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    31005 John R Rd, Unit 31023 Madison Heights, MI 48071-1907
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    Property profile & analytics

    31005 John R Rd, Unit 31023 Madison Heights, MI 48071-1907

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    • Super regional malls
    • 6,493 SF
    • 0.60 lot acres
    For Lease
    View Listing →
    Retail Space Near Oakland Mall For Lease
    Contact for pricing

    Retail Space Near Oakland Mall

    Prime retail location with high traffic and excellent visibility.

    31005 John R Rd, Madison Heights, MI 48071
    View Listing
    Property ID
    US43-1358906
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • MedPro Primary Care / Medical Clinic
    • MedPro Urgent Care / Medical Clinic

    Property Details for 31005 John R Rd

    Year built
    1988
    Lot size
    0.60 lot acres
    Property size
    6,493 SF
    Zone code
    B-1 LOC
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    44-25-02-478-007
    APU
    442502478007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison Heights
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1069
    Latitude
    42.5205
    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
    $14,870
    $0.00
    $0.00
    $311,470
    -
    $0.00
    $0.00
    $622,940

    Comparable in this City

    • Value Estimation
      $2,960,000
      45,762 SF

      29051 Dequindre Rd, Unit 29205

      REGIONAL SHOPPING CENTER, MALL • 45,762 SF
      29051 Dequindre Rd, Madison Heights, MI 48071-2617
      View Details
    • Value Estimation
      $1,375,000
      17,375 SF

      31075 John R Rd

      REGIONAL SHOPPING CENTER, MALL • 17,375 SF
      31075 John R Rd, Madison Heights, MI 48071-2000
      View Details
    • Value Estimation by Request
      5,300 SF

      331 11th Mile Rd, Unit 335

      REGIONAL SHOPPING CENTER, MALL • 5,300 SF
      331 11th Mile Rd, Madison Heights, MI 48071-3217
      View Details
    • Value Estimation
      $985,000
      24,852 SF

      31642 John R Rd, Unit 31742

      REGIONAL SHOPPING CENTER, MALL • 24,852 SF
      31642 John R Rd, Madison Heights, MI 48071-1912
      View Details
    • Value Estimation by Request
      7,300 SF

      1401 14th Mile Rd, Unit 1413

      REGIONAL SHOPPING CENTER, MALL • 7,300 SF
      1401 14th Mile Rd, Madison Heights, MI 48071-1055
      View Details
    • Value Estimation
      $1,075,000
      14,828 SF

      31101 Dequindre Rd, Unit 31151

      REGIONAL SHOPPING CENTER, MALL • 14,828 SF
      31101 Dequindre Rd, Madison Heights, MI 48071-1546
      View Details

    Similar Nearby for Sale

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      Fully Occupied Retail Center

      Neighborhood retail center in Madison Heights, Michigan for sale.
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      71,647 SF

      Retail Space in Madison Heights

      Retail space available for lease in Madison Heights, Michigan.
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      71,647 SF

      Madison Heights Retail Center For Sale

      Well-located retail center anchored by Asian grocer in Madison Heights.
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    • $200,000
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      Office/Studio with Additional Parking

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      6,036 SF

      Freestanding Commercial Building with Showroom

      Commercial building with showroom and fenced parking for 60 vehicles.
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      Retail Space on Dequindre Road

      Multi-tenant building with high visibility on Dequindre Road.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Madison Heights, Michigan.
      26743-26769 John R Rd, Madison Heights, MI 48071
      View Details
    • Contact for pricing
      1,100 SF

      Madison Heights Retail Space Available

      Retail space in Madison Heights near major retailers.
      28707 Dequindre Rd, Madison Heights, MI 48071
      View Details
    • Contact for pricing

      Freestanding Retail on John R

      Freestanding 3,600 SF retail building with parking and high traffic.
      32451 John R Rd, Madison Heights, MI 48071
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      Retail, Office, Medical Space Available

      Upgraded retail, office, and medical spaces for lease.
      1321-1325 W Fourteen Mile Rd, Madison Heights, MI 48071
      View Details
    • Contact for pricing
      5,134 SF

      Retail Space on John R Road

      5,134 SF retail space with abundant parking.
      27117 John R Rd, Madison Heights, MI 48071
      View Details
    View Listing
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    Madison Heights, MI 48071-1907
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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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