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

    31015 Grand Riv Ave Farmington, MI 48336-4227

    • Office buildings
    • 18,446 SF
    • 3.41 lot acres
    OFF-MARKET
    Last Sale
    Dec 03, 2024
    $1,975,000
    Value Estimations
    $1,825,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1347982
    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

    • Amistee Inc / HVAC Service
    • Call a Pro / General Contractor / Renovation Specialist

    Property Details for 31015 Grand Riv Ave

    Year built
    1964
    Lot size
    3.41 lot acres
    Property size
    18,446 SF
    Zone code
    BI
    Property type
    Office buildings
    APN
    22-23-35-101-005
    APU
    222335101005

    Description

    This exceptional 3.4-acre commercial property is ideally situated at the gateway to Farmington Hills, Michigan, at the prominent corner of Grand River and Merriman Roads. Boasting a highly desirable B3 General Commercial zoning designation, this land offers unparalleled flexibility for a wide range of commercial and mixed-use developments. The city actively encourages development and is eager to collaborate on various projects. The property currently features an existing 18,000 square foot building, presenting a unique opportunity for renovation, expansion, or repurposing. Its prime location ensures exceptional visibility and accessibility, making it an attractive investment for businesses seeking high-traffic exposure. The asking price for the land is $2,200,000. Alternatively, the property is also available for lease at a net rate of $15,000 per month, with both short-term and long-term lease options available. Located at 31015 Grand River Ave, Farmington Hills, MI 48336, in Oakland County, this property presents a compelling investment opportunity with significant potential for growth and return. The address is easily accessible via major roadways, offering convenient access for employees and customers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,800,000
      Market price range: $1.43M - $2.58M
      AI Estimate
      $1,553,000
      Market price range: $874k - $2.56M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,150,000
      Current use
      MEDICAL BUILDING
      $2,910,000
      Change: +36% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,260,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3546
    Latitude
    42.4546
    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
    $46,191
    $455,670
    $389,890
    $845,560
    -
    $911,340
    $779,780
    $1,691,120

    Comparable in this City

    • Value Estimation by Request
      1,799 SF

      20764 Farmington Rd

      OFFICE BUILDING • 1,799 SF
      20764 Farmington Rd, Farmington, MI 48336-5130
      View Details
    • Value Estimation
      $505,000
      3,612 SF

      33004 Grand Riv Ave

      OFFICE BUILDING • 3,612 SF
      33004 Grand Riv Ave, Farmington, MI 48336-3118
      View Details
    • Value Estimation by Request
      1,006 SF

      31632 Grand Riv Ave

      OFFICE BUILDING • 1,006 SF
      31632 Grand Riv Ave, Farmington, MI 48336-4234
      View Details
    • Value Estimation by Request
      1,379 SF

      24001 Orch Lk Rd Ste, Unit 120

      OFFICE BUILDING • 1,379 SF
      24001 Orch Lk Rd Ste, Farmington, MI 48336-2549
      View Details
    • Value Estimation by Request
      1,878 SF

      24001 Orch Lk Rd Ste, Unit 150

      OFFICE BUILDING • 1,878 SF
      24001 Orch Lk Rd Ste, Farmington, MI 48336-2551
      View Details
    • Value Estimation by Request
      2,897 SF

      24001 Orch Lk Rd Ste, Unit 170

      OFFICE BUILDING • 2,897 SF
      24001 Orch Lk Rd Ste, Farmington, MI 48336-2513
      View Details

    Similar Nearby for Sale

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      3,619 SF office building in Farmington Hills, Michigan.
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      View Details
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    • $2,300,000
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      Farmington Commercial Property with Two Buildings

      Two buildings on a 2.75-acre lot, ideal for manufacturing.
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    • $7,300,000
      73,000 SF

      Farmington Industrial Flex Space

      73,000 SF Flex Space, $7.3M Asking
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    • $360,000
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      Farmington Hills Multifamily Land

      0.87 Acres, 20-Unit Potential, Prime Location
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    • Contact for pricing
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      Retail Space in Farmington Hills

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    Similar Nearby for Lease

    • Contact for pricing
      37,000 SF

      Renovated Office Building with Suites

      Completely renovated office building with suites available for lease.
      25882 Orchard Lake Rd, Farmington Hills, MI 48336
      View Details
    • Contact for pricing
      30,000 SF

      Farmington Medical Office Space For Lease

      Prime Medical Office Suites Available Now
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      View Details
    • $15 SF/Yr
      13,504 SF

      Bel-Aire Professional Building

      Farmington Hills office space available
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      View Details
    • $18 SF/Yr
      7,556 SF

      Farmington Hills Executive Office Suite

      1,800 SF Office Space Available Now
      30630 12 Mile Rd, Farmington, MI 48336
      View Details
    • $22 SF/Yr
      3,450 SF

      Medical Office Space Available

      Medical and office spaces for lease near area hospitals.
      23133 Orchard Lake Rd, Farmington, MI 48336
      View Details
    • Contact for pricing
      37,000 SF

      Civic Center Medical Office Suites

      Farmington Hills medical office space available.
      25882 Orchard Lake Rd, Farmington Hills, MI 48336
      View Details
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    Farmington, MI 48336-4227
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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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