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    32380 23 Mile Rd New Baltimore, MI 48047

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    32380 23 Mile Rd New Baltimore, MI 48047

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    • Commercial real estate
    • 6.33 lot acres
    Off-Market
    Property ID
    US43-1179245
    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

    • Commercial real estate

    Property Details for 32380 23 Mile Rd

    Lot size
    6.33 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 6.33-acre commercial land parcel in New Baltimore, Michigan, presents a remarkable investment opportunity. Boasting 766 feet of frontage on a heavily trafficked road connecting Chesterfield and New Baltimore, this property offers unparalleled visibility and accessibility. The lot's considerable depth of approximately 200 feet provides ample space for development. Currently, a house sits on the property, occupied by tenants. Access to the house for inspection will only be granted after an offer is accepted, and the sale is subject to existing tenant rights. The property itself is the sole focus of this sale

    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
    New Baltimore
    County
    Macomb
    State
    Michigan
    Longitude
    -82.783713367285
    Latitude
    42.675249351299

    Comparable in this City

    • $104,999
      0.44 Acres

      Buildable Lot with Lake Views

      Spacious 0.44-acre vacant lot with lake views in New Baltimore.
      38199 Murdicks, New Baltimore, MI 48047
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      Prime Vacant Land Opportunity

      1.04-acre vacant land parcel on 23 Mile Road, Chesterfield, MI.
      33070 23 Mile Rd, Chesterfield, MI 48047
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    • Contact for pricing

      27.47 Acres Commercial Land

      27.47 acres of commercial development land available for sale.
      26 26 Mile Rd, Chesterfield, MI 48047
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      Commercial Lot on Gratiot Avenue

      Prime commercial lot with high visibility on Gratiot Avenue.
      54240 Gratiot Ave, New Baltimore, MI 48047
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    • $595,000

      5.49 Acres Vacant Commercial Land

      Vacant land with high visibility and traffic counts, quick I-94 access.
      51124 Sass Rd, Chesterfield Township, MI 48047
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    • $195,000
      2.31 Acres

      Residential Land in Chesterfield Twp

      2.31 acres of residential and multi-family zoned land.
      00 Jefferson Ave, New Baltimore, MI 48047
      View Details

    Similar Nearby for Sale

    • $104,999
      0.44 Acres

      Buildable Lot with Lake Views

      Spacious 0.44-acre vacant lot with lake views in New Baltimore.
      38199 Murdicks, New Baltimore, MI 48047
      View Details
    • Contact for pricing

      Prime Vacant Land Opportunity

      1.04-acre vacant land parcel on 23 Mile Road, Chesterfield, MI.
      33070 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      27.47 Acres Commercial Land

      27.47 acres of commercial development land available for sale.
      26 26 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      Commercial Lot on Gratiot Avenue

      Prime commercial lot with high visibility on Gratiot Avenue.
      54240 Gratiot Ave, New Baltimore, MI 48047
      View Details
    • $595,000

      5.49 Acres Vacant Commercial Land

      Vacant land with high visibility and traffic counts, quick I-94 access.
      51124 Sass Rd, Chesterfield Township, MI 48047
      View Details
    • $195,000
      2.31 Acres

      Residential Land in Chesterfield Twp

      2.31 acres of residential and multi-family zoned land.
      00 Jefferson Ave, New Baltimore, MI 48047
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land with Main Road Frontage

      Land available for lease with potential for various developments.
      30670 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      Office Space Near Sports Academy

      Office space featuring multiple rooms and amenities, near Sports Academy.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      New Development Retail Opportunity

      New development retail, office, or medical space for lease.
      37040 Green St, New Baltimore, MI 48047
      View Details
    • $2,000 /Mo
      2,400 SF

      Chesterfield Office Space Available

      Professional office space in Chesterfield, MI, for lease.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
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    32380 23 Mile Rd
    New Baltimore, MI 48047
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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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