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

    35500 Drake Farmington, MI 48335

    • Industrial properties
    • 3.27 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1378238
    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

    • Industrial properties

    Property Details for 35500 Drake

    Lot size
    3.27 lot acres
    Zone code
    UI
    Property type
    Industrial properties
    APN
    22-23-29-426-018
    APU
    222329426018

    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
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3968
    Latitude
    42.4605
    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
    $3,107
    $225,900
    $6,370
    $232,270
    -
    $451,800
    $12,740
    $464,540

    Comparable in this City

    • Value Estimation
      $3,585,000
      72,750 SF

      22630 Haggerty Rd

      INDUSTRIAL (GENERAL) • 72,750 SF
      22630 Haggerty Rd, Farmington Hills, MI 48335-2649
      View Details
    • Value Estimation
      $4,505,000
      80,315 SF

      24175 Research Dr

      INDUSTRIAL (GENERAL) • 80,315 SF
      24175 Research Dr, Farmington Hills, MI 48335-2634
      View Details
    • Value Estimation by Request
      6,750 SF

      23933-23975 Research Dr Unit

      Distribution properties • 6,750 SF
      23933-23975 Research Dr Unit, Farmington Hills, MI 48335
      View Details
    • Value Estimation
      $2,665,000
      54,838 SF

      24775 Crestview Ct

      INDUSTRIAL (GENERAL) • 54,838 SF
      24775 Crestview Ct, Farmington Hills, MI 48335-1507
      View Details
    • Value Estimation
      $4,945,000
      124,800 SF

      24120 Haggerty Rd

      INDUSTRIAL (GENERAL) • 124,800 SF
      24120 Haggerty Rd, Farmington Hills, MI 48335-2645
      View Details
    • Value Estimation
      $760,000
      13,101 SF

      24555 Hallwood Ct

      INDUSTRIAL (GENERAL) • 13,101 SF
      24555 Hallwood Ct, Farmington Hills, MI 48335-1667
      View Details

    Similar Nearby for Sale

    • $1,704,000
      14,200 SF

      Warehouse with Truckwell For Sale

      Well-maintained warehouse with truckwell, adjacent building also available.
      24380 Indoplex Cir, Farmington Hills, MI 48335
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      20,968 SF

      Industrial Property with Modern Office

      Industrial property featuring renovated office space and warehouse upgrades.
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      Farmington Industrial Property For Sale

      Industrial property with quick access to major highways.
      37840 Interchange Dr, Farmington, MI 48335
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      Industrial Building For Sale

      Industrial building with flexible leasing options available in Farmington, MI.
      37849-37879 Interchange Dr, Farmington, MI 48335
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Space Available For Rent

      5,920 SF industrial space available for lease.
      24120-24168 Haggerty Rd, Farmington Hills, MI 48335
      View Details
    • Contact for pricing

      Industrial Building For Lease

      5,000 SF industrial building available for lease.
      23943 Industrial Park Dr, Farmington Hills, MI 48335
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    • $8 SF/Yr
      6,750 SF

      Industrial Space For Lease

      Industrial property with freeway visibility and monument signage available.
      23933-23973 Research Dr, Farmington, MI 48335
      View Details
    • Contact for pricing
      4,500 SF

      Industrial Space in Farmington Hills

      Industrial property available for lease in Farmington Hills, Michigan.
      24034 Haggerty Rd, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      5,920 SF

      Farmington Hills Warehouse Space Available

      5,920 SF warehouse space with highway visibility and access.
      24120 Haggerty Rd, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      4,500 SF

      Industrial Warehouse Space For Rent

      Industrial warehouse space available for rent in Farmington Hills.
      24730-24764 Crestview Ct, Farmington Hills, MI 48335
      View Details
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    35500 Drake
    Farmington, 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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