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

    5 Mile Rd Northville, MI 48168

    • Commercial land
    • 8.32 lot acres
    OFF-MARKET
    Last Sale
    Jul 31, 2023
    $343,840
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0003851
    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

    • Commercial land

    Property Details for 5 Mile Rd

    Lot size
    8.32 lot acres
    Property type
    Commercial land
    APN
    77 068 99 0001 710
    APU
    77068990001710

    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
    Northville
    County
    Wayne
    State
    Michigan
    Longitude
    -83.5154
    Latitude
    42.3937
    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
    $39,082
    $0.00
    $0.00
    $826,300
    -
    $0.00
    $0.00
    $1,652,600

    Comparable in this City

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      7.12 Acres

      5 Mile Rd

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      5 Mile Rd, Northville, MI 48168
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      16.45 Acres

      15565 Bay Hl Dr

      VACANT COMMERCIAL LAND • 16.45 Acres
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      4.13 Acres

      15565 Bay Hl Dr

      VACANT COMMERCIAL LAND • 4.13 Acres
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      2.50 Acres

      6 Mile Rd

      VACANT COMMERCIAL LAND • 2.50 Acres
      6 Mile Rd, Northville, MI 48168
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    • Value Estimation by Request
      0.54 Acres

      9481 6th Mile Rd

      VACANT COMMERCIAL LAND • 0.54 Acres
      9481 6th Mile Rd, Northville, MI 48168-9459
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    • Value Estimation by Request
      81.31 Acres

      5 Mile Rd

      VACANT COMMERCIAL LAND • 81.31 Acres
      5 Mile Rd, Northville, MI 48168
      View Details

    Similar Nearby for Sale

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      Northville Commercial Land For Sale

      Commercially zoned 0.85-acre lot in Northville Township.
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    • $370,000
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      Northville Office Development Opportunity

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      Northville Residential Land Development

      Prime 3.24-acre corner lot, R-2 zoning.
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    • $370,000
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      Spacious Land Parcel in Northville

      10.35 acre build-site in Salem Township with South Lyon schools.
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    • $899,000
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      Northville Road Commercial Land

      2.35 Acres, I-1 Zoning, $899,000
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      Sprawling Land Parcel in Northville

      Large 4.14-acre parcel ideal for custom home or development.
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    Similar Nearby for Lease

    • $13 SF/Yr
      24,000 SF

      Northville Industrial Manufacturing Space

      24,000 SF Manufacturing/Distribution Facility
      41600 6 Mile Rd, Northville, MI 48168
      View Details
    • $16 SF/Yr
      2,400 SF

      Northville Retail Space For Lease

      Retail space available in Northville's Ridgewood Plaza Shopping Center.
      16863-16999 Ridge Rd, Northville, MI 48168
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    • Contact for pricing
      16,974 SF

      Northville Village Center Retail Space

      Prime Retail Space, High-Traffic Location, 1,715 SF Available
      6 Mile & Haggerty Rds, Township of Northville, MI 48168
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    • Contact for pricing
      12,000 SF

      Northville Retail Space: Prime Location

      1,492 SF Retail Space, I-275 Access
      41740 6 Mile Rd, Northville, MI 48168
      View Details
    • $21 SF/Yr
      1,604 SF

      Northville Office Space For Rent

      Office space for rent near downtown Northville and I-275.
      41700-41860 6 Mile Rd, Northville, MI 48168
      View Details
    • Contact for pricing
      15,062 SF

      Arbor Place Plaza Medical Office Space

      Northville medical office space for lease; 1,600 sq ft available.
      16855 Haggerty Rd, Northville, MI 48168
      View Details
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    5 Mile Rd
    Northville, MI 48168
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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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