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

    28240 Franklin Rd, Unit 4 Southfield, MI 48034-1659

    • Office buildings
    • 6,645 SF
    • 0.72 lot acres
    OFF-MARKET
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    7.7%
    Office buildings
    Location Intelligence
    Property ID
    US43-2097312
    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

    • Office buildings

    Property Details for 28240 Franklin Rd

    Year built
    1984
    Lot size
    0.72 lot acres
    Property size
    6,645 SF
    Zone code
    OS
    Property type
    Office buildings
    APN
    76-24-18-279-004
    APU
    762418279004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $405,000
      6.5%
      $375,000
      7%
      $350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $461,000
      Market price range: $294k - $755k

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

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3004
    Latitude
    42.496
    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
    $13,528
    $45,420
    $170,890
    $216,310
    -
    $90,840
    $341,780
    $432,620

    Comparable in this City

    • Value Estimation
      $975,000
      149,778 SF

      29201 Telegraph Rd

      OFFICE BUILDING • 149,778 SF
      29201 Telegraph Rd, Southfield, MI 48034-1331
      View Details
    • Value Estimation
      $940,000
      94,128 SF

      28588 Northwestern Hwy

      OFFICE BUILDING • 94,128 SF
      28588 Northwestern Hwy, Southfield, MI 48034-1840
      View Details
    • Value Estimation
      $965,000
      248,911 SF

      28411 Northwestern Hwy

      OFFICE BUILDING • 248,911 SF
      28411 Northwestern Hwy, Southfield, MI 48034-5544
      View Details
    • Value Estimation
      $1,035,000
      66,180 SF

      25510 11th Mile Rd

      OFFICE BUILDING • 66,180 SF
      25510 11th Mile Rd, Southfield, MI 48034-2261
      View Details
    • Value Estimation
      $945,000
      576,584 SF

      27200 11th Mile Rd

      OFFICE BUILDING • 576,584 SF
      27200 11th Mile Rd, Southfield, MI 48034-2245
      View Details
    • Value Estimation
      $1,220,000
      150,510 SF

      27350 11th Mile Rd

      OFFICE BUILDING • 150,510 SF
      27350 11th Mile Rd, Southfield, MI 48034-2244
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      60,000 SF

      Southfield Office Building on Northwestern

      Highly visible office building with full floor suites available.
      28400 Northwestern Hwy, Southfield, MI 48034
      View Details
    • Contact for pricing
      31,802 SF

      Southfield Office Building For Sale

      Office building with high-end finishes and convenient freeway access.
      25900 W 11 Mile Rd, Southfield, MI 48034
      View Details
    • $2,295,000
      20,164 SF

      Executive Office Building, Southfield, MI

      Prime Southfield Office, 20,164 SF, $2.295M
      26776 Twelve Mile Rd, Southfield, MI 48034
      View Details
    • $999,999

      Southfield Mixed-Use Investment

      10,460 SF, 3 Buildings, High Visibility
      29229 Northwestern Hwy, Southfield, MI 48034
      View Details
    • Contact for pricing
      234,866 SF

      Galleria Office Space, Southfield

      Prestigious Southfield office, 234,866 SF
      100 Galleria, Southfield, MI 48034
      View Details
    • Contact for pricing
      225,458 SF

      Galleria Office Building - Southfield, MI

      Executive Office Space, 225,458 SF, Southfield
      200 Galleria, Southfield, MI 48034
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      332,000 SF

      Southfield Office and Tech Space

      Office and tech space for lease in Southfield, Michigan.
      300-400 Galleria Officentre, Southfield, MI 48034
      View Details
    • $16 SF/Yr
      3,333 SF

      Updated Office Building Near I-696

      Three-story office building with recent renovations and excellent highway access.
      24725 W 12 Mile Rd, Southfield, MI 48034
      View Details
    • Contact for pricing
      80,000 SF

      80,000 SF Build-to-Suit Opportunity

      80,000 SF build-to-suit office/hi-tech/hotel next to I-696 exit.
      26255 American Dr, Southfield, MI 48034
      View Details
    • Contact for pricing
      6,082 SF

      Southfield Office Building for Rent

      Full building available with prominent signage and modern amenities.
      200 Galleria Officentre, Southfield, MI 48034
      View Details
    • $9 SF/Yr
      5,711 SF

      Southfield Office Space Solutions

      Flexible workspaces, tailored to your needs.
      29777 Telegraph Rd, Southfield, MI 48034
      View Details
    • $19 SF/Yr
      245,861 SF

      Galleria Officentre Executive Suites

      Southfield, MI Office Space Available
      400 Galleria, Southfield, MI 48034
      View Details
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    28240 Franklin Rd, Unit 4
    Southfield, MI 48034-1659
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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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