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    26775 32 Mile Rd Richmond, MI 48062
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    Property profile & analytics

    26775 32 Mile Rd, Richmond, MI 48062

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    • Commercial real estate
    • 80.00 lot acres
    Off-Market
    Property ID
    US43-0970273
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 26775 32 Mile Rd

    Lot size
    80.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 80-acre commercial property presents a unique investment opportunity in Richmond, Michigan. Located on 32 Mile Road, the land boasts significant potential for various commercial ventures. The property includes an existing house, a barn, and a riding arena, offering versatile options for development or immediate use. The expansive acreage provides ample space for expansion, construction, or continued use of the existing structures. Situated in Macomb County, the location offers convenient access to major transportation routes, enhancing its commercial viability. The asking price is $1,600,000. Detailed site surveys and environmental reports are available upon request. This property is zoned for commercial use (verification required by buyer). The existing structures are in need of some repairs and updates, presenting an opportunity for value-add improvements. The property's size and existing infrastructure make it ideal for a variety of commercial uses, including but not limited to agricultural businesses, equestrian centers, or light industrial development. The zip code is 48062. The property's coordinates are latitude 42.811279 and longitude -82.8471749. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8471749
    Latitude
    42.811279

    Comparable in this City

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      2,500 SF

      Richmond Industrial Building - $350k

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      Downtown Richmond Meatpacking Business

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    • $1,200,000
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      Richmond Main Street Trio

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      2,050 SF

      Downtown Richmond Office Building

      Iconic office building with private parking in downtown Richmond.
      68385 Main St, Richmond, MI 48062
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    Similar Nearby for Sale

    • $350,000
      2,500 SF

      Richmond Industrial Building - $350k

      Prime Richmond industrial space, high traffic area.
      35000 Division Rd, Richmond, MI 48062
      View Details
    • $925,999
      11,261 SF

      Downtown Richmond Meatpacking Business

      Thriving Meat Market & Retail Space
      68104 Main St, Richmond, MI 48062
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    • $1,200,000
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      Richmond Main Street Trio

      High-traffic location, redevelopment potential
      68104-68074-680 Main, Richmond, MI 48062
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    • Contact for pricing
      2,050 SF

      Downtown Richmond Office Building

      Iconic office building with private parking in downtown Richmond.
      68385 Main St, Richmond, MI 48062
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    Similar Nearby for Lease

    • Contact for pricing

      Prime Corner Lot for Lease

      0.5-acre corner lot suitable for various commercial uses.
      66901 Gratiot Ave, Richmond, MI 48062
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    • $1,200 /Mo
      4,860 SF

      Downtown Richmond Commercial Corner Retail

      Visible corner retail space in historic downtown Richmond, Michigan.
      69206 N Main St N, Richmond, MI 48062
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    • Contact for pricing

      Retail Space on Gratiot Avenue

      Turn-key retail space with high traffic exposure for lease.
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      Retail Space For Lease

      Retail space available for lease in Richmond, Michigan.
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    • $5,400 /Mo

      Retail Space in High-Traffic Area

      Retail space available in a high-traffic downtown location.
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    • Contact for pricing
      81,000 SF

      Richmond Retail/Warehouse Opportunity

      81,000 SF retail or warehouse space for lease.
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    Richmond, MI 48062
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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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