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

    32823 12th Mile Rd Farmington Hills, MI 48334-3304

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2164228
    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

    • Commercial real estate

    Property Details for 32823 12th Mile Rd

    Property type
    Commercial real estate
    APN
    22-23-15-601-002
    APU
    222315601002

    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
    -83.3726
    Latitude
    42.498
    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
    $451
    $0.00
    $20,950
    $20,950
    -
    $0.00
    $41,900
    $41,900

    Comparable in this City

    • Value Estimation by Request
      102,000 SF

      33250-33338 12 Mile Rd

      Lifestyle centers • 102,000 SF
      33250-33338 12 Mile Rd, Farmington Hills, MI 48334
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    • Value Estimation by Request

      31506 Northwestern Hwy

      COMMERCIAL (GENERAL)
      31506 Northwestern Hwy, Farmington, MI 48334
      View Details
    • Value Estimation by Request
      8.33 Acres

      33210 12th Mile Rd

      COMMERCIAL (GENERAL) • 8.33 Acres
      33210 12th Mile Rd, Farmington Hills, MI 48334-3309
      View Details
    • Value Estimation
      $4,040,000
      43,393 SF

      30350 12th Mile Rd

      COMMERCIAL (GENERAL) • 43,393 SF
      30350 12th Mile Rd, Farmington Hills, MI 48334-3836
      View Details
    • Value Estimation
      $6,500,000
      74,453 SF

      30251 13th Mile Rd

      COMMERCIAL (GENERAL) • 74,453 SF
      30251 13th Mile Rd, Farmington Hills, MI 48334-2298
      View Details
    • Value Estimation
      $4,955,000
      46,559 SF

      29750 Farmington Rd

      COMMERCIAL (GENERAL) • 46,559 SF
      29750 Farmington Rd, Farmington Hills, MI 48334-1922
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.10 Acres

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    • $649,000
      4.55 Acres

      Farmington Hills Land - 4.55 Acres

      Prime 4.55-acre lot, ideal for various uses.
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    • $2,000,000
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      Farmington Hills Commercial Land

      31.53 Acres, $2M Asking Price
      27400 12 Mile Rd, Farmington Hills, MI 48334
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    • Contact for pricing
      134,418 SF

      Commercial Kitchen/Senior Housing Opportunity

      Property suitable for commercial kitchen, senior housing, or retail development.
      31525 W 12 Mile Rd, Farmington Hills, MI 48334
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    • $3,000,000
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      Quakertown Plaza: Office Complex

      Farmington Hills Office Buildings, Value-Add Opportunity
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    • $350,000

      Residential Land in Upscale Area

      2.6-acre residential land parcel in a desirable Farmington Hills area.
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    Similar Nearby for Lease

    • $18 SF/Yr
      36,662 SF

      Northwestern Highway Office Space

      Prime Office Suites Available, Flexible Sizes
      30955 Northwestern Hwy, Farmington Hills, MI 48334
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    • $17 SF/Yr
      35,834 SF

      Farmington Hills Creative Office Space

      Modern A-Class Office, 2,423 SF Available
      28470 13 Mile Rd, Farmington Hills, MI 48334
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    • $18 SF/Yr
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      Farmington Hills Medical Office Space

      Class A medical office suites available. Excellent location, ample parking.
      31731 Northwestern Hwy, Farmington Hills, MI 48334
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    • $9 SF/Yr
      4,800 SF

      Farmington Hills Office Space Available

      Modern Office Suites, 1200-2400 SF
      31471 Northwestern Hwy, Farmington Hills, MI 48334
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    • $17 SF/Yr
      63,000 SF

      Kaufman Financial Center II Suites

      Farmington Hills Office Space: Multiple Suites Available
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    • $12 SF/Yr
      106,117 SF

      Wellington Place North Office Space

      Farmington Hills Office Building For Lease
      30445 Northwestern Hwy, Farmington Hills, MI 48334
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    Farmington Hills, MI 48334-3304
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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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