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

    28551 Southfield Rd Ste, Unit 203 Lathrup Village, MI 48076-2723

    • Office buildings
    • 5,229 SF
    • 0.41 lot acres
    OFF-MARKET
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1082407
    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 28551 Southfield Rd Ste

    Year built
    1966
    Lot size
    0.41 lot acres
    Property size
    5,229 SF
    Zone code
    BI
    Property type
    Office buildings
    APN
    40-24-14-232-027
    APU
    402414232027

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $681,000
      Market price range: $379k - $681k
      AI Estimate
      $592,000
      Market price range: $146k - $594k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $560,000
      Current use
      COMMERCIAL (GENERAL)
      $920,000
      Change: +65% Conversion: Easy
      RESTAURANT
      $905,000
      Change: +62% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $640,000
      Change: +15% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $485,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lathrup Village
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2229
    Latitude
    42.499
    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
    $14,122
    $0.00
    $0.00
    $297,410
    -
    $0.00
    $0.00
    $594,820

    Comparable in this City

    • Value Estimation
      $7,860,000
      124,706 SF

      26201 Northwestern Hwy

      OFFICE BUILDING • 124,706 SF
      26201 Northwestern Hwy, Southfield, MI 48076-3926
      View Details
    • Value Estimation
      $1,905,000
      21,328 SF

      21301 Civic Ctr Dr

      OFFICE BUILDING • 21,328 SF
      21301 Civic Ctr Dr, Southfield, MI 48076-3911
      View Details
    • Value Estimation by Request
      1,800 SF

      28625 Southfield Rd

      OFFICE BUILDING • 1,800 SF
      28625 Southfield Rd, Lathrup Village, MI 48076-2701
      View Details
    • Value Estimation by Request
      2,179 SF

      26021 Southfield Rd

      OFFICE BUILDING • 2,179 SF
      26021 Southfield Rd, Lathrup Village, MI 48076-4541
      View Details
    • Value Estimation by Request
      2,742 SF

      28801 Southfield Rd

      OFFICE BUILDING • 2,742 SF
      28801 Southfield Rd, Lathrup Village, MI 48076-2743
      View Details
    • Value Estimation
      $795,000
      12,224 SF

      21540 11th Mile Rd

      OFFICE BUILDING • 12,224 SF
      21540 11th Mile Rd, Southfield, MI 48076-3843
      View Details

    Similar Nearby for Sale

    • $529,000
      5,050 SF

      Southfield Office Building For Sale

      Professional office building with prominent signage and ample parking.
      28145 Greenfield Rd, Southfield, MI 48076
      View Details
    • $3,600,000
      180,291 SF

      Southfield Office Building Opportunity

      High-quality office property in Southfield, Michigan with many amenities.
      20500 Civic Center Dr, Southfield, MI 48076
      View Details
    • Contact for pricing

      Southfield Redevelopment Opportunity

      Highly visible property in Southfield's business center, ready for redevelopment.
      26250 Northwestern Hwy, Southfield, MI 48076
      View Details
    • $1,300,000
      1,739 SF

      Lathrup Village Commercial Space

      Single-story commercial space ideal for pharmacy, medical, or retail use.
      27241 Southfield Rd, Lathrup Village, MI 48076
      View Details
    • $549,900
      4,648 SF

      Mixed-Use Property in Oakland, MI

      High-visibility commercial space with stable rental income and prime exposure.
      17600 W 11 Mile Rd, Southfield, MI 48076
      View Details
    • Contact for pricing
      15,492 SF

      Southfield Road Office Building

      Prime Office Space, Multi-Tenant Available
      26060 Southfield Rd, Lathrup Village, MI 48076
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      310,739 SF

      Class A Office Complex

      Modern office complex with fitness center, deli, and conference center.
      20700-20750 Civic Center Dr, Southfield, MI 48076
      View Details
    • $15 SF/Yr
      3,635 SF

      Southfield Road Office Building

      Professionally managed office building available for rent on Southfield Road.
      29610 Southfield Rd, Southfield, MI 48076
      View Details
    • Contact for pricing
      9,695 SF

      Southfield Office Building For Lease

      Well-located office building with high visibility and ample parking.
      18505 W 12 Mile Rd, Southfield, MI 48076
      View Details
    • $17 SF/Yr
      988 SF

      Class A Office Space Available

      Six-story office building with on-site amenities and freeway access.
      20750 Civic Center Dr, Southfield, MI 48076
      View Details
    • $18 SF/Yr
      8,485 SF

      Lathrup Village Medical Office Space

      Prime Medical Office, 8,485 SF, Oakland County
      26245 Southfield Rd, Lathrup Village, MI 48076
      View Details
    • $10 SF/Yr
      16,240 SF

      Southfield Executive Office Space

      Prime Southfield Office, 2,376 SF Available
      20411 Twelve Mile Rd, Southfield, MI 48076
      View Details
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    Lathrup Village, MI 48076-2723
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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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