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

    29891 23rd Mile Rd Chesterfield, MI 48047-1842

    • Assisted living facilities
    • 41,125 SF
    • 3.55 lot acres
    OFF-MARKET
    Last Sale
    Aug 31, 2022
    $15,457,500
    Value Estimations
    $15,460,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4188417
    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

    • The Bay At Chesterfield / Assisted Living Facility / Retirement Community

    Property Details for 29891 23rd Mile Rd

    Year built
    2018
    Lot size
    3.55 lot acres
    Property size
    41,125 SF
    Zone code
    RM 3 MU
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    15-09-16-300-024
    APU
    150916300024

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,475,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8088
    Latitude
    42.6754
    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
    $122,107
    $0.00
    $0.00
    $2,750,500
    -
    $0.00
    $0.00
    $5,501,000

    Comparable in this City

    • Value Estimation by Request
      147,578 SF

      35031 23rd Mile Rd

      HOMES (RETIRED, NURSING) • 147,578 SF
      35031 23rd Mile Rd, New Baltimore, MI 48047-3649
      View Details
    • Value Estimation by Request
      39,955 SF

      33503 23rd Mile Rd

      HOMES (RETIRED, NURSING) • 39,955 SF
      33503 23rd Mile Rd, Chesterfield, MI 48047-1970
      View Details
    • Value Estimation by Request
      150,313 SF

      47901 Sugarbush Rd

      HOMES (RETIRED, NURSING) • 150,313 SF
      47901 Sugarbush Rd, Chesterfield, MI 48047-2243
      View Details
    • Value Estimation by Request
      124,902 SF

      50900 Geering Dr

      HOMES (RETIRED, NURSING) • 124,902 SF
      50900 Geering Dr, New Baltimore, MI 48047-2609
      View Details
    • Value Estimation
      $765,000
      4,173 SF

      51190 D W Seaton Dr, Unit D

      DENTAL BUILDING • 4,173 SF
      51190 D W Seaton Dr, Chesterfield, MI 48047-1457
      View Details
    • Value Estimation
      $1,705,000
      10,942 SF

      51133 Birch St

      MEDICAL BUILDING • 10,942 SF
      51133 Birch St, New Baltimore, MI 48047-1581
      View Details

    Similar Nearby for Sale

    • $2,900,000
      15,200 SF

      Macomb County Industrial Property

      15,200 SF Manufacturing/Medical Office
      37230 26 Mile Rd, New Baltimore, MI 48047
      View Details
    • Contact for pricing
      1.00 Acre

      New Baltimore Commercial Land Opportunity

      Prime Macomb County acreage for sale.
      29430 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $3,000,000
      46.50 Acres

      Kingsberry Street Residential Land

      46.5 Acres, Prime Chesterfield Twp. Development
      0 Kingsberry St, New Baltimore, MI 48047
      View Details
    • $1,950,000
      22.30 Acres

      22 Acres Rosso Hwy Commercial Land

      High-traffic retail land near Selfridge Airbase.
      28541 William P Rosso Hwy, New Baltimore, MI 48047
      View Details
    • $222,500
      1,144 SF

      Move-In Ready Ranch Condo

      First-floor, 2-bedroom, 2-bath condo with new updates.
      48719 Brighton Ct, New Baltimore, MI 48047
      View Details
    • $38,000

      High-Visibility Corner Commercial Lot

      Commercial lot near lake and Air Force Base.
      000 Farwell St, New Baltimore, MI 48047
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      51,780 SF

      Chesterfield Executive Office Space

      Prime Office Suite, 2400 sq ft, Macomb County
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • $1,800 /Mo

      Professional Suite in Pyramid Center

      Versatile 1,798 sq. ft. office suite for lease.
      33497 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $1.00 SF/Yr
      5,000 SF

      Prime New Baltimore Retail Space

      5,000 SF Retail Space For Lease
      37040 Green St, New Baltimore, MI 48047
      View Details
    • $3,006 /Mo

      Renovated Professional Building Office Space

      Last unit available in renovated professional building near I-94.
      32743 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $2,000 /Mo
      2,400 SF

      Chesterfield Office Space Available

      Professional office space near I-94 in Chesterfield, MI.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      Macomb County Executive Office Space

      Prime Office Land, Multi-Family Potential
      30670 23 Mile Rd, New Baltimore, MI 48047
      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.
    29891 23rd Mile Rd
    Chesterfield, MI 48047-1842
    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.