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

    32500 23rd Mile Rd Chesterfield, MI 48047-1991

    • Medical offices
    • 4,292 SF
    • 0.65 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2022
    $500,000
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    9%
    Medical offices
    Location Intelligence
    Property ID
    US43-0559332
    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

    • Michigan Spine & Joint Center PC / Chiropractor / Massage Therapist
    • Adebowale O. Adegbenro, DC / Chiropractor
    • Dr. Erica Selby- Cook / Chiropractor
    • Adebowale Olugbenga Adegbenro / Chiropractor
    • Dr. Thomas Neuner / Chiropractor

    Property Details for 32500 23rd Mile Rd

    Year built
    1959
    Construction
    BRICK
    Lot size
    0.65 lot acres
    Property size
    4,292 SF
    Zone code
    O1 PRO
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    15-09-22-201-009
    APU
    150922201009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $750,000
      6.5%
      $690,000
      7%
      $645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $506,000
      Market price range: $327k - $789k
      AI Estimate
      $506,000
      Market price range: $327k - $789k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $525,000
      Current use
      RETAIL STORES
      $800,000
      Change: +51% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $440,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.7821
    Latitude
    42.6747
    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
    2022
    $10,842
    $0.00
    $0.00
    $231,300
    -
    $0.00
    $0.00
    $462,600

    Comparable in this City

    • Value Estimation
      $1,095,000
      6,460 SF

      34301 23rd Mile Rd, Unit 1

      MEDICAL BUILDING • 6,460 SF
      34301 23rd Mile Rd, Chesterfield, MI 48047-4432
      View Details
    • Value Estimation
      $2,885,000
      27,314 SF

      32743 23rd Mile Rd Ste, Unit 110

      MEDICAL BUILDING • 27,314 SF
      32743 23rd Mile Rd Ste, Chesterfield, MI 48047-2082
      View Details
    • Value Estimation by Request
      1,770 SF

      51034 Washington St

      MEDICAL BUILDING • 1,770 SF
      51034 Washington St, New Baltimore, MI 48047-2157
      View Details
    • Value Estimation
      $2,175,000
      17,510 SF

      32901 23rd Mile Rd

      MEDICAL BUILDING • 17,510 SF
      32901 23rd Mile Rd, Chesterfield, MI 48047-4063
      View Details
    • Value Estimation
      $1,705,000
      10,942 SF

      51133 Birch St

      MEDICAL BUILDING • 10,942 SF
      51133 Birch St, New Baltimore, MI 48047-1581
      View Details
    • Value Estimation
      $1,095,000
      6,712 SF

      36821 Grn St

      MEDICAL BUILDING • 6,712 SF
      36821 Grn St, New Baltimore, MI 48047-1607
      View Details

    Similar Nearby for Sale

    • $2,900,000
      15,200 SF

      Macomb County Industrial Property

      15,200 SF Manufacturing/Medical Office
      37230 26 Mile Rd, New Baltimore, MI 48047
      View Details
    • $2,950,000
      15,200 SF

      Manufacturing Facility with Development Potential

      Manufacturing facility on 10 acres with development opportunities.
      Chesterfield Twp, New Baltimore, MI 48047
      View Details
    • $595,000
      5.49 Acres

      Prime Commercial Land, New Baltimore

      5.49 Acres, C-3 Zoning, High Visibility
      51124 Sass Rd, New Baltimore, MI 48047
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    • $450,000
      2,033 SF

      Turnkey Commercial Property in Chesterfield

      Renovated commercial property with expansion potential in Macomb County.
      32650 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • $325,000
      Pending

      Former Opera House/Church Opportunity

      Unique property with grand gathering, office, and living spaces.
      51028 Base St, New Baltimore, MI 48047
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    • $139,000

      Jefferson Ave Residential Lots

      Prime Lake St. Clair Waterfront Lots
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    Similar Nearby for Lease

    • $1,800 /Mo

      Professional Suite in Pyramid Center

      Versatile 1,798 sq. ft. office suite for lease.
      33497 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $3,006 /Mo

      Renovated Professional Building Office Space

      Last unit available in renovated professional building near I-94.
      32743 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $2,000 /Mo
      2,400 SF

      Chesterfield Office Space Available

      Professional office space near I-94 in Chesterfield, MI.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing

      Macomb County Executive Office Space

      Prime Office Land, Multi-Family Potential
      30670 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $12 SF/Yr
      51,780 SF

      Chesterfield Executive Office Space

      Prime Office Suite, 2400 sq ft, Macomb County
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • Contact for pricing
      5,000 SF

      Retail Space Available For Lease

      5,000 sqft retail space for lease.
      37030 Green St, New Baltimore, MI 48047
      View Details
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    Chesterfield, MI 48047-1991
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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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