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    Property profile & analytics

    3221 Ft St Wyandotte, MI 48192-5312

    • Drug stores
    • 14,736 SF
    • 1.44 lot acres
    OFF-MARKET
    Last Sale
    Mar 19, 2024
    Value Estimations
    $1,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1786222
    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

    • Drug stores

    Property Details for 3221 Ft St

    Year built
    2004
    Lot size
    1.44 lot acres
    Property size
    14,736 SF
    Property type
    Drug stores
    APN
    57 017 09 1501 306
    APU
    57017091501306

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,424,000
      Market price range: $648k - $1.42M
      AI Estimate
      $1,424,000
      Market price range: $648k - $1.42M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,100,000
      Current use
      COMMERCIAL (GENERAL)
      $1,795,000
      Change: +63% Conversion: Easy
      MEDICAL BUILDING
      $1,390,000
      Change: +26% Conversion: Difficult
      OFFICE BUILDING
      $1,295,000
      Change: +18% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,175,000
      Change: +7% Conversion: Moderate
      RESTAURANT
      $1,135,000
      Change: +3% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,055,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wyandotte
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1794
    Latitude
    42.2
    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
    $52,896
    $0.00
    $0.00
    $828,800
    -
    $0.00
    $0.00
    $1,657,600

    Comparable in this City

    • Value Estimation by Request
      1,600 SF

      1522 Ford Ave

      Restaurants • 1,600 SF
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    • Value Estimation by Request
      1,070 SF

      1948 Frd Ave

      DRUG STORE, PHARMACY • 1,070 SF
      1948 Frd Ave, Wyandotte, MI 48192-2308
      View Details
    • Value Estimation
      $1,400,000
      15,922 SF

      2025 Ft St

      DRUG STORE, PHARMACY • 15,922 SF
      2025 Ft St, Wyandotte, MI 48192-3841
      View Details
    • Value Estimation
      $815,000
      11,200 SF

      131 Elm St

      DRUG STORE, PHARMACY • 11,200 SF
      131 Elm St, Wyandotte, MI 48192-5920
      View Details
    • Value Estimation by Request
      2,015 SF

      3575 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 2,015 SF
      3575 Ft St, Wyandotte, MI 48192-6315
      View Details
    • Value Estimation
      $1,060,000
      10,952 SF

      1998 Biddle Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,952 SF
      1998 Biddle Ave, Wyandotte, MI 48192-3907
      View Details

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      3,300 SF Retail/Office/Flex Space

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      5,469 SF

      Retail Space on Biddle Avenue

      5,469 SF retail space available for sale.
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      Retail building with high visibility and accessibility on Eureka Rd.
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    Similar Nearby for Lease

    • $2,000 /Mo
      3,368 SF

      Wyandotte Retail Space for Rent

      Retail property in Wyandotte, MI, with 3368 square feet.
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    • $17 SF/Yr

      Retail Space in Eureka Plaza

      Retail space for lease in downtown Wyandotte's Eureka Plaza.
      330-360 Eureka Rd, Wyandotte, MI 48192
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    • $1,600 /Mo
      1,500 SF

      Wyandotte Commercial Space For Lease

      Prime commercial space with excellent visibility and signage opportunities.
      884 Ford Ave, Wyandotte, MI 48192
      View Details
    • Contact for pricing

      Wyandotte Flex Space Available

      15,000 sq ft flex space in Wyandotte for lease.
      2025 Eureka Rd, Wyandotte, MI 48192
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    • Contact for pricing

      Retail Space Available For Lease

      Retail space for lease at 320 Eureka Ave, Wyandotte.
      320 Eureka Ave, Wyandotte, MI 48192
      View Details
    • Contact for pricing

      Wyandotte Commercial Property for Rent

      Commercial property available for rent in Wyandotte, Michigan.
      3351-3363 Eureka Rd, Wyandotte, MI 48192
      View Details
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    Wyandotte, MI 48192-5312
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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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