Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    28370 Joy Rd Livonia, MI 48150-4133

    • Strip malls
    • 3,200 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 05, 2020
    $120,000
    Value Estimations
    $205,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1549844
    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

    • Qualicare Pharmacy / Pharmacy
    • The Ultimate Craft Studio / Balloon Artist / Art Studio
    • Cherish The Moments Event Space / Event Venue / Event Planner
    • We Be Poppin LLC / Service Establishment / Popcorn Store

    Property Details for 28370 Joy Rd

    Year built
    1965
    Construction
    BRICK
    Lot size
    0.28 lot acres
    Property size
    3,200 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    46 144 03 0065 002
    APU
    46144030065002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $185,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $255,000
      Market price range: $154k - $346k
      AI Estimate
      $255,000
      Market price range: $154k - $346k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $255,000
      Current use
      MEDICAL BUILDING
      $300,000
      Change: +18% Conversion: Difficult
      RETAIL STORES
      $245,000
      Change: -4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $230,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3214
    Latitude
    42.3556
    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
    2023
    $5,877
    $0.00
    $0.00
    $109,800
    -
    $0.00
    $0.00
    $219,600

    Comparable in this City

    • Value Estimation by Request
      10,844 SF

      10982 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 10,844 SF
      10982 Middlebelt Rd, Livonia, MI 48150-3058
      View Details
    • Value Estimation by Request
      30,494 SF

      33600 Plymouth Rd

      SHOPPING CENTER, STRIP CENTER • 30,494 SF
      33600 Plymouth Rd, Livonia, MI 48150-1561
      View Details
    • Value Estimation by Request
      43,912 SF

      27500 Schoolcraft Rd

      SHOPPING CENTER, STRIP CENTER • 43,912 SF
      27500 Schoolcraft Rd, Livonia, MI 48150-2203
      View Details
    • Value Estimation
      $100,000
      3,200 SF

      28418 Joy Rd

      SHOPPING CENTER, STRIP CENTER • 3,200 SF
      28418 Joy Rd, Livonia, MI 48150-4133
      View Details
    • Value Estimation by Request
      6,980 SF

      39050 Schoolcraft Rd

      SHOPPING CENTER, STRIP CENTER • 6,980 SF
      39050 Schoolcraft Rd, Livonia, MI 48150-1079
      View Details
    • Value Estimation
      $2,925,000
      35,678 SF

      36163 Plymouth Rd

      SHOPPING CENTER, STRIP CENTER • 35,678 SF
      36163 Plymouth Rd, Livonia, MI 48150-1430
      View Details

    Similar Nearby for Sale

    • $1,840,000
      24,725 SF

      Livonia Shopping Center Investment

      Prime Livonia retail center, high cash flow.
      27500 Schoolcraft Rd, Livonia, MI 48150
      View Details
    • Contact for pricing
      15,936 SF

      Retail Space in Livonia Center

      Retail space available in established Livonia shopping center.
      29643 Plymouth Rd, Livonia, MI 48150
      View Details
    • $99,000
      1,980 SF

      1,980 SF Retail Building

      INVESTMENT OPPORTUNITY – HIGH-VISIBILITY RETAIL SPACE!
      31507 Plymouth Rd, Livonia, MI 48150
      View Details
    • Contact for pricing
      24,110 SF

      Livonia Retail Opportunity

      24,110 SF retail building on 2.26 acres in Livonia.
      35555 Plymouth Rd, Livonia, MI 48150
      View Details
    • $50,000

      Established Ice Cream Shop Opportunity

      Turnkey ice cream shop with established customer base for sale.
      27726 Plymouth Rd, Livonia, MI 48150
      View Details
    • $950,000
      2,494 SF

      Plymouth Road QSR Opportunity

      Vacant Restaurant, Redevelopment Potential
      28203 Plymouth Rd, Livonia, MI 48150
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      26,500 SF

      Four Oaks Plaza Retail Space

      CVS-anchored shopping center; 2,260 sq ft available.
      8811 Newburgh Rd, Livonia, MI 48150
      View Details
    • Contact for pricing
      16,163 SF

      Livonia Retail Strip Center

      High-Visibility Retail Space Available
      37405 Ann Arbor Rd, Livonia, MI 48150
      View Details
    • $13 SF/Yr
      975 SF

      Retail Space in Livonia Center

      Retail space for lease in high-traffic Livonia shopping center.
      36083-36175 Plymouth Rd, Livonia, MI 48150
      View Details
    • $3,000 /Mo
      1,750 SF

      Remodeled Commercial Space in Livonia

      Completely remodeled commercial space suitable for various businesses in Livonia.
      34782 Plymouth Rd, Livonia, MI 48150
      View Details
    • $20 SF/Yr
      750 SF

      Retail Space in Livonia

      Retail space available in Livonia with ample parking.
      13820-13840 Merriman Rd, Livonia, MI 48150
      View Details
    • $2,000 /Mo

      Livonia Retail Space For Rent

      Versatile commercial space in high-traffic Livonia location, ready for business.
      9001 Wayne Rd, Livonia, MI 48150
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28370 Joy Rd
    Livonia, MI 48150-4133
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.