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    24850 Greenfield Rd Oak Park, MI 48237-1599
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    Property profile & analytics

    24850 Greenfield Rd, Oak Park, MI 48237-1599

    View on Map
    • Retail space
    • 14,563 SF
    • 1.67 lot acres
    Off-Market
    Property ID
    US43-1513827
    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.
    Value Estimations
    $2,355,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 24850 Greenfield Rd

    Year built
    2007
    Lot size
    1.67 lot acres
    Zone code
    PCD
    Property type
    Retail space
    APN
    52-25-30-101-040
    APU
    522530101040

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 10, 2026 — Greenfield 10 Mile Rac LLC Rac Greenfield 10 LLC Deed —
    Aug 23, 2018 — Rac Greenfield 10 LLC — Deed · related $3.4M · Citizens Bank NA
    May 21, 2009 — Rac Greenfield 10 LLC Greenfield-10 Mile LLC Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,990,000
      6.5%
      $2,760,000
      7%
      $2,560,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,651,000
      Market price range: $433k - $1.65M
      AI Estimate
      $2,647,000
      Market price range: $994k - $2.65M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,325,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2008
    Latitude
    42.4735
    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
    $59,309
    $81,700
    $749,800
    $831,500
    -
    $163,400
    $1,499,600
    $1,663,000

    Comparable in this City

    • Value Estimation by Request
      1,200 SF

      13925 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      13925 9th Mile Rd, Oak Park, MI 48237-2776
      View Details
    • Value Estimation
      $515,000
      4,620 SF

      25591 Coolidge Hwy

      RETAIL STORES (PERSONAL SERVICES)
      25591 Coolidge Hwy, Oak Park, MI 48237-1306
      View Details
    • Value Estimation by Request
      1,000 SF

      15401 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      15401 9th Mile Rd, Oak Park, MI 48237-2516
      View Details
    • Value Estimation by Request
      2,100 SF

      13805 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      13805 9th Mile Rd, Oak Park, MI 48237-2775
      View Details
    • Value Estimation by Request
      3,448 SF

      8220 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      8220 9th Mile Rd, Oak Park, MI 48237-2342
      View Details
    • Value Estimation by Request
      1,400 SF

      13835 9th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      13835 9th Mile Rd, Oak Park, MI 48237-2775
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,088 SF

      High-Visibility Commercial Space on 9 Mile

      5,088 SF commercial space on 9 Mile Road.
      10160 w Nine Mile Rd, Oak Park, MI 48237
      View Details
    • $225,000

      Oak Park Retail/Office Opportunity

      Vacant building in the heart of Oak Park, Michigan.
      10140-10150 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      2,840 SF

      Retail Space in Oak Park

      Established strip center location on Coolidge Hwy and Nine Mile.
      22121 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • Contact for pricing
      1,160 SF

      Oak Park Retail End Cap

      Retail space in Oak Park offering 1,160 SF.
      8100 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • Contact for pricing
      30,000 SF

      Established Hair Wig Brand For Sale

      Operating for 24 years, includes brand, trademarks, customer list.
      hair wig brand/distributor Well-Known, Oak Park, MI 48237
      View Details
    • $889,000

      Oak Park Commercial Building Opportunity

      High-potential commercial building in a booming business location.
      20800 Greenfield Rd, Oak Park, MI 48237
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,584 SF

      Oak Park Plaza Retail Space

      Retail space available in high-traffic Oak Park Plaza.
      23001 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • Contact for pricing
      7,930 SF

      Oak Park Retail Opportunity

      Former plasma center in dense, high-traffic Oak Park location.
      13770 W Nine Mile Rd, Oak Park, MI 48237
      View Details
    • $2,100 /Mo

      Retail/Office Space For Lease

      1,400 SF retail or office space with parking.
      26039 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • $2,200 /Mo

      Retail Space on Coolidge Avenue

      Retail space for lease in Oak Park, near I-696.
      26001 Coolidge Hwy, Oak Park, MI 48237
      View Details
    • Contact for pricing

      Retail Space in Oak Park

      Retail space available in established Oak Park shopping center.
      22100 Coolidge Hwy, Oak Park, MI 48237
      View Details

    Property Visit Statistics

    • Visits by month
      15.9k
    • Visitors by month
      10.7k
    • Avg Time on site
      6 min
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    Oak Park, MI 48237-1599
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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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    24850 Greenfield Rd, Oak Park, MI, 48237
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