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

    34420 8 Mile Rd Farmington Hills, MI 48335

    • Retail space
    • 7,034 SF
    • 1.47 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1203925
    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

    • Retail space

    Property Details for 34420 8 Mile Rd

    Year built
    1998
    Lot size
    1.47 lot acres
    Property size
    7,034 SF
    Zone code
    BI
    Property type
    Retail space
    APN
    22-23-33-376-066
    APU
    222333376066

    Description

    This Farmington Hills, MI retail property, located at 34420 Eight Mile Rd, offers 5,500 square feet of vacant space in a 7,023 square foot strip center. The property boasts a prime location on the northwest corner of Eight Mile Road and Gill Road, ensuring excellent visibility and accessibility. With a total of 58 parking spaces, ample customer parking is readily available. The 1.56-acre lot (67,898 square feet) provides significant space and potential for expansion. Situated in Oakland County, this well-established retail building benefits from its location near the heart of the Farmington Hills business district and enjoys landmark recognition within the community. The property is ideal for businesses seeking high visibility and convenient access for customers. The building has been a retail staple in the community for years, offering established brand recognition and opportunities for engaging signage. This is a unique opportunity to establish or expand your business in a thriving commercial area. The zip code is 48335.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,260,000
      6.5%
      $1,165,000
      7%
      $1,080,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $878,000
      Market price range: $389k - $1.47M

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3858
    Latitude
    42.441
    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
    $19,591
    $204,910
    $221,410
    $426,320
    -
    $409,820
    $442,820
    $852,640

    Comparable in this City

    • Value Estimation
      $1,835,000
      10,848 SF

      39350 9th Mile

      RETAIL STORES (PERSONAL SERVICES) • 10,848 SF
      39350 9th Mile, Farmington, MI 48335
      View Details
    • Value Estimation
      $1,105,000
      6,700 SF

      35322 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,700 SF
      35322 Grand Riv Ave, Farmington, MI 48335-3269
      View Details
    • Value Estimation
      $780,000
      5,682 SF

      33409 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,682 SF
      33409 Grand Riv Ave, Farmington, MI 48335-3521
      View Details
    • Value Estimation
      $10,925,000
      37,442 SF

      37085 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 37,442 SF
      37085 Grand Riv Ave, Farmington, MI 48335-2830
      View Details
    • Value Estimation by Request
      4,889 SF

      35410 Grand Riv Ave

      FINANCIAL BUILDING • 4,889 SF
      35410 Grand Riv Ave, Farmington, MI 48335-3121
      View Details
    • Value Estimation by Request
      899 SF

      37410 Grand Riv Ave

      GROCERY, SUPERMARKET • 899 SF
      37410 Grand Riv Ave, Farmington, MI 48335-2826
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      50 SF

      Downtown Farmington Retail Opportunity

      Retail space available in historic downtown Farmington building.
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      Industrial property with quick access to major highways.
      37840 Interchange Dr, Farmington, MI 48335
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    • $1,704,000
      14,200 SF

      Warehouse with Truckwell For Sale

      Well-maintained 14,200 sq ft warehouse with truckwell in Farmington Hills.
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      Industrial Building For Sale

      Industrial building with flexible leasing options available in Farmington, MI.
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    Similar Nearby for Lease

    • $4,500 /Mo

      Grand River Avenue Retail/Office Space

      Retail and office spaces available for lease on Grand River.
      33419 Grand River Ave, Farmington, MI 48335
      View Details
    • $20 SF/Yr
      1,600 SF

      Retail Space in Farmington Hills

      Multi-tenant strip center with spaces available for lease.
      34701 Grand River Ave, Farmington Hills, MI 48335
      View Details
    • Contact for pricing

      Office and Retail Space Available

      Office and retail spaces with prominent signage and private entrances.
      Farmington, MI 48335
      View Details
    • Contact for pricing
      25,288 SF

      Farmington Hills Commercial Property

      6.5-acre lot, 25,288 sq ft building
      35200 Grand River Ave, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      8,266 SF

      Farmington Retail Space - Grand River Ave.

      Prime Farmington location, 8,266 sq ft, B-3 zoning.
      35080 Grand River Ave, Farmington, MI 48335
      View Details
    • $16 SF/Yr
      10,000 SF

      Drakeshire Plaza Retail Opportunity

      Grand River Ave. Shopping Center - 6 Spaces Available
      35103 Grand River Ave, Farmington, MI 48335
      View Details
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    Farmington Hills, MI 48335
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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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