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    38888 6th Mile Rd Livonia, MI 48152-2605
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    Property profile & analytics

    38888 6th Mile Rd Livonia, MI 48152-2605

    View on Map
    • Turn key restaurants
    • 7,671 SF
    • 1.61 lot acres
    Off-Market
    Last Sale Dec 2, 2024
    Property ID
    US43-1109845
    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
    $1,265,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Creators' Kitchen as Seen on TikTok / Restaurant
    • NASCAR Wings / Restaurant
    • Buca di Beppo Italian Restaurant / Restaurant

    Property Details for 38888 6th Mile Rd

    Year built
    1999
    Lot size
    1.61 lot acres
    Property size
    7,671 SF
    Property type
    Turn key restaurants
    APN
    46 027 99 0014 010
    APU
    46027990014010

    Description

    This 7,671 square foot single-tenant retail building is located at 38888 Six Mile Road in Livonia, Michigan, within the Southern I-275 Corridor. Built in 1999, the property sits on a 1.609-acre lot and is zoned C-2. The building is currently vacant and offers a unique opportunity for a variety of commercial uses. Its former use was an Italian restaurant. The property boasts excellent visibility and accessibility, situated near the intersection of I-275 and Six Mile Roads, with a daily traffic count of 39,100 vehicles. Abundant on-site parking is available for customers and employees. The location benefits from its proximity to several hotels and the Laurel Park Place Mall, ensuring high foot traffic and customer exposure. This makes it an ideal location for businesses seeking a strong presence in a bustling commercial area. The Wayne County property (APN: 027990014010) offers a chance to establish a thriving business in a high-traffic, convenient location. The property's size and location provide significant potential for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,264,000
      Market price range: $481k - $1.26M
      AI Estimate
      $1,264,000
      Market price range: $481k - $1.26M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $795,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,750,000
      Change: +121% Conversion: Difficult
      OFFICE BUILDING
      $1,085,000
      Change: +37% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $790,000
      Change: -0% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4278
    Latitude
    42.4123
    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
    $43,789
    $0.00
    $0.00
    $795,500
    -
    $0.00
    $0.00
    $1,591,000

    Comparable in this City

    • Value Estimation
      $2,265,000
      13,730 SF

      19600 Haggerty Rd

      RESTAURANT • 13,730 SF
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      View Details
    • Value Estimation by Request
      1,310 SF

      33223 7th Mile Rd

      RESTAURANT • 1,310 SF
      33223 7th Mile Rd, Livonia, MI 48152-1365
      View Details
    • Value Estimation
      $1,105,000
      6,703 SF

      20120 Haggerty Rd

      RESTAURANT • 6,703 SF
      20120 Haggerty Rd, Livonia, MI 48152-1087
      View Details
    • Value Estimation
      $6,440,000
      39,046 SF

      19375 Victor Pkwy

      RESTAURANT • 39,046 SF
      19375 Victor Pkwy, Livonia, MI 48152-1085
      View Details
    • Value Estimation
      $780,000
      3,688 SF

      17200 Middlebelt Rd

      RESTAURANT • 3,688 SF
      17200 Middlebelt Rd, Livonia, MI 48152-3615
      View Details
    • Value Estimation by Request
      5,123 SF

      27725 8th Mile Rd

      RESTAURANT • 5,123 SF
      27725 8th Mile Rd, Livonia, MI 48152-2336
      View Details

    Similar Nearby for Sale

    • $500,000
      8,875 SF

      Livonia Activity Hall with Parking

      Large hall with remodeled kitchen and ample parking.
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    • Contact for pricing
      52,730 SF

      Livonia Marketplace Retail Opportunity

      Fully leased community shopping center shadow anchored by Walmart and Kohl’s.
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    • $1,516,666

      Freestanding Store with New Lease

      Freestanding store with a new 10-year double net lease.
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      Former Sears Retail Opportunity

      Former Sears retail space adjacent to Livonia Marketplace.
      29500 7 Mile Rd, Livonia, MI 48152
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    • $1,986,500
      13,905 SF

      Established Walgreens Location for Sale

      Long-term Walgreens with low rent in a dense retail area.
      29200 6 Mile Rd, Livonia, MI 48152
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr

      Livonia Outlot with Drive-Thru

      Outlot with drive-thru available for lease in Livonia, Michigan.
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      Retail Spaces in Livonia Center

      Retail and restaurant spaces available in a busy Livonia shopping center.
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    • Contact for pricing
      1,600 SF

      Retail Spaces in Livonia Center

      Retail and restaurant spaces available in busy Livonia shopping center.
      17122-17176 Farmington Rd, Livonia, MI 48152
      View Details
    • $2,000 /Mo
      2,200 SF

      Livonia Retail Space Available

      Retail space for lease in Livonia with great visibility.
      29225 7 Mile Rd, Livonia, MI 48152
      View Details
    • $1,400 /Mo
      8,400 SF

      Livonia Retail Space For Lease

      Retail space in high-density area with excellent demographics.
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      View Details
    • $136 SF/Yr
      115 SF

      Salon Studios Space For Lease

      Premium, fully-equipped suites for stylists, estheticians, wellness experts.
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      View Details
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    Livonia, MI 48152-2605
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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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