      4,119 SF

      24031 7th Mile Rd

      CONVENIENCE STORE • 4,119 SF
      24031 7th Mile Rd, Detroit, MI 48219-1608
      View Details
    • Value Estimation by Request
      2,668 SF

      22645 8th Mile Rd

      CONVENIENCE STORE • 2,668 SF
      22645 8th Mile Rd, Detroit, MI 48219-1122
      View Details
    • Value Estimation by Request
      4,070 SF

      24555 Mcnichols Rd

      CONVENIENCE STORE • 4,070 SF
      24555 Mcnichols Rd, Detroit, MI 48219-3654
      View Details
    • Value Estimation
      $125,000
      5,412 SF

      20630 7th Mile Rd

      CONVENIENCE STORE • 5,412 SF
      20630 7th Mile Rd, Detroit, MI 48219-2581
      View Details
    • Value Estimation
      $205,000
      4,180 SF

      18685 8th Mile Rd

      CONVENIENCE STORE • 4,180 SF
      18685 8th Mile Rd, Detroit, MI 48219-1522
      View Details

    Similar Nearby for Sale

    • $150,000
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      Detroit Retail Property with Parking

      Family-owned deli with parking lot for sale in Detroit.
      18244 W Seven Mile Rd, Detroit, MI 48219
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    • $1,000,000
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      Detroit Gas Stations Portfolio

      Five gas stations for sale in Detroit, investment or owner/operator.
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    • $83,500

      Updated Retail Property on McNichols

      Retail property with updated facade and interior features.
      19618 W Mcnichols Rd, Detroit, MI 48219
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    • $48,900

      Main Street Retail/Office Opportunity

      Main street location suitable for retail, office, or service business.
      18935 W 7 Mile Rd, Detroit, MI 48219
      View Details
    • $65,000
      3,166 SF

      W 7 Mile Road Retail Opportunity

      Detroit Retail/Office Rehab - $65,000
      20534 Seven Mile Rd, Detroit, MI 48219
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    • $2,200,000

      Gas Station, Audio, Mechanic Opportunity

      Gas station, audio shop, and mechanic shop for sale.
      20630 W 7 Mile Rd, Detroit, MI 48219
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    Similar Nearby for Lease

    • $1,250 /Mo
      4,457 SF

      Detroit Retail Space For Rent

      Retail space available in Detroit, suitable for various businesses.
      17200 Lahser Rd, Detroit, MI 48219
      View Details
    • $1,200 /Mo
      1,400 SF

      Detroit Retail Space For Rent

      B2-zoned 1400 sqft retail space suitable for barber shop/salon.
      18246 W Mcnichols Rd, Detroit, MI 48219
      View Details
    • $8 SF/Yr
      1,734 SF

      Retail Space on West 7 Mile

      Versatile retail space in Evergreen Pointe East, Detroit.
      20338 W 7 Mile Rd, Detroit, MI 48219
      View Details
    • $900 /Mo

      Retail or Event Space Available

      Established location suitable for retail or events. Updated building.
      18926 W Mcnichols Rd, Detroit, MI 48219
      View Details
    • $6,000 /Mo
      6,168 SF

      Detroit Retail Space on Telegraph

      Retail space with prime exposure and frontage on Telegraph Road.
      16136 Telegraph Rd, Detroit, MI 48219
      View Details
    • $12 SF/Yr
      1,692 SF

      Retail Space at Evergreen Pointe

      Retail space with visibility on West 7 Mile Road.
      20400 W 7 Mile Rd, Detroit, MI 48219
      View Details
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    24761 7th Mile Rd
    Detroit, MI 48219-7604
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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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