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

    27990 23rd Mile Rd Chesterfield, MI 48051-2313

    • Outlet malls
    • 137,092 SF
    • 18.25 lot acres
    OFF-MARKET
    Value Estimations
    $13,940,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1727301
    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

    • Lowe's Garden Center / Garden Center
    • Minute Key / Key Duplication Service
    • Lowe's Home Improvement / Grill Store / Home Improvement Store
    • KeyExpress Locksmiths / Key Duplication Service / Locksmith
    • Lowe's ProServices / Building Materials Supplier

    Property Details for 27990 23rd Mile Rd

    Year built
    2001
    Lot size
    18.25 lot acres
    Property size
    137,092 SF
    Zone code
    C2 SHO
    Property type
    Outlet malls
    APN
    15-09-20-126-019
    APU
    150920126019

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,941,000
      Market price range: $11.5M - $42.0M
      AI Estimate
      $13,941,000
      Market price range: $11.5M - $42.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8294
    Latitude
    42.6725
    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
    $156,251
    $0.00
    $0.00
    $3,541,700
    -
    $0.00
    $0.00
    $7,083,400

    Comparable in this City

    • 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
    • Value Estimation
      $19,155,000
      204,318 SF

      27255 23rd Mile Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 204,318 SF
      27255 23rd Mile Rd, Chesterfield, MI 48051-2023
      View Details
    • Value Estimation
      $18,375,000
      219,080 SF

      45500 Marketplace Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 219,080 SF
      45500 Marketplace Blvd, Chesterfield, MI 48051-3292
      View Details

    Similar Nearby for Sale

    • $549,990
      9,005 SF

      Chesterfield Industrial Property - High Revenue

      Profitable Business, Established Location, Immediate Income
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    • $595,000

      Industrial Land on Gratiot Avenue

      6.5 acres of industrial land with utilities available.
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    • $100,000
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      Residential Land in Chesterfield, MI

      Over one acre lot available for building a dream home.
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    • $750,000
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      Remodeled Office/Warehouse on Gratiot Corridor

      5,785 sq ft remodeled office and warehouse on 0.71 acres.
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    • Contact for pricing
      52,500 SF

      Gratiot Ave Warehouse For Sale

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    • Contact for pricing
      1.30 Acres

      Chesterfield Commercial Land - 1.3 Acres

      High-traffic commercial land, build-to-suit.
      25314 21 Mile Rd, New Baltimore, MI 48051
      View Details

    Similar Nearby for Lease

    • $1,700 /Mo

      Retail/Medical/Office Space Available

      High-traffic location with retail, medical, and office potential.
      52370 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • 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
    • $12 SF/Yr
      155,958 SF

      Chesterfield Village Medical Office Space

      Michigan medical office space for lease.
      27895-27953 23 Mile Rd, New Baltimore, MI 48051
      View Details
    • $1,750 /Mo

      Retail Space in Oakwood Square

      Retail space with overhead door and large parking lot.
      46700 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $25 SF/Yr
      8,679 SF

      Chesterfield Retail Center Opportunity

      Prime Macomb County retail space available.
      51305-51313 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $15 SF/Yr
      17,196 SF

      Chesterfield Retail Center Opportunity

      High-visibility retail space available in Macomb County.
      46948 Gratiot Ave, Chesterfield, MI 48051
      View Details
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    27990 23rd Mile Rd
    Chesterfield, MI 48051-2313
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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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