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

    2831 7th Mile Rd Detroit, MI 48234-1502

    • Strip malls
    • 22,406 SF
    • 0.74 lot acres
    OFF-MARKET
    Value Estimations
    $1,300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0989752
    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

    • Strip malls

    Property Details for 2831 7th Mile Rd

    Year built
    1943
    Lot size
    0.74 lot acres
    Property size
    22,406 SF
    Zone code
    B4
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    09007807.
    APU
    9007807

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,669,000
      Market price range: $777k - $2.04M
      AI Estimate
      $926,000
      Market price range: $674k - $1.37M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,695,000
      Current use
      COMMERCIAL (GENERAL)
      $2,045,000
      Change: +21% Conversion: Easy
      RESTAURANT
      $2,045,000
      Change: +20% Conversion: Difficult
      MEDICAL BUILDING
      $1,410,000
      Change: -17% Conversion: Difficult
      OFFICE BUILDING
      $1,380,000
      Change: -19% Conversion: Moderate
      RETAIL STORES
      $1,365,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0746
    Latitude
    42.4336
    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
    2020
    $33,123
    $0.00
    $0.00
    $633,800
    -
    $0.00
    $0.00
    $1,267,600

    Comparable in this City

    • Value Estimation
      $6,595,000
      112,021 SF

      8600 8th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 112,021 SF
      8600 8th Mile Rd, Detroit, MI 48234-1117
      View Details
    • Value Estimation by Request
      3,540 SF

      20524 Stotter St

      SHOPPING CENTER, STRIP CENTER • 3,540 SF
      20524 Stotter St, Detroit, MI 48234-3132
      View Details
    • Value Estimation
      $785,000
      13,160 SF

      8130 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 13,160 SF
      8130 7th Mile Rd, Detroit, MI 48234-3625
      View Details
    • Value Estimation
      $720,000
      10,332 SF

      7735 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 10,332 SF
      7735 7th Mile Rd, Detroit, MI 48234-3149
      View Details
    • Value Estimation by Request
      11,484 SF

      2401 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 11,484 SF
      2401 7th Mile Rd, Detroit, MI 48234-1433
      View Details
    • Value Estimation by Request
      7,853 SF

      4201 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 7,853 SF
      4201 7th Mile Rd, Detroit, MI 48234-2015
      View Details

    Similar Nearby for Sale

    • $475,000
      5,516 SF

      Detroit Storefront - $475K

      Prime Detroit Retail Space, Updated 2024
      3840 Eight Mile Rd, Detroit, MI 48234
      View Details
    • $499,000

      Versatile Detroit Property For Sale

      17,000 SF Detroit property suitable for retail, residential, or industrial.
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    • $159,900

      Retail Buildings with Parking Lot

      Two retail buildings with long-term tenants and parking.
      20477-20481 Van Dyke St, Detroit, MI 48234
      View Details
    • $199,000
      4,110 SF

      Detroit Bar/Restaurant - $199K

      Prime Detroit location, 4,110 sq ft, high-traffic area.
      7514 7 Mile Rd, Detroit, MI 48234
      View Details
    • $55,000

      Single-Story Brick Building For Sale

      1,365 SF single-story building suitable for retail or office.
      18563 Ryan Rd, Detroit, MI 48234
      View Details
    • $249,000

      Commercial Warehouse on Double Lot

      Commercial warehouse with office space, yard, and expansion potential.
      18090 Mount Elliott St, Detroit, MI 48234
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    Similar Nearby for Lease

    • $900 /Mo
      1,400 SF

      Turnkey Salon Opportunity

      Fully equipped salon with 7 stations.
      19430 Van Dyke St, Detroit, MI 48234
      View Details
    • $15 SF/Yr
      966 SF

      Retail Space in Seven Mile

      966 SF retail space available for lease in Detroit.
      2401-2435 E 7 Mile Rd, Detroit, MI 48234
      View Details
    • $6,500 /Mo

      Detroit Auto Shop For Rent

      Auto shop with parking and frontage on 8 Mile.
      8146 E 8 Mile Rd, Detroit, MI 48234
      View Details
    • $6,000 /Mo
      9,480 SF

      Detroit Warehouse, Distribution, Manufacturing Space

      9,480 SF Detroit warehouse space ideal for multiple uses.
      20222 Conner St, Detroit, MI 48234
      View Details
    • $2 SF/Yr
      54,924 SF

      Manufacturing Space with Crane

      54,924 SF manufacturing space with a 7.5-ton crane.
      19197 Sherwood St, Detroit, MI 48234
      View Details
    • $15 SF/Yr
      14,000 SF

      Mount Elliott Industrial Warehouse

      14,000 SF Warehouse, Excellent Location
      19430 Mount Elliott St, Detroit, MI 48234
      View Details
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    2831 7th Mile Rd
    Detroit, MI 48234-1502
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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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