Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    48850 Gratiot Ave Chesterfield, MI 48051-2615

    • Auto shops
    • 13,168 SF
    • 1.30 lot acres
    OFF-MARKET
    Last Sale
    Jan 12, 2021
    $875,000
    Value Estimations
    $1,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5269330
    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

    • Ziebart / Car Wash
    • Tom's Auto Glass / Auto Repair Shop / (Bike/Boat/Book/etc) Store

    Property Details for 48850 Gratiot Ave

    Year built
    1977
    Lot size
    1.30 lot acres
    Property size
    13,168 SF
    Zone code
    C3 GEN
    Property type
    Auto shops
    APN
    15-09-30-251-044
    APU
    150930251044

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,050,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,010,000
      Market price range: $768k - $1.80M
      AI Estimate
      $1,010,000
      Market price range: $768k - $1.80M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,135,000
      Current use
      MEDICAL BUILDING
      $1,615,000
      Change: +43% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,355,000
      Change: +20% Conversion: Moderate
      OFFICE BUILDING
      $1,250,000
      Change: +10% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $975,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8451
    Latitude
    42.6589
    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
    2022
    $20,987
    $0.00
    $0.00
    $441,000
    -
    $0.00
    $0.00
    $882,000

    Comparable in this City

    • Value Estimation by Request
      2,560 SF

      29600 26th Mile Rd

      AUTO REPAIR, GARAGE • 2,560 SF
      29600 26th Mile Rd, Chesterfield, MI 48051-1214
      View Details
    • Value Estimation by Request
      6,029 SF

      52550 Gratiot Ave

      AUTO REPAIR, GARAGE • 6,029 SF
      52550 Gratiot Ave, Chesterfield, MI 48051-2025
      View Details
    • Value Estimation
      $975,000
      8,400 SF

      48135 Gratiot Ave

      AUTO REPAIR, GARAGE • 8,400 SF
      48135 Gratiot Ave, Chesterfield, MI 48051-2604
      View Details
    • Value Estimation
      $685,000
      5,012 SF

      48475 Gratiot Ave

      AUTO REPAIR, GARAGE • 5,012 SF
      48475 Gratiot Ave, Chesterfield, MI 48051-2609
      View Details
    • Value Estimation
      $605,000
      4,440 SF

      48655 Gratiot Ave

      AUTO REPAIR, GARAGE • 4,440 SF
      48655 Gratiot Ave, Chesterfield, MI 48051-2613
      View Details
    • Value Estimation
      $3,550,000
      25,963 SF

      51825 Gratiot Ave

      AUTO REPAIR, GARAGE • 25,963 SF
      51825 Gratiot Ave, Chesterfield, MI 48051-2014
      View Details

    Similar Nearby for Sale

    • $369,876
      1,657 SF

      Historic Farmhouse on Spacious Land

      Charming farmhouse with modern updates on over four acres.
      26560 26 Mile Rd, Chesterfield, MI 48051
      View Details
    • $549,990
      9,005 SF

      Chesterfield Industrial Property - High Revenue

      Profitable Business, Established Location, Immediate Income
      52050 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $750,000
      5,785 SF

      Remodeled Office/Warehouse on Gratiot Corridor

      5,785 sq ft remodeled office and warehouse on 0.71 acres.
      55951 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • New
      $78,999
      2.00 Acres

      Vacant Land in Chesterfield, MI

      Two-acre vacant lot in desirable Chesterfield community.
      25525 25 Mile Rd, Chesterfield, MI 48051
      View Details
    • $595,000

      Industrial Land on Gratiot Avenue

      6.5 acres of industrial land with utilities available.
      53153 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $825,000
      8.84 Acres

      Prime New Baltimore Commercial Land

      8.84 Acres, M2 Zoning, High Traffic
      51231 Chesterfield Rd, New Baltimore, MI 48051
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo

      Retail/Office Space, Excellent Visibility

      Retail or office space with great freeway access and visibility.
      49684 Gratiot Rd, New Baltimore, MI 48051
      View Details
    • $1,700 /Mo

      Retail/Medical/Office Space Available

      High-traffic location with retail, medical, and office potential.
      52370 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $20 SF/Yr
      100,000 SF

      Crown Plaza Retail Space Available

      Prime Retail Space, Multiple Units Available
      52939 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $15 SF/Yr
      17,196 SF

      Chesterfield Retail Center Opportunity

      High-visibility retail space available in Macomb County.
      46948 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $1,500 /Mo

      Retail Space For Rent

      Retail space available for lease.
      55931 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $1,000 /Mo

      Retail Space on Gratiot Avenue

      Retail space with high ceilings and kitchenette for rent.
      49906 Gratiot Ave, New Baltimore, MI 48051
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    48850 Gratiot Ave
    Chesterfield, MI 48051-2615
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!