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Property profile & analytics
OFF-MARKET
Estimated value
$1,255,000
Banks
360 Merriman Rd Westland, MI 48186-5048
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-0812420
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
2004
Total area
5,928 SF
Lot
5.47 ac (238,273 SF)
APN
56 065 99 0001 021
UPID
US43-0812420
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.26M
Blend (final)
Blend
$1.26M
Owner & transaction history
Pvm Westland Support Corporation · 2 yrs held
Pvm Westland Support Corporation
since 2023
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.5M
+70.0%
Apartment house (5+ units)
$1.4M
+51.3%
Commercial (general)
$990,000
+10.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Westland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Westland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$895,000
Current use
RESTAURANT
$1,520,000
Change: +70% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,355,000
Change: +51% · Conversion: Difficult
COMMERCIAL (GENERAL)
$990,000
Change: +11% · Conversion: Difficult
OFFICE BUILDING
$790,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$1.26M
Range $1.13M – $1.38M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$212 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$42,247
Tax year 2023
Assessed value
$670,200
Assessed 2024
Previous assessed
$627,700
+6.8% YoY
Effective rate
6.30%
On assessed value
Total market value
$1,340,400
Applied tax rate
82,160.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
2004
Heating
FORCED AIR
Stories
1
Total area
5,928 SF
Lot
5.47 ac (238,273 SF)
APN
56 065 99 0001 021
UPID
US43-0812420
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
FINANCIAL BUILDING Current
Est. value
$895,000
RESTAURANT
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$990,000
OFFICE BUILDING
Est. value
$790,000
FINANCIAL BUILDING Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Heating
FORCED AIR
Stories
1
Lot
5.47 ac
Current owner
From public records · entity-resolved
Pvm Westland Support Corporation
Entity
Free & Clear · 2 yrs held
Mailing address
26200 LAHSER RD STE #300, SOUTHFIELD, MI 48033-7157
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 20, 2023
—
Pvm Westland Support Corporation
Presbyterian Villages Of Michigan
Warranty Deed
—
Jun 7, 2021
$200,000
Presbyterian Villages Of Michigan
Tcf National Bank
Deed
—
Jan 13, 2004
$525,000
Tcf National Bank
Living Lt,westland Assisted
Warranty Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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