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

    2971 Warren Ave Detroit, MI 48208-1949

    • Grocery and convenience stores
    • 1,845 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2024
    $225,000
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1130330
    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

    • Jeffrey Mini Mart Inc / Convenience Store
    • bp / Convenience Store / Car Wash
    • ATM (Warren & Jeffries Services) / Atm

    Property Details for 2971 Warren Ave

    Year built
    1968
    Lot size
    0.45 lot acres
    Property size
    1,845 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    12000635-48
    APU
    1200063548

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $225,000
      ML approach
      $225,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $140,000
      Current use
      COMMERCIAL (GENERAL)
      $170,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0956
    Latitude
    42.3464
    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
    2020
    $8,872
    $0.00
    $0.00
    $193,600
    -
    $0.00
    $0.00
    $387,200

    Comparable in this City

    • Value Estimation by Request
      1,307 SF

      5684 Grand Riv Ave

      CONVENIENCE STORE • 1,307 SF
      5684 Grand Riv Ave, Detroit, MI 48208-1546
      View Details
    • Value Estimation
      $505,000
      13,132 SF

      1740 Grand Blvd

      GROCERY, SUPERMARKET • 13,132 SF
      1740 Grand Blvd, Detroit, MI 48208-1051
      View Details
    • Value Estimation by Request
      23,530 SF

      5181 Grand Riv Ave

      GROCERY, SUPERMARKET • 23,530 SF
      5181 Grand Riv Ave, Detroit, MI 48208-2055
      View Details
    • Value Estimation
      $400,000
      1,680 SF

      6571 Linwood St

      CONVENIENCE STORE • 1,680 SF
      6571 Linwood St, Detroit, MI 48208-1109
      View Details
    • Value Estimation by Request
      1,218 SF

      3200 Warren Ave

      CONVENIENCE STORE • 1,218 SF
      3200 Warren Ave, Detroit, MI 48208-1952
      View Details
    • Value Estimation by Request
      7,700 SF

      5760 Grand Riv Ave

      GROCERY, SUPERMARKET • 7,700 SF
      5760 Grand Riv Ave, Detroit, MI 48208-1548
      View Details

    Similar Nearby for Sale

    • $350,000
      7,700 SF

      Former Supermarket Available For Sale

      7,700 SF former supermarket property for sale.
      5760 Grand River Ave, Detroit, MI 48208
      View Details
    • $995,000
      5,886 SF

      Mixed-Use Building Near Wayne State

      Mixed-use property with retail and apartments near Wayne State University.
      5101 Trumbull St, Detroit, MI 48208
      View Details
    • $80,000

      Commercial Building in Chadsey Condon

      7,000 sq ft commercial building with B2 zoning.
      3730 Buchanan St, Detroit, MI 48208
      View Details
    • $130,000
      7,000 SF

      Buchanan Street Storefront Opportunity

      7,000 SF Mixed-Use Detroit Building
      3730 Buchanan St, Detroit, MI 48208
      View Details
    • $145,000
      12,219 SF

      Former Liquor Store and Restaurant

      Former liquor store and restaurant with parking lot included.
      5700-5724 W Grand River Ave, Detroit, MI 48208
      View Details
    • $995,000
      46,278 SF

      Detroit Executive Office Building

      Historic building, redevelopment opportunity.
      3335 Twenty-Third St, Detroit, MI 48208
      View Details

    Similar Nearby for Lease

    • $2.00 SF/Yr
      20,000 SF

      Former Grocery Store Available

      20,000 SF retail space, formerly a grocery store.
      5181 W Grand River Ave, Detroit, MI 48208
      View Details
    • $3,000 /Mo
      2,034 SF

      Corktown Commercial Property For Rent

      Prime commercial property in Corktown, perfect for restaurant or store.
      3406 Tillman St, Detroit, MI 48208
      View Details
    • $8 SF/Yr
      8,000 SF

      Former Doctor's Office For Rent

      8,000 SF retail or medical office space with fenced lot.
      1799 E Grand Blvd, Detroit, MI 48208
      View Details
    • $7 SF/Yr
      11,505 SF

      Industrial Space with Buss Duct

      Industrial space available for lease, featuring a buss duct.
      5159 Loraine St, Detroit, MI 48208
      View Details
    • $2.00 SF/Yr
      26,741 SF

      Gated Lot Zoned M4

      Gated lot available for rent, zoned M4.
      5089 W Grand River Ave, Detroit, MI 48208
      View Details
    • $7 SF/Yr
      39,087 SF

      Warehouse with Showroom and Office

      Warehouse space with showroom and office in Detroit, MI.
      5151 Loraine St, Detroit, MI 48208
      View Details

    Property Visit Statistics

    • Visits by month
      11.9k
    • Visitors by month
      6.5k
    • Avg Time on site
      5 min
    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.
    2971 Warren Ave
    Detroit, MI 48208-1949
    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.