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    Property profile & analytics

    32424 8th Mile Rd Farmington Hills, MI 48336-5104

    • Auto shops
    • 3,200 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1451701
    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

    • Auto shops

    Property Details for 32424 8th Mile Rd

    Year built
    1989
    Lot size
    0.22 lot acres
    Property size
    3,200 SF
    Zone code
    II
    Property type
    Auto shops
    APN
    22-23-34-376-039
    APU
    222334376039

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington Hills
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3671
    Latitude
    42.4413
    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
    $3,622
    $18,230
    $98,620
    $116,850
    -
    $36,460
    $197,240
    $233,700

    Comparable in this City

    • Value Estimation
      $710,000
      6,308 SF

      29831 10th Mile Rd

      AUTO REPAIR, GARAGE • 6,308 SF
      29831 10th Mile Rd, Farmington Hills, MI 48336-2709
      View Details
    • Value Estimation
      $615,000
      1,700 SF

      32686 Grand Riv Ave

      AUTO REPAIR, GARAGE • 1,700 SF
      32686 Grand Riv Ave, Farmington, MI 48336-3110
      View Details
    • Value Estimation by Request
      4,690 SF

      22855 Orch Lk Rd

      AUTO REPAIR, GARAGE • 4,690 SF
      22855 Orch Lk Rd, Farmington, MI 48336-3230
      View Details
    • Value Estimation by Request
      4,500 SF

      20801 Whitlock St

      AUTO REPAIR, GARAGE • 4,500 SF
      20801 Whitlock St, Farmington Hills, MI 48336-5169
      View Details
    • Value Estimation by Request
      1,428 SF

      29319 Grand Riv Ave

      AUTO REPAIR, GARAGE • 1,428 SF
      29319 Grand Riv Ave, Farmington Hills, MI 48336-5617
      View Details
    • Value Estimation by Request
      3,705 SF

      30680 Grand Riv Ave

      AUTO REPAIR, GARAGE • 3,705 SF
      30680 Grand Riv Ave, Farmington Hills, MI 48336-4315
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,005 SF

      Farmington Hills Redevelopment Opportunity

      Redevelopment site at Middlebelt and 9 Mile Road.
      22412 Middlebelt Rd, Farmington Hills, MI 48336
      View Details
    • $249,000
      5,000 SF

      Established Custom Car Shop Business

      Full-service custom car shop with strong growth potential.
      32730 W Eight Mile Rd, Farmington, MI 48336
      View Details
    • Contact for pricing
      5,667 SF

      Farmington Hills Car Wash Opportunity

      Car wash for sale in high-traffic Farmington Hills area.
      30544 Grand River Ave, Farmington Hills, MI 48336
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Modern Mechanic Shop and Center

      New development ideal for retail, office, or auto services.
      24281 Orchard Lake Rd, Farmington Hills, MI 48336
      View Details
    • Contact for pricing

      Orchard Lake Road Retail Space

      Retail and automotive property available for rent on Orchard Lake.
      23800 Orchard Lake Rd, Farmington, MI 48336
      View Details
    • Contact for pricing

      Orchard Lake Road Retail Space

      Retail space available for rent on Orchard Lake Road.
      23332 Orch Lk Rd -, Farmington, MI 48336
      View Details
    • Contact for pricing

      Retail Space on Mile Road

      Retail space available for lease on West 8 Mile Road.
      32210 W 8 Mile Rd, Farmington Hills, MI 48336
      View Details
    • Contact for pricing

      Office/Retail Building on Eight Mile

      3,000 SF office/retail building, divisible, near major routes.
      27510 8 Mile Rd W, Farmington Hills, MI 48336
      View Details
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    Farmington Hills, MI 48336-5104
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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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