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

    28921 7 Mile Rd Livonia, MI 48152

    • Strip malls
    • 8,400 SF
    • 0.72 lot acres
    For Lease
    View listing
    $1,500 /Mo
    Last Sale
    May 22, 2023
    $880,000
    Value Estimations
    $890,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1516767
    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

    • Amin's Uptown Optical / Ophthalmologist / (Bike/Boat/Book/etc) Store
    • Kcupcakes and treats / Bakery

    Property Details for 28921 7 Mile Rd

    Year built
    1988
    Construction
    BRICK
    Lot size
    0.72 lot acres
    Property size
    8,400 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    46 046 99 0021 000
    APU
    46046990021000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $900,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $898,000
      Market price range: $404k - $909k
      AI Estimate
      $898,000
      Market price range: $404k - $909k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $670,000
      Current use
      OFFICE BUILDING
      $1,190,000
      Change: +78% Conversion: Moderate
      RESTAURANT
      $870,000
      Change: +30% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $870,000
      Change: +30% Conversion: Easy
      MEDICAL BUILDING
      $790,000
      Change: +18% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $675,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $640,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3317
    Latitude
    42.4269
    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
    $19,991
    $0.00
    $0.00
    $386,600
    -
    $0.00
    $0.00
    $773,200

    Comparable in this City

    • Value Estimation
      $3,340,000
      38,843 SF

      37100 6th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 38,843 SF
      37100 6th Mile Rd, Livonia, MI 48152-2777
      View Details
    • Value Estimation
      $1,885,000
      17,408 SF

      37355 8th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 17,408 SF
      37355 8th Mile Rd, Livonia, MI 48152-1148
      View Details
    • Value Estimation by Request
      2,400 SF

      19036 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 2,400 SF
      19036 Middlebelt Rd, Livonia, MI 48152-3530
      View Details
    • Value Estimation
      $585,000
      5,913 SF

      27695 Grand Riv St

      SHOPPING CENTER, STRIP CENTER • 5,913 SF
      27695 Grand Riv St, Livonia, MI 48152-2434
      View Details
    • Value Estimation by Request
      1,720 SF

      33527 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 1,720 SF
      33527 7th Mile Rd, Livonia, MI 48152-3079
      View Details
    • Value Estimation by Request
      3,920 SF

      27841 7th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 3,920 SF
      27841 7th Mile Rd, Livonia, MI 48152-3701
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      373,350 SF

      Former Sears Retail Opportunity

      Large retail space adjacent to Livonia Marketplace.
      29500 7 Mile Rd, Livonia, MI 48152
      View Details
    • Contact for pricing
      15,000 SF

      Livonia Storefront: 15,000 SF

      Prime Livonia storefront, 15,000 sq ft, high visibility.
      19265 Victor Pkwy, Livonia, MI 48152
      View Details
    • $500,000
      8,875 SF

      Livonia Activity Hall with Kitchen

      Large activity hall with remodeled kitchen and parking lot.
      27531 Grand River St, Livonia, MI 48152
      View Details
    • $525,000
      0.45 Acres

      Livonia Medical Office Building

      Spacious medical office, prime location, ample parking.
      18306 Middlebelt Rd, Livonia, MI 48152
      View Details
    • $299,900
      2.06 Acres

      8 Mile Road Commercial Land

      2.06 Acres, Livonia, MI - Prime Location
      29005 8 Mile Rd, Livonia, MI 48152
      View Details
    • Contact for pricing
      100,597 SF

      Prime Livonia Office Space

      Class A Office Building, 100,597 SF
      19975 Victor Pkwy, Livonia, MI 48152
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      489,987 SF

      Livonia Retail Center Opportunity

      High-traffic shopping center, spaces available
      37700 6 Mile Rd, Livonia, MI 48152
      View Details
    • $13 SF/Yr
      31,200 SF

      Livonia Retail Center - Prime Location

      High-traffic retail space, multiple units available.
      17176 Farmington Rd, Livonia, MI 48152
      View Details
    • $16 SF/Yr
      4,301 SF

      Livonia Retail Space For Rent

      Neighborhood center with spaces suitable for retail, office, or medical.
      37104-37176 6 Mile Rd, Livonia, MI 48152
      View Details
    • Contact for pricing
      29,629 SF

      Retail Spaces in Livonia Center

      Retail and restaurant spaces available in a busy Livonia shopping center.
      17176 Farmington Rd, Livonia, MI 48152
      View Details
    • $1,500 /Mo
      8,400 SF

      Livonia Retail Space Available

      Retail location in high-density area with excellent demographics.
      28921 7 Mile Rd, Livonia, MI 48152
      View Details
    • Contact for pricing
      800 SF

      Retail Spaces in Livonia Center

      Retail and restaurant spaces available in busy Livonia shopping center.
      17122-17176 Farmington Rd, Livonia, MI 48152
      View Details
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    28921 7 Mile Rd
    Livonia, MI 48152
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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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