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

    29587 Costello Dr New Hudson, MI 48165-9358

    • Industrial properties
    • 26,492 SF
    • 2.12 lot acres
    OFF-MARKET
    Last Sale
    Jan 25, 2025
    Value Estimations
    $1,305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0165080
    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

    • On Site Substance Abuse Testing / Drug Testing Service

    Property Details for 29587 Costello Dr

    Year built
    1997
    Lot size
    2.12 lot acres
    Property size
    26,492 SF
    Zone code
    II
    Property type
    Industrial properties
    Property subtype
    Loft space
    APN
    K -21-03-376-020
    APU
    K2103376020

    Description

    This exceptional investment opportunity presents a fully occupied, multi-tenant light industrial warehouse located at 29587 Costello Drive, Lyon Township, Michigan, 48165. The property boasts a substantial 26,842 square feet of space, situated on a 2.12-acre lot. Built in 1998, this single-story warehouse features a desirable 16-foot ceiling height, providing ample vertical storage capacity. The property offers 87 parking spaces and eight 12' x 14' drive-in doors, enhancing operational efficiency. The building is zoned New Hudson Edge and benefits from 200 amp power. The asking price is $2,875,000, translating to a price per square foot of $107.11. The property's strong financial performance is evidenced by a Net Operating Income (NOI) of $212,204. This presents a value-add opportunity due to under-market rents and a limited supply of comparable properties in the area. Lyon Township is experiencing significant growth, with a 60% population increase between 2010 and 2020, making this a particularly attractive investment prospect. The property's APN is 21-03-376-020. This is a rare chance to acquire a well-located, income-producing industrial asset in a thriving Michigan community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,607,000
      Market price range: $1.41M - $2.84M
      AI Estimate
      $1,000,000
      Market price range: $620k - $2.14M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,145,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Hudson
    County
    Oakland
    State
    Michigan
    Longitude
    -83.609
    Latitude
    42.5072
    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
    $19,375
    $0.00
    $0.00
    $584,870
    -
    $0.00
    $0.00
    $1,169,740

    Comparable in this City

    • Value Estimation by Request
      1,059 SF

      29551 Costello Dr

      INDUSTRIAL LOFT BUILDING • 1,059 SF
      29551 Costello Dr, New Hudson, MI 48165-9358
      View Details
    • Value Estimation by Request
      1,003 SF

      29567 Costello Dr

      INDUSTRIAL LOFT BUILDING • 1,003 SF
      29567 Costello Dr, New Hudson, MI 48165-9358
      View Details
    • Value Estimation
      $2,680,000
      30,557 SF

      29550 Wk Smith Dr Ste A

      INDUSTRIAL LOFT BUILDING • 30,557 SF
      29550 Wk Smith Dr Ste A, New Hudson, MI 48165-8705
      View Details
    • Value Estimation by Request
      2,707 SF

      29561 Costello Dr

      INDUSTRIAL LOFT BUILDING • 2,707 SF
      29561 Costello Dr, New Hudson, MI 48165-9358
      View Details
    • Value Estimation by Request
      2,041 SF

      29565 Costello Dr

      INDUSTRIAL LOFT BUILDING • 2,041 SF
      29565 Costello Dr, New Hudson, MI 48165-9358
      View Details
    • Value Estimation
      $1,860,000
      20,270 SF

      55840 Grand Riv Ave

      INDUSTRIAL LOFT BUILDING • 20,270 SF
      55840 Grand Riv Ave, New Hudson, MI 48165-9717
      View Details

    Similar Nearby for Sale

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      Lyons Industrial Property: Huge Potential

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    Similar Nearby for Lease

    • Contact for pricing

      Industrial Property for Lease

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      150,000 SF

      New Class A Industrial Facility

      150,000 SF Class A industrial facility for lease.
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    • $4,778 /Mo

      Industrial Flex Space For Rent

      Well-maintained flex space with ample parking and easy freeway access.
      29561 Costello Dr, New Hudson, MI 48165
      View Details
    • Contact for pricing
      20,000 SF

      Build-to-Suit Retail in Oakland County

      Prime Retail Space, Flexible Build-Out
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      Flexible Zoning, Multiple Acreage Options
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      77,537 SF

      New Hudson Commercial Land Opportunity

      1.78-acre lot, prime location, ready for development
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      View Details
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    New Hudson, MI 48165-9358
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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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