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

    28401 Hoover Rd Warren, MI 48093-5438

    • Medical offices
    • 3,134 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Jun 06, 2023
    $325,000
    Value Estimations
    $385,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1029413
    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

    • Pharmacy Near Me / Pharmacy
    • Ajibola G. Akingba MD / Vascular Surgeon
    • Raied M Hanna / Internist
    • Jennilyn Wetzel / Medical Clinic / Family Practice Physician
    • Michigan Compassionate Care / Internist / Medical Clinic

    Property Details for 28401 Hoover Rd

    Year built
    1970
    Lot size
    0.29 lot acres
    Property size
    3,134 SF
    Zone code
    PB
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    12-13-15-280-010
    APU
    121315280010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $335,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $565,000
      6.5%
      $520,000
      7%
      $485,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $255,000
      Current use
      RETAIL STORES
      $325,000
      Change: +29% Conversion: Difficult
      OFFICE BUILDING
      $295,000
      Change: +18% Conversion: Easy
      AUTO REPAIR, GARAGE
      $245,000
      Change: -3% Conversion: Difficult
      WAREHOUSE, STORAGE
      $210,000
      Change: -16% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $205,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0072
    Latitude
    42.503
    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
    $7,690
    $0.00
    $0.00
    $120,120
    -
    $0.00
    $0.00
    $240,240

    Comparable in this City

    • Value Estimation by Request
      6,500 SF

      28263 Hoover Rd

      MEDICAL BUILDING • 6,500 SF
      28263 Hoover Rd, Warren, MI 48093-5436
      View Details
    • Value Estimation by Request
      242,603 SF

      31800 Van Dyke Ave

      MEDICAL BUILDING • 242,603 SF
      31800 Van Dyke Ave, Warren, MI 48093-7907
      View Details
    • Value Estimation by Request
      6,840 SF

      27423 Van Dyke Ave

      MEDICAL BUILDING • 6,840 SF
      27423 Van Dyke Ave, Warren, MI 48093-2867
      View Details
    • Value Estimation
      $1,415,000
      6,496 SF

      30659 Hoover Rd

      MEDICAL BUILDING • 6,496 SF
      30659 Hoover Rd, Warren, MI 48093-6537
      View Details
    • Value Estimation
      $255,000
      1,938 SF

      27540 Hoover Rd, Unit 1

      MEDICAL BUILDING • 1,938 SF
      27540 Hoover Rd, Warren, MI 48093-4505
      View Details
    • Value Estimation
      $1,055,000
      7,938 SF

      11552 12th Mile Rd

      MEDICAL BUILDING • 7,938 SF
      11552 12th Mile Rd, Warren, MI 48093-2644
      View Details

    Similar Nearby for Sale

    • $1,025,000
      8,534 SF

      Medical/Office Buildings Near I-696

      Two buildings suitable for office, medical, or commercial use.
      27379-27423 Van Dyke Ave, Warren, MI 48093
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    • $495,000
      4,800 SF

      Warren Office Building: $495,000

      Free-standing office, ideal owner-user.
      29377 Hoover Rd, Warren, MI 48093
      View Details
    • Contact for pricing
      99,608 SF

      Warren Office Building Investment

      Class A Office, 99,608 SF, 75% Occupancy
      30500 Van Dyke Ave, Warren, MI 48093
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    • $750,000
      11,400 SF

      Highly Visible Corner Office Building

      Office building on corner, near I-696, ample parking.
      28000 Van Dyke Ave, Warren, MI 48093
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    • $2,250,000
      41,055 SF

      Warren Commercial Property Near GM

      41,000+ sq ft building on 3.18 acres near GM Tech Center.
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    • $264,000

      Spacious Two-Family Income Property

      Two-unit income property with hardwood floors and separate laundry.
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    Similar Nearby for Lease

    • Contact for pricing
      4,000 SF

      Hoover Road Medical Office Space

      Prime Medical Office, Macomb County
      27500 Hoover Rd, Warren, MI 48093
      View Details
    • $18 SF/Yr
      2,000 SF

      Warren Retail/Office/Medical Space Available

      2,000 SF space suitable for retail, office, or medical use.
      30655 Hoover Rd, Warren, MI 48093
      View Details
    • $18 SF/Yr
      3,543 SF

      Medical Office Space Available

      Professionally managed medical office with exam rooms and parking.
      29703 Hoover Rd, Warren, MI 48093
      View Details
    • $17 SF/Yr
      8,179 SF

      Medical/Professional Offices on Van Dyke

      Medical and professional offices available in Warren, Michigan.
      31700 Van Dyke Ave, Warren, MI 48093
      View Details
    • $10 SF/Yr
      2,222 SF

      Medical Office Space Available

      Move-in ready medical suites with signage opportunities near St. John’s.
      11250 13 Mile Rd, Warren, MI 48093
      View Details
    • $11 SF/Yr
      2,222 SF

      Move-In Ready Office Suite

      Office suite available for rent near St. John’s Hospital.
      11270 13 Mile Rd, Warren, MI 48093
      View Details
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    28401 Hoover Rd
    Warren, MI 48093-5438
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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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