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

    24851 Harper Ave Saint Clair Shores, MI 48080-1240

    • Turn key restaurants
    • 2,780 SF
    • 0.27 lot acres
    OFF-MARKET
    Last Sale
    Mar 24, 2021
    $420,000
    Value Estimations
    $470,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1530278
    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

    • Wong's Garden / Chinese Restaurant / Restaurant

    Property Details for 24851 Harper Ave

    Year built
    1954
    Lot size
    0.27 lot acres
    Property size
    2,780 SF
    Zone code
    B-1
    Property type
    Turn key restaurants
    APN
    09-14-27-105-095
    APU
    91427105095

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $505,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $377,000
      Market price range: $241k - $655k
      AI Estimate
      $377,000
      Market price range: $241k - $655k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $395,000
      Current use
      MEDICAL BUILDING
      $340,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Saint Clair Shores
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9028
    Latitude
    42.4786
    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
    $12,229
    $0.00
    $0.00
    $183,500
    -
    $0.00
    $0.00
    $367,000

    Comparable in this City

    • Value Estimation by Request
      1,767 SF

      23107 Harper Ave

      RESTAURANT • 1,767 SF
      23107 Harper Ave, Saint Clair Shores, MI 48080-1401
      View Details
    • Value Estimation by Request
      4,056 SF

      22411 Greater Mack Ave

      RESTAURANT • 4,056 SF
      22411 Greater Mack Ave, Saint Clair Shores, MI 48080-2011
      View Details
    • Value Estimation by Request
      6,426 SF

      23410 Greater Mack Ave

      RESTAURANT • 6,426 SF
      23410 Greater Mack Ave, Saint Clair Shores, MI 48080-3424
      View Details
    • Value Estimation by Request
      2,241 SF

      23500 Greater Mack Ave

      RESTAURANT • 2,241 SF
      23500 Greater Mack Ave, Saint Clair Shores, MI 48080-3425
      View Details
    • Value Estimation by Request
      13,097 SF

      23722 Jefferson Ave

      RESTAURANT • 13,097 SF
      23722 Jefferson Ave, Saint Clair Shores, MI 48080-1522
      View Details
    • Value Estimation by Request
      1,900 SF

      22230 Greater Mack Ave

      RESTAURANT • 1,900 SF
      22230 Greater Mack Ave, Saint Clair Shores, MI 48080-2303
      View Details

    Similar Nearby for Sale

    • $2,071,429
      6,375 SF

      Citizens Bank NNN Lease Investment

      Michigan Bank: Strong Lease, High ROI
      21800 Greater Mack Ave, St. Clair Shores, MI 48080
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    • $8,970,000

      Retail Property For Sale

      Retail property available for purchase in Saint Clair Shores, MI.
      25015 Little Mack Ave, Saint Clair Shores, MI 48080
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    • $325,000
      1,784 SF

      St. Clair Shores Commercial Property

      Commercial property with salon and apartment in St. Clair Shores.
      22210 Harper Ave, St Clair Shores, MI 48080
      View Details
    • $1,695,000
      12,996 SF

      St. Clair Shores Office Building

      Multi-tenant office building in desirable St. Clair Shores/Grosse Pointe location.
      22100 Greater Mack Ave, Saint Clair Shores, MI 48080
      View Details
    • $250,000

      Land Parcel in High-Traffic Area

      Land parcel suitable for development or investment in prime location.
      24201 Little Mack Ave, St Clair Shores, MI 48080
      View Details
    • $250,000

      Land Parcel in High-Traffic Area

      Land parcel suitable for development or investment in St. Clair Shores.
      24205 Little Mack Ave, St Clair Shores, MI 48080
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      2,200 SF

      Restaurant Space in High-Traffic Area

      Fully built-out bar and restaurant space for lease.
      24235-24311 Harper Ave, Saint Clair Shores, MI 48080
      View Details
    • Contact for pricing
      6,651 SF

      Jefferson Ave Executive Suites

      St. Clair Shores office space, 1,392-5,259 sq ft.
      24317 Jefferson Ave, St. Clair Shores, MI 48080
      View Details
    • Contact for pricing
      2,532 SF

      Retail Development with Drive-Thru Potential

      New retail development with drive-thru opportunity in St Clair Shores.
      24300 Harper Ave, Saint Clair Shores, MI 48080
      View Details
    • $699,000
      3,216 SF

      Three-Unit Strip Center For Rent

      Three-unit strip center for rent on Harper Avenue.
      22400-22410 Harper Ave, Saint Clair Shores, MI 48080
      View Details
    • $10 SF/Yr
      4,000 SF

      High Exposure Retail Location

      Retail spaces available near I-94 with excellent parking.
      20010 E 9 Mile Rd, Saint Clair Shores, MI 48080
      View Details
    • $9 SF/Yr
      31,111 SF

      Harper Ave Executive Suites

      St. Clair Shores Office & Retail Space
      24000 Harper Ave, St. Clair Shores, MI 48080
      View Details
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    24851 Harper Ave
    Saint Clair Shores, MI 48080-1240
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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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