Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    29255 Jefferson Ave Gibraltar, MI 48173-9738

    • Retail space
    • 9,780 SF
    • 1.17 lot acres
    OFF-MARKET
    Last Sale
    Mar 09, 2025
    Value Estimations
    $1,225,000
    Show details
    Cap Rate Potential
    7.7%
    Retail space
    Location Intelligence
    Property ID
    US43-4775104
    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

    • Retail space

    Property Details for 29255 Jefferson Ave

    Year built
    2001
    Lot size
    1.17 lot acres
    Property size
    9,780 SF
    Zone code
    RESIDE
    Property type
    Retail space
    APN
    36 012 99 0022 000
    APU
    36012990022000

    Description

    This impressive 9,800 square foot medical office building, formerly a Save More Drugstore, is situated on a 1.1-acre lot at the corner of West Jefferson and Gibraltar. Its prime location offers excellent visibility and accessibility, making it ideal for a variety of uses, including medical offices, clinics, or even a grocery store given its size and proximity to residential areas. The building boasts a well-maintained exterior, ample parking, and a flexible interior layout that allows for customization to meet specific tenant needs. Large windows provide abundant natural light, creating a bright and welcoming atmosphere. The structure is well-constructed and durable, promising a professional and lasting business address. This single-tenant property presents a unique opportunity for businesses seeking a prominent location with significant space and potential. The adaptable layout supports multiple uses, inviting retail businesses to take advantage of this prime space. This is an incredible leasing opportunity in a desirable location with unlimited potential for growth and success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,440,000
      6.5%
      $1,330,000
      7%
      $1,235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,213,000
      Market price range: $343k - $1.21M
      AI Estimate
      $1,213,000
      Market price range: $343k - $1.21M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $745,000
      Current use
      COMMERCIAL (GENERAL)
      $1,075,000
      Change: +44% Conversion: Easy
      RESTAURANT
      $1,015,000
      Change: +36% Conversion: Easy
      OFFICE BUILDING
      $950,000
      Change: +28% Conversion: Easy
      MEDICAL BUILDING
      $920,000
      Change: +24% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $780,000
      Change: +4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Gibraltar
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2038
    Latitude
    42.0929
    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
    $27,516
    $0.00
    $0.00
    $413,000
    -
    $0.00
    $0.00
    $826,000

    Comparable in this City

    • Value Estimation by Request
      40,897 SF

      28599 Gibraltar Rd

      RETAIL STORES (PERSONAL SERVICES) • 40,897 SF
      28599 Gibraltar Rd, Gibraltar, MI 48173-9733
      View Details
    • Value Estimation by Request
      5,720 SF

      21148 Huron Riv Dr

      RETAIL STORES (PERSONAL SERVICES) • 5,720 SF
      21148 Huron Riv Dr, Rockwood, MI 48173-9601
      View Details
    • Value Estimation by Request
      4,100 SF

      13500 Gibraltar

      RETAIL STORES (PERSONAL SERVICES) • 4,100 SF
      13500 Gibraltar, Gibraltar, MI 48173
      View Details
    • Value Estimation by Request
      3,724 SF

      32660 Jefferson Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,724 SF
      32660 Jefferson Ave, Brownstown, MI 48173-9301
      View Details
    • Value Estimation by Request
      968 SF

      29041 Gibraltar Rd

      RETAIL STORES (PERSONAL SERVICES) • 968 SF
      29041 Gibraltar Rd, Gibraltar, MI 48173-9730
      View Details
    • Value Estimation by Request
      2,190 SF

      22855 Huron Riv Dr

      CONVENIENCE STORE • 2,190 SF
      22855 Huron Riv Dr, Rockwood, MI 48173-1018
      View Details

    Similar Nearby for Sale

    • $183,600
      1,520 SF

      Updated Commercial Property in Rockwood

      Updated commercial property with limitless possibilities in a prime location.
      33053 W Jefferson Ave, Rockwood, MI 48173
      View Details
    • $100,000

      Pet Supply Store Business

      Turn-key pet supply store with grooming in Rockwood, Michigan.
      32875 Fort Rd, Rockwood, MI 48173
      View Details
    • $250,000

      Save A Lot Grocery Store

      Turnkey Save A Lot grocery store with loyal customer base.
      32823 Fort Rd, Rockwood, MI 48173
      View Details
    • $349,900
      1,975 SF

      Turn-Key Restaurant Opportunity

      Renovated restaurant with FF&E on 3.5 acres near Lake Erie.
      33518 W Jefferson Ave, Rockwood, MI 48173
      View Details
    • Contact for pricing
      560,000 SF

      Gibraltar Industrial Facility with Heavy Power

      560,000 SF industrial facility with heavy power capacity.
      27800 W Jefferson Ave, Gibraltar, MI 48173
      View Details
    • $1,500,000
      64.32 Acres

      Rockwood Industrial Land - 64 Acres

      Prime 64-acre industrial site, excellent location.
      20837 Huron River Dr, Rockwood, MI 48173
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      11,217 SF

      Prime Retail Space Available

      High-visibility corner lot with over 11,000 SF retail space.
      32905 Fort Rd, Rockwood, MI 48173
      View Details
    • $12 SF/Yr
      12,000 SF

      Rockwood Retail Strip Center Opportunity

      High-traffic retail space available in Rockwood, MI.
      22420-22440 Huron River Dr, Rockwood, MI 48173
      View Details
    • $12 SF/Yr
      51,978 SF

      Rockwood Retail Center - For Lease

      Prime Retail Space, 7,500 SF Available
      32827 Fort Rd, Rockwood, MI 48173
      View Details
    • $1,800 /Mo
      830 SF

      Gibraltar Commercial/Industrial Space For Rent

      Commercial/Industrial space available for rent in Gibraltar, Michigan.
      29549 Jefferson, Gibraltar, MI 48173
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available for rent at 28000 W Jefferson Ave.
      28000 W Jefferson Ave, Gibraltar, MI 48173
      View Details
    • $2,800 /Mo
      1,410 SF

      Gibraltar Flex Space For Rent

      Flex space available for lease in Gibraltar, Michigan.
      29539 Jefferson, Gibraltar, MI 48173
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    29255 Jefferson Ave
    Gibraltar, MI 48173-9738
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.