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    29101 23rd Mile Rd Chesterfield, MI 48047-1857
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    Property profile & analytics

    29101 23rd Mile Rd, Chesterfield, MI 48047-1857

    View on Map
    • Motels
    • 12,850 SF
    • 1.95 lot acres
    Off-Market
    Last Sale Mar 1, 2024
    $1,725,000
    Property ID
    US43-1828567
    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
    $1,575,000
    Show details
    Cap Rate Potential
    3.9%
    Motels
    Location Intelligence

    Current Use by Public Records

    • Lodge Keeper Motel / Hotel & Motel

    Property Details for 29101 23rd Mile Rd

    Year built
    1974
    Lot size
    1.95 lot acres
    Zone code
    C3 GEN
    Property type
    Motels
    APN
    15-09-16-300-018
    APU
    150916300018

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 27, 2023 — Shaanlodging INC — Deed · related $500k · American Bank NA
    Jan 12, 2023 $1,225,000 Shaanlodging INC Ambaji INC Warranty Deed —
    Dec 14, 2005 $1,020,000 Ambaji INC Buckhead America Corp Grant Deed —
    Sep 20, 2005 $825,000 Buckhead America Corp Spears,wendell E & Ramona A Grant Deed —
    — — Ambaji INC — Deed Of Trust · related $840k · Blx Capital LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,270,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,390,000
      RESTAURANT
      $1,820,000
      MEDICAL BUILDING
      $1,580,000
      COMMERCIAL (GENERAL)
      $1,320,000
      OFFICE BUILDING
      $1,220,000
      AUTO REPAIR, GARAGE
      $1,105,000
      INDUSTRIAL (GENERAL)
      $1,005,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8166
    Latitude
    42.6752
    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
    $21,045
    $0.00
    $0.00
    $504,400
    -
    $0.00
    $0.00
    $1,008,800

    Comparable in this City

    • Value Estimation by Request
      8,417 SF

      46901 Jefferson Ave

      MOTEL
      46901 Jefferson Ave, Chesterfield, MI 48047-5368
      View Details
    • Value Estimation by Request
      16.43 Acres

      32140 Twenty-Six Mile Rd

      Land
      32140 Twenty-Six Mile Rd, New Baltimore, MI 48047
      View Details
    • Value Estimation by Request

      48463 Jefferson Ave

      COMMERCIAL (GENERAL)
      48463 Jefferson Ave, Chesterfield, MI 48047-2211
      View Details
    • Value Estimation by Request
      0.14 Acres

      47230 Jefferson Ave

      COMMERCIAL (GENERAL)
      47230 Jefferson Ave, Chesterfield, MI 48047-2225
      View Details
    • Value Estimation by Request
      0.14 Acres

      45300 Jefferson Ave

      VACANT COMMERCIAL LAND
      45300 Jefferson Ave, Chesterfield, MI 48047-5344
      View Details
    • Value Estimation by Request
      5.09 Acres

      52029 Sierra Dr

      INDUSTRIAL - VACANT LAND
      52029 Sierra Dr, Chesterfield, MI 48047-1307
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Vacant Land Opportunity

      1.04-acre vacant land parcel on 23 Mile Road, Chesterfield, MI.
      33070 23 Mile Rd, Chesterfield, MI 48047
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      Commercial Lot on Gratiot Avenue

      Prime commercial lot with high visibility on Gratiot Avenue.
      54240 Gratiot Ave, New Baltimore, MI 48047
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    • $850,000
      11,516 SF

      New Baltimore Warehouse Opportunity

      11,516 sqft warehouse property for sale in New Baltimore.
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      27.47 Acres Commercial Land

      27.47 acres of commercial development land available for sale.
      26 26 Mile Rd, Chesterfield, MI 48047
      View Details
    • $595,000

      5.49 Acres Vacant Commercial Land

      Vacant land with high visibility and traffic counts, quick I-94 access.
      Chesterfield Rd, New Baltimore, MI 48047
      View Details
    • $104,999
      0.44 Acres

      Lake-View Buildable Lot

      Vacant buildable parcel on a paved road with utilities available at the street and lake views across the way.
      38199 Murdicks Dr, New Baltimore, MI 48047
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    Similar Nearby for Lease

    • Contact for pricing

      Office Space Near Sports Academy

      Office space featuring multiple rooms and amenities, near Sports Academy.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing
      89,852 SF

      Chesterfield Township Warehouse Space

      89,852 SF warehouse space available for lease.
      52017 Sierra Dr, Chesterfield Township, MI 48047
      View Details
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    Chesterfield, MI 48047-1857
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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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    29101 23rd Mile Rd, Chesterfield, MI, 48047
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