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

    500 Ajax Dr Madison Heights, MI 48071-2428

    • Warehouses
    • 7,600 SF
    • 0.60 lot acres
    OFF-MARKET
    Last Sale
    Mar 19, 2020
    $420,000
    Value Estimations
    $625,000
    Show details
    Cap Rate Potential
    8.8%
    Warehouses
    Location Intelligence
    Property ID
    US43-1000176
    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

    • Delta Temp Inc / Air Conditioning Contractor

    Property Details for 500 Ajax Dr

    Year built
    1978
    Lot size
    0.60 lot acres
    Property size
    7,600 SF
    Zone code
    M-1 LT
    Property type
    Warehouses
    APN
    44-25-11-426-013
    APU
    442511426013

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $520,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $760,000
      6.5%
      $705,000
      7%
      $655,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $775,000
      Market price range: $519k - $792k
      AI Estimate
      $775,000
      Market price range: $519k - $792k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $620,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $705,000
      Change: +14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison Heights
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1086
    Latitude
    42.5118
    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
    $16,326
    $0.00
    $0.00
    $352,140
    -
    $0.00
    $0.00
    $704,280

    Comparable in this City

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    • Value Estimation by Request
      8,000 SF

      32251 Dequindre Rd

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      3,680 SF

      25107 Dequindre Rd

      WAREHOUSE, STORAGE • 3,680 SF
      25107 Dequindre Rd, Madison Heights, MI 48071-4245
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    • Value Estimation by Request
      5,000 SF

      25524 John R Rd

      WAREHOUSE, STORAGE • 5,000 SF
      25524 John R Rd, Madison Heights, MI 48071-4014
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      5,460 SF

      32090 John R Rd

      WAREHOUSE, STORAGE • 5,460 SF
      32090 John R Rd, Madison Heights, MI 48071-1321
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    • Value Estimation by Request
      47,200 SF

      32766 John R Rd

      WAREHOUSE, STORAGE • 47,200 SF
      32766 John R Rd, Madison Heights, MI 48071-4728
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Madison Heights Industrial Warehouse

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      Madison Heights Light-Industrial Opportunity

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      Madison Heights Industrial/Flex Space

      3,500 SF industrial/flex space in Madison Heights, Michigan.
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    • $879,000
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      Madison Heights Warehouse For Sale

      8,400 SF warehouse on 0.58 acres with fenced yard.
      195 Ajax Dr, Madison Heights, MI 48071
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      Madison Heights Flex/Industrial Property

      Flex/Industrial property available for sale in Madison Heights, Michigan.
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    Similar Nearby for Lease

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    • $7 SF/Yr
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    • Contact for pricing
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      Madison Heights Warehouse and Office

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    • $8 SF/Yr
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      Madison Heights Warehouse Space Available

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    • $7 SF/Yr
      9,400 SF

      Madison Heights Flex Space Available

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      View Details
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    500 Ajax Dr
    Madison Heights, MI 48071-2428
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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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