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    37235 Goddard Rd Romulus, MI 48174
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    Property profile & analytics

    37235 Goddard Rd Romulus, MI 48174

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    • Medical Office Space
    • 2,912 SF
    • 0.55 lot acres
    For Sale
    $600,000
    View Listing →
    Romulus Medical/Dental Investment Opportunity For Sale
    $600,000
    0.55 Acres

    Romulus Medical/Dental Investment Opportunity

    2,900 SF modern building, long-term tenants, convenient location.

    37235 GODDARD Rd, Romulus, MI 48174
    View Listing
    Property ID
    US43-5265025
    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
    Cap Rate Potential
    5.1%
    Medical Office Space
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 37235 Goddard Rd

    Year built
    2000
    Lot size
    0.55 lot acres
    Property size
    2,912 SF
    Zone code
    CBD-3
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    80 078 14 0008 300
    APU
    80078140008300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $600,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $510,000
      6.5%
      $470,000
      7%
      $440,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $392,000
      Market price range: $185k - $392k
      AI Estimate
      $392,000
      Market price range: $185k - $392k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $355,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Romulus
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4034
    Latitude
    42.2173
    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
    $15,806
    $0.00
    $0.00
    $258,600
    -
    $0.00
    $0.00
    $517,200

    Comparable in this City

    • Value Estimation
      $575,000
      7,104 SF

      29750 Ecorse Rd

      MEDICAL BUILDING • 7,104 SF
      29750 Ecorse Rd, Romulus, MI 48174-3528
      View Details
    • Value Estimation by Request
      3,536 SF

      13739 Huron Riv Dr

      MEDICAL BUILDING • 3,536 SF
      13739 Huron Riv Dr, Romulus, MI 48174-3628
      View Details
    • Value Estimation
      $1,295,000
      9,600 SF

      10912 Wayne Rd

      MEDICAL CLINIC • 9,600 SF
      10912 Wayne Rd, Romulus, MI 48174-1471
      View Details
    • Value Estimation by Request
      4,158 SF

      9950 Wayne Rd

      MEDICAL BUILDING • 4,158 SF
      9950 Wayne Rd, Romulus, MI 48174-3429
      View Details
    • Value Estimation by Request
      4,704 SF

      12100 Huron Riv Dr

      MEDICAL BUILDING • 4,704 SF
      12100 Huron Riv Dr, Romulus, MI 48174-1119
      View Details
    • Value Estimation by Request
      4,190 SF

      20960 Telegraph Rd

      MEDICAL BUILDING • 4,190 SF
      20960 Telegraph Rd, Brownstown, MI 48174-9319
      View Details

    Similar Nearby for Sale

    • $600,000

      Romulus Medical/Dental Investment Opportunity

      2,900 SF modern building, long-term tenants, convenient location.
      37235 Goddard Rd, Romulus, MI 48174
      View Details
    • $600,000
      2,912 SF

      Romulus Medical/Dental Investment Opportunity

      2,900 SF medical/dental space in excellent condition, built in 2000.
      37235 Goddard St, Romulus, MI 48174
      View Details
    • Contact for pricing
      1,872 SF

      Mixed-Use Property in Downtown Romulus

      Mixed-use property with commercial space in a historic downtown.
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    • $600,000
      27,700 SF

      Multi-Building Campus Investment Opportunity

      27,700 SF multi-building campus on 6.43 acres for sale.
      35408 Beverly Rd, Romulus, MI 48174
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    • $600,000

      Multi-Building Campus on 6+ Acres

      27,700 SF multi-building campus on 6.43 acres for sale.
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      Industrial Park Near Detroit Airport

      Industrial spaces ideal for warehouse, distribution, and freight forwarding.
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      Industrial Park Near Detroit Airport

      Industrial space ideal for warehouse, distribution, and freight forwarding.
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      Romulus Flex/Industrial Space Available

      Flex/industrial space available for lease in Romulus, Michigan.
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      Office Space for Rent

      Office space available for rent in Romulus, Michigan.
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      Romulus Warehouse and Distribution Space

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      29200 Airport Dr, Romulus, MI 48174
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    View Listing
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    Romulus, MI 48174
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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.

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    37235 Goddard Rd, Romulus, MI, 48174
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