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    27255 23rd Mile Rd Chesterfield, MI 48051-2023
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    Property profile & analytics

    27255 23rd Mile Rd Chesterfield, MI 48051-2023

    View on Map
    • Outlet malls
    • 204,318 SF
    • 27.75 lot acres
    Off-Market
    Property ID
    US43-1885671
    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
    $19,155,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Meijer Pharmacy / Pharmacy
    • Primo Water Refill & Exchange / Big Box & Wholesale Store
    • Secretary of State Self-service Station / Department Of Motor Vehicles / Kiosk
    • Western Union / Bank / Credit Union
    • higi / Physician

    Property Details for 27255 23rd Mile Rd

    Year built
    1994
    Lot size
    27.75 lot acres
    Property size
    204,318 SF
    Zone code
    C3 GEN
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    15-09-17-351-011
    APU
    150917351011

    Description

    This exceptional retail property, located at 27255 23 Mile Road in Chesterfield, Michigan (zip code 48051), offers a fantastic opportunity for businesses seeking high-visibility space in Macomb County. The property boasts a total of 5,037 square feet of commercial space, currently featuring multiple tenancies. Two spaces are immediately available, each offering flexible layouts. One space offers a minimum of 1,208 square feet, while the maximum contiguous space available is 1,338 square feet. This allows for adaptability to suit a variety of business needs and sizes. The building currently has 2,546 square feet of vacant space ready for immediate occupancy. The property's strategic location in New Baltimore provides excellent access to a thriving community and high traffic volume. This is an ideal location for businesses seeking strong visibility and convenient access for customers. The property is classified as retail commercial space and is situated in a prime location within Macomb County, Michigan. Interested parties are encouraged to inquire about lease terms and availability. Don't miss this chance to establish your business in this desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,152,000
      Market price range: $17.1M - $62.6M
      AI Estimate
      $19,152,000
      Market price range: $17.1M - $62.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8358
    Latitude
    42.6766
    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
    $244,639
    $0.00
    $0.00
    $4,865,500
    -
    $0.00
    $0.00
    $9,731,000

    Comparable in this City

    • Value Estimation
      $10,400,000
      100,259 SF

      51400 Gratiot Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 100,259 SF
      51400 Gratiot Ave, Chesterfield, MI 48051-2007
      View Details
    • Value Estimation by Request
      2,542 SF

      49640 Gratiot Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 2,542 SF
      49640 Gratiot Ave, Chesterfield, MI 48051-2526
      View Details
    • Value Estimation
      $12,825,000
      103,725 SF

      50753 Waterside Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 103,725 SF
      50753 Waterside Dr, Chesterfield, MI 48051-4008
      View Details
    • Value Estimation
      $600,000
      5,250 SF

      49230 Gratiot Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 5,250 SF
      49230 Gratiot Ave, Chesterfield, MI 48051-2520
      View Details
    • Value Estimation
      $8,355,000
      50,789 SF

      50580 Waterside Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 50,789 SF
      50580 Waterside Dr, Chesterfield, MI 48051-4007
      View Details
    • Value Estimation
      $9,900,000
      88,452 SF

      50500 Gratiot Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 88,452 SF
      50500 Gratiot Ave, Chesterfield, MI 48051-4400
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,984 SF

      Retail Space on Gratiot Avenue

      Retail space available on Gratiot Avenue, New Baltimore.
      50300 Gratiot Ave, New Baltimore, MI 48051
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    • $549,990
      9,005 SF

      Chesterfield Industrial Property - High Revenue

      Profitable Business, Established Location, Immediate Income
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    • $2,222,222
      7,317 SF

      Restaurant and Bar Investment Opportunity

      7,317 SF restaurant and bar on 2.45 acres.
      45225 Marketplace Blvd, New Baltimore, MI 48051
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    • $750,000
      5,785 SF

      Remodeled Office/Warehouse on Gratiot Corridor

      5,785 SF remodeled office and warehouse on 0.71 acres.
      55951 Gratiot Ave, New Baltimore, MI 48051
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    • $595,000

      Industrial Land on Gratiot Avenue

      6.5 acres of industrial land with utilities available.
      53153 Gratiot Ave, New Baltimore, MI 48051
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    • $49,900
      0.43 Acres

      Residential Land in Chesterfield Twp

      Vacant, buildable lot with utilities available in Chesterfield Twp.
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    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Retail Space Available For Rent

      Retail spaces available, including an end-cap, ranging from 1,706-2,000 SF.
      52939-52951 Gratiot Ave, Chesterfield Township, MI 48051
      View Details
    • Contact for pricing

      Retail Space in Chesterfield Square

      Community center at Gratiot Ave & 23 Mile Rd intersection.
      51347-51405 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • Contact for pricing

      Retail or Office Space Available

      Retail or office space with excellent visibility and freeway access.
      49684 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $1,600 /Mo

      Freestanding Retail Building on Gratiot

      High-visibility retail building in Chesterfield Township with flexible configurations.
      49540 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • Contact for pricing

      Retail Space Near Major Anchors

      Retail space for rent near Hobby Lobby and Lowe's.
      50500 Gratiot Ave, Chesterfield, MI 48051
      View Details
    Request Owner's contact information
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    27255 23rd Mile Rd
    Chesterfield, MI 48051-2023
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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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