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

    2515 23rd Mile Rd Shelby Township, MI 48316-3807

    • Flex space
    • 70,224 SF
    • 3.71 lot acres
    OFF-MARKET
    Value Estimations
    $5,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1652874
    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

    • Flex space

    Property Details for 2515 23rd Mile Rd

    Year built
    1996
    Lot size
    3.71 lot acres
    Property size
    70,224 SF
    Zone code
    CK MAP
    Property type
    Flex space
    APN
    23-07-18-300-013
    APU
    230718300013

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,143,000
      Market price range: $5.14M - $8.02M
      AI Estimate
      $5,143,000
      Market price range: $5.14M - $8.02M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $6,105,000
      Current use
      AUTO REPAIR, GARAGE
      $6,040,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby Township
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0847
    Latitude
    42.6726
    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
    $54,429
    $0.00
    $0.00
    $2,137,500
    -
    $0.00
    $0.00
    $4,275,000

    Comparable in this City

    • Value Estimation
      $535,000
      7,311 SF

      4651 25th Mile Rd

      LIGHT INDUSTRIAL • 7,311 SF
      4651 25th Mile Rd, Shelby Township, MI 48316
      View Details
    • Value Estimation
      $17,180,000
      234,542 SF

      56400 Mound Rd

      LIGHT INDUSTRIAL • 234,542 SF
      56400 Mound Rd, Shelby Township, MI 48316-4904
      View Details
    • Value Estimation
      $2,030,000
      25,560 SF

      51366 Fischer Park Dr

      LIGHT INDUSTRIAL • 25,560 SF
      51366 Fischer Park Dr, Shelby Township, MI 48316-4402
      View Details
    • Value Estimation
      $755,000
      7,039 SF

      51195 Fischer Park Dr

      LIGHT INDUSTRIAL • 7,039 SF
      51195 Fischer Park Dr, Shelby Township, MI 48316-4402
      View Details
    • Value Estimation
      $1,435,000
      14,500 SF

      51147 Simone Industrial Dr

      LIGHT INDUSTRIAL • 14,500 SF
      51147 Simone Industrial Dr, Shelby Township, MI 48316-4403
      View Details
    • Value Estimation
      $7,315,000
      99,863 SF

      2465 23rd Mile Rd

      LIGHT INDUSTRIAL • 99,863 SF
      2465 23rd Mile Rd, Shelby Township, MI 48316-3805
      View Details

    Similar Nearby for Sale

    • New
      $129,999
      1.33 Acres

      Shelby Twp Vacant Lot

      1.33-acre vacant lot in Shelby Twp with utilities available.
      8480 Rosecrest Ct, Shelby Twp, MI 48316
      View Details
    • $315,000
      3,000 SF

      Well-Maintained Condo Near Stoney Creek

      3 bed, 3 bath condo with finished basement and garage.
      5187 Mesa Dr, Shelby Township, MI 48316
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    • $3,392,000

      22.6 Acre Commercial Land

      22.6 acre commercial land in Shelby Township, Michigan.
      23 Mile Rd, Shelby Township, MI 48316
      View Details
    • $175,000
      0.90 Acres

      Residential Land in Rochester Hills

      Buildable lot near amenities, shopping, and freeways in Rochester Hills.
      3459 Hazelton Ave, Rochester Hills, MI 48316
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    • Contact for pricing
      100,000 SF

      Retail Development Land on Van Dyke

      Land available for retail development on Van Dyke Avenue.
      25 Mile And Van Dyke, Shelby Township, MI 48316
      View Details
    • $70,000

      Restaurant Business For Sale

      Turnkey restaurant in high-traffic area, fully equipped and ready.
      56760 Van Dyke Ave, Utica, MI 48316
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    Similar Nearby for Lease

    • $7 SF/Yr
      57,100 SF

      New Industrial Building Opportunity

      New industrial building with purchase option in Shelby Township.
      Simone Industrial Dr, Shelby Twp, MI 48316
      View Details
    • $4,288 /Mo

      Former Brewery Retail Space Available

      Retail space with open floor plan in high-traffic location.
      52033 Van Dyke Ave, Utica, MI 48316
      View Details
    • $1,685 /Mo
      1,066 SF

      Updated Condo with Community Amenities

      Updated 2 bed, 1 bath condo with community amenities.
      56150 Chesapeake Trl, Shelby Township, MI 48316
      View Details
    • $1,685 /Mo
      1,066 SF

      Updated Condo with Community Amenities

      Updated 2 bed, 1 bath condo with community amenities.
      56150 Chesapeake Cir, Shelby Twp, MI 48316
      View Details
    • $1,350 /Mo

      Shelby Township Office/Retail Space

      Office or retail space available for lease in Shelby Township.
      5102 23 Mile Rd, Shelby Township, MI 48316
      View Details
    • $3,726 /Mo
      1,600 SF

      Retail/Medical Units in Utica, MI

      Approved site for retail and medical units with drive-thru.
      51921 Van Dyke Ave, Utica, MI 48316
      View Details
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    2515 23rd Mile Rd
    Shelby Township, MI 48316-3807
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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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