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

    29500 7 Mile Rd Livonia, MI 48152

    • Retail properties
    • 368,954 SF
    • 21.08 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1601866
    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

    • Official Driving School / Driving School
    • Dr. Voyles Eyecare Professionals of Michigan / Optometrist / Eye Care Center
    • Asbahi Razan S DDS / Dentist
    • Sears Hair Studio / Hair Salon
    • Lisa Redilla / Optometrist

    Property Details for 29500 7 Mile Rd

    Year built
    1964
    Lot size
    21.08 lot acres
    Property size
    368,954 SF
    Property type
    Retail properties
    APN
    46 008 99 0012 000
    APU
    46008990012000

    Description

    This exceptional retail opportunity presents a substantial 373,350-square-foot former Sears building situated within the bustling Livonia Marketplace in Livonia, Michigan. The property boasts a prime location at 29500 W Seven Mile Rd, zip code 48152, in Wayne County. Currently vacant, this single-tenant building offers unparalleled potential for redevelopment or repurposing. The expansive 21-acre site provides ample space for various retail ventures. The Livonia Marketplace benefits from strong co-tenancy with established retailers such as Walmart and Kohl's, ensuring high visibility and foot traffic. The strategic location at the intersection of Seven Mile and Middlebelt Roads further enhances accessibility and exposure, with nearby complementary businesses including LA Fitness, Dollar Tree, CVS Pharmacy, and Petco. This property represents a unique chance to acquire a significant retail asset in a thriving commercial area with substantial potential for growth and return on investment. The building's size and location make it ideal for a variety of retail uses, offering a blank canvas for a large-scale development project. Serious inquiries are encouraged to explore the possibilities of this remarkable opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,946,000
      Market price range: $12.9M - $45.8M
      AI Estimate
      $12,946,000
      Market price range: $12.9M - $45.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3374
    Latitude
    42.4289
    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
    $168,645
    $0.00
    $0.00
    $3,164,500
    -
    $0.00
    $0.00
    $6,329,000

    Comparable in this City

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      11,080 SF

      20313 Middlebelt Rd

      Lifestyle centers • 11,080 SF
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      17933 Haggerty Rd

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      3,741 SF

      27695 Grand Riv Ave

      Restaurants • 3,741 SF
      27695 Grand Riv Ave, Livonia, MI 48152
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    • Value Estimation
      $7,660,000
      61,752 SF

      29905 7th Mile Rd

      DEPARTMENT STORE • 61,752 SF
      29905 7th Mile Rd, Livonia, MI 48152-1911
      View Details
    • Value Estimation
      $14,120,000
      150,778 SF

      37500 6th Mile Rd

      DEPARTMENT STORE • 150,778 SF
      37500 6th Mile Rd, Livonia, MI 48152-3905
      View Details

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      373,350 SF

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    • $525,000
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      View Details
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    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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