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    35426 Goddard Rd Romulus, MI 48174-1437

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    35426 Goddard Rd Romulus, MI 48174-1437

    View on Map
    • Grocery and convenience stores
    • 2,755 SF
    • 0.60 lot acres
    Off-Market
    Property ID
    US43-1554866
    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
    $920,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 35426 Goddard Rd

    Year built
    1950
    Lot size
    0.60 lot acres
    Property size
    2,755 SF
    Zone code
    CBD-1
    Property type
    Grocery and convenience stores
    APN
    80 068 01 0026 001
    APU
    80068010026001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $921,000
      Market price range: $339k - $1.03M
      AI Estimate
      $921,000
      Market price range: $339k - $1.03M

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

    Location Insight

    • Map
    • Local Demand
    City
    Romulus
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3862
    Latitude
    42.2234
    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
    $14,974
    $0.00
    $0.00
    $326,000
    -
    $0.00
    $0.00
    $652,000

    Comparable in this City

    • Value Estimation
      $600,000
      4,867 SF

      8284 Wayne Rd

      CONVENIENCE STORE • 4,867 SF
      8284 Wayne Rd, Romulus, MI 48174-1678
      View Details
    • Value Estimation
      $575,000
      1,540 SF

      31341 Van Born Rd

      CONVENIENCE STORE • 1,540 SF
      31341 Van Born Rd, Romulus, MI 48174-2063
      View Details
    • Value Estimation
      $860,000
      2,300 SF

      15024 Middlebelt Rd

      CONVENIENCE STORE • 2,300 SF
      15024 Middlebelt Rd, Romulus, MI 48174-3119
      View Details
    • Value Estimation
      $680,000
      5,529 SF

      7130 Middlebelt Rd

      CONVENIENCE STORE • 5,529 SF
      7130 Middlebelt Rd, Romulus, MI 48174-2131
      View Details
    • Value Estimation by Request
      767 SF

      15155 Huron Riv Dr

      CONVENIENCE STORE • 767 SF
      15155 Huron Riv Dr, Romulus, MI 48174-3675
      View Details
    • Value Estimation by Request
      2,920 SF

      9152 Inkster Rd

      CONVENIENCE STORE • 2,920 SF
      9152 Inkster Rd, Romulus, MI 48174-2614
      View Details

    Similar Nearby for Sale

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      Romulus Retail Building For Sale

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      Commercial Building in Romulus, MI

      Commercial building with showroom, office, and warehouse space for sale.
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    Similar Nearby for Lease

    • $18 SF/Yr
      16,000 SF

      Retail Space with Drive-Thru

      Proposed 16,000 SF retail space with drive-thru end-cap.
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      View Details
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      Retail Space in Tel-King Plaza

      2,100 SF retail unit available in Brownstown Township.
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      2,100 SF

      Retail Space on Telegraph Road

      2,100 SF retail space with high visibility and ample parking.
      20834 Telegraph Rd, Brownstown, MI 48174
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      Retail Space in Leonardo Plaza

      Retail space available in Leonardo Plaza near Metro Airport.
      7559 Merriman Rd, Romulus, MI 48174
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    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Brownstown Charter Township.
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    • Contact for pricing

      Romulus Land For Lease

      Land available for lease in Romulus, Michigan.
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      View Details

    Property Visit Statistics

    • Visits by month
      20.2k
    • Visitors by month
      11.4k
    • Avg Time on site
      8 min
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    Romulus, MI 48174-1437
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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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    35426 Goddard Rd, Romulus, MI, 48174

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