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    28400 5th Mile Rd Livonia, MI 48154-3824
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    Property profile & analytics

    28400 5th Mile Rd Livonia, MI 48154-3824

    View on Map
    • Strip malls
    • 12,200 SF
    • 1.19 lot acres
    Off-Market
    Last Sale Jun 22, 2022
    $1,500,000
    Property ID
    US43-1214487
    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
    $1,410,000
    Show details
    Cap Rate Potential
    8.5%
    Strip malls
    Location Intelligence

    Current Use by Public Records

    • Cosmic Comics And Toys / (Bike/Boat/Book/etc) Store / Newspaper & Magazine
    • Girl Code Studio Salon / Hair Salon

    Property Details for 28400 5th Mile Rd

    Year built
    1973
    Construction
    BRICK
    Lot size
    1.19 lot acres
    Property size
    12,200 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    46 051 99 0063 000
    APU
    46051990063000

    Description

    Invest in this thriving Livonia retail center, Harrison Square Plaza. This well-maintained strip center offers two available spaces, each ranging from 1,000 to 1,200 square feet. The property boasts a total of 12,000 square feet and features a strong tenant mix, including established businesses like Wing Snob and Skylar Laundromat. This prime location provides excellent visibility and accessibility for your business, ensuring high foot traffic and potential for growth. The spaces are ideal for a variety of retail or restaurant concepts. The property is easily accessible and situated in a high-traffic area of Livonia, offering significant potential for customer reach. This is a fantastic opportunity to establish or expand your business in a vibrant and well-established commercial center. The available spaces are ready for immediate occupancy, allowing for a quick and efficient start to your operations. Don't miss this chance to secure your place in this successful retail destination. Contact us today to schedule a viewing and learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,870,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,317,000
      Market price range: $586k - $1.32M
      AI Estimate
      $1,317,000
      Market price range: $586k - $1.32M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $970,000
      Current use
      OFFICE BUILDING
      $1,725,000
      Change: +78% Conversion: Moderate
      RESTAURANT
      $1,265,000
      Change: +30% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,260,000
      Change: +30% Conversion: Easy
      MEDICAL BUILDING
      $1,150,000
      Change: +18% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $980,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $930,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3254
    Latitude
    42.3988
    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
    $31,869
    $0.00
    $0.00
    $567,200
    -
    $0.00
    $0.00
    $1,134,400

    Comparable in this City

    • Value Estimation
      $720,000
      6,670 SF

      37464 5th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 6,670 SF
      37464 5th Mile Rd, Livonia, MI 48154-1542
      View Details
    • Value Estimation
      $1,610,000
      15,061 SF

      37569 5th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 15,061 SF
      37569 5th Mile Rd, Livonia, MI 48154-1541
      View Details
    • Value Estimation by Request
      4,720 SF

      29100 5th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 4,720 SF
      29100 5th Mile Rd, Livonia, MI 48154-3850
      View Details
    • Value Estimation by Request
      3,600 SF

      33666 5th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 3,600 SF
      33666 5th Mile Rd, Livonia, MI 48154-2866
      View Details
    • Value Estimation
      $2,420,000
      33,623 SF

      16100 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 33,623 SF
      16100 Middlebelt Rd, Livonia, MI 48154-3338
      View Details
    • Value Estimation by Request
      1,586 SF

      15265 Farmington Rd

      SHOPPING CENTER, STRIP CENTER • 1,586 SF
      15265 Farmington Rd, Livonia, MI 48154-5447
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,761 SF

      Downtown Livonia Commercial Building

      2,761 sq ft building in the heart of Livonia.
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    • Contact for pricing
      5,309 SF

      Retail Space Available

      Retail space for sale, 5309 square feet.
      36700 5 Mile Rd, Livonia, MI 48154
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      3,000 SF

      Freestanding Retail Building on Middlebelt

      3,000 SF commercial building with frontage on Middlebelt Road.
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      1,885 SF

      Profitable Dry Cleaner Business Opportunity

      Turnkey dry cleaner business with high cash flow in Livonia.
      15260 Middlebelt Rd, Livonia, MI 48154
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    • $399,000

      Freestanding Retail Building on Middlebelt

      3,000 SF commercial building with prime frontage and open layout.
      15282 Middlebelt Rd, Livonia, MI 48154
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    • $339,000

      Commercial Building on Middlebelt Road

      3,300 SF commercial building with high traffic and parking.
      15210 Middlebelt Rd, Livonia, MI 48154
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    Similar Nearby for Lease

    • $14 SF/Yr

      Retail Space Near I-96 & I-275

      Retail spaces available in neighborhood center near I-96 & I-275.
      33653-33897 5 Mile Rd, Livonia, MI 48154
      View Details
    • Contact for pricing
      5,000 SF

      Retail Space in Livonia Plaza

      Retail space for lease anchored by Kroger in Livonia.
      30905-30997 5 Mile Rd, Livonia, MI 48154
      View Details
    • Contact for pricing
      2,350 SF

      Livonia Retail Space For Rent

      Retail space available in active neighborhood shopping center in Livonia.
      29441-29567 5 Mile Rd, Livonia, MI 48154
      View Details
    • Contact for pricing

      Retail Space Near I-275

      1,563 SF retail space with high traffic and accessibility.
      37645 6 Mile Rd, Livonia, MI 48154
      View Details
    • $12,788 /Mo

      Retail Space Near I-96 Freeway

      Retail space with freeway access and ample parking.
      14111 Middlebelt Rd, Livonia, MI 48154
      View Details
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    28400 5th Mile Rd
    Livonia, MI 48154-3824
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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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