New search
Property profile & analytics
OFF-MARKET
Estimated value
$600,000
Warehouses
500 Ajax Dr, Madison Heights, MI 48071-2428
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1000176
Property summary
AI-generated overview
This 7,600-square-foot warehouse at 500 Ajax Drive in Madison Heights, Michigan, presents a significant opportunity. Built in 1978, the property sits on a 1.21-acre lot and is zoned for industrial use (APN: 25-11-426-013). Currently offering 6,600 square feet of vacant space, this multi-tenant building features a 16-foot ceiling height, ideal for various industrial uses. The property includes one loading dock and ample parking with 13 total spaces. The existing electrical service is 480 volts, 3-phase. A key advantage is the recently refurbished office space, complete with a large open kitchen. The clear-span shop area, previously partitioned into four equal sections, is currently being opened up to provide maximum flexibility. Security features include a gated yard, security cameras, and an alarm system. Added conveniences for employees include a shower and washer/dryer hookups. This property is well-suited for businesses seeking a versatile and secure warehouse space in a convenient location. The property's location in Madison Heights, MI, zip code 48071, offers easy access to major transportation routes.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1978
Total area
7,600 SF
Lot
0.6 ac (26,136 SF)
Zoning code
M-1 LT
APN
44-25-11-426-013
UPID
US43-1000176
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
Current use
Occupant on record · Public records
-
Delta Temp Inc Hardware & Home Improvement HVAC Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$705k
Comparable Approach
Comparable
$775k
Blend (final)
Blend
$600k
Owner & transaction history
500 Ajax LLC · 6 yrs held
500 Ajax LLC
since 2020
Last sale
$420,000
2 recorded transactions
Zoning & alternative use
M-1 LT · Madison Heights, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$930,000
+50.3%
Office building
$890,000
+43.8%
Neighborhood: shopping center
$705,000
+14.1%
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 Madison Heights submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison Heights 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
$520,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$760,000
6.5%
$705,000
7%
$655,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$620,000
Current use
AUTO REPAIR, GARAGE
$930,000
Change: +50% · Conversion: Easy
OFFICE BUILDING
$890,000
Change: +44% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$705,000
Change: +14% · Conversion: Moderate
Blend value · Realmo final
$600k
Range $540k – $660k · ±10% · vs last sale $420k (Mar 19 2020)
Last sale anchor
$420k
Mar 19 2020
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
$79 / 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
$16,326
Tax year 2023
Assessed value
$352,140
Assessed 2024
Previous assessed
$329,680
+6.8% YoY
Effective rate
4.64%
On assessed value
Total market value
$704,280
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1978
Heating
YES
Cooling
YES
Stories
1
Units
1
Total area
7,600 SF
Lot
0.6 ac (26,136 SF)
Zoning code
M-1 LT
APN
44-25-11-426-013
UPID
US43-1000176
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
M-1 LT · Madison Heights, MI
Zoning M-1 LT · permitted uses
M-1 LT · Madison Heights, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Madison Heights. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$620,000
AUTO REPAIR, GARAGE
Est. value
$930,000
OFFICE BUILDING
Est. value
$890,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$705,000
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1978
Heating
YES
Cooling
Yes
Stories
1
Units
1
Lot
0.6 ac
Current owner
From public records · entity-resolved
500 Ajax LLC
Entity
Mailing address
1768 PICCADILLY CT, ROCHESTER HILLS, MI 48309-4502
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 19, 2020
—
500 Ajax LLC
—
Deed
related
$336,000 · Chemical Bk
—
—
Karasinski,frank C Trust
—
Deed Of Trust
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 500 Ajax Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
