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

    509 Willis St Detroit, MI 48201-1701

    • Garden apartment buildings
    • 1,770 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Nov 23, 2020
    $395,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1043243
    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

    • Garden apartment buildings

    Property Details for 509 Willis St

    Year built
    1950
    Lot size
    1.00 lot acres
    Property size
    1,770 SF
    Property type
    Garden apartment buildings
    APN
    02000869.009L
    APU
    02000869009L

    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
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0649
    Latitude
    42.3497
    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
    2020
    $1,987
    $0.00
    $0.00
    $152,800
    -
    $0.00
    $0.00
    $305,600

    Comparable in this City

    • Value Estimation by Request

      615 Hancock St, Unit 12

      GARDEN APT, COURT APT (5+ UNITS)
      615 Hancock St, Detroit, MI 48201-3705
      View Details
    • Value Estimation by Request
      1,094 SF

      248 Mack Ave, Unit 2

      GARDEN APT, COURT APT (5+ UNITS) • 1,094 SF
      248 Mack Ave, Detroit, MI 48201-2463
      View Details
    • Value Estimation by Request
      688 SF

      476 Prentis St, Unit 7

      GARDEN APT, COURT APT (5+ UNITS) • 688 SF
      476 Prentis St, Detroit, MI 48201-1359
      View Details
    • Value Estimation by Request
      1,635 SF

      4150 2nd Ave, Unit 6

      GARDEN APT, COURT APT (5+ UNITS) • 1,635 SF
      4150 2nd Ave, Detroit, MI 48201-1704
      View Details
    • Value Estimation by Request
      960 SF

      291 Edmund Pl, Unit 3

      GARDEN APT, COURT APT (5+ UNITS) • 960 SF
      291 Edmund Pl, Detroit, MI 48201-3183
      View Details
    • Value Estimation
      $540,000
      1,821 SF

      4136 Miracles Blvd, Unit 23

      GARDEN APT, COURT APT (5+ UNITS) • 1,821 SF
      4136 Miracles Blvd, Detroit, MI 48201-1518
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Historic Iodent Loft Building Investment

      Mixed-use building with residential, office, and retail spaces in Detroit.
      2233 Park Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Midtown Development Opportunity

      Motel suitable for redevelopment into an apartment building.
      470 Martin Luther King Jr Blvd, Detroit, MI 48201
      View Details
    • Contact for pricing
      11,000 SF

      Midtown Detroit Mixed-Use Opportunity

      Prime mixed-use development site in vibrant Midtown Detroit.
      3745-3759 Cass Ave, Detroit, MI 48201
      View Details
    • $730,000
      0.16 Acres

      Detroit Redevelopment Opportunity

      Prime real estate in Detroit's historic neighborhood with redevelopment potential.
      250 Eliot St, Detroit, MI 48201
      View Details

    Similar Nearby for Lease

    • $2,200 /Mo
      2,000 SF

      Downtown Detroit Commercial Space

      Prime location near entertainment venues, ideal for bar or lounge.
      2619 John R St, Detroit, MI 48201
      View Details
    • Contact for pricing

      Midtown Detroit Retail Opportunity

      11,188 SF retail space with parking in Detroit's Cultural District.
      4612 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Former Retail Space Available

      Former retail space available for rent.
      55 W Columbia St, Detroit, MI 48201
      View Details
    • Contact for pricing

      Midtown Detroit Retail Opportunity

      Prime retail space in a vibrant mixed-use property.
      4 E Alexandrine St, Detroit, MI 48201
      View Details
    • Contact for pricing

      Woodward Avenue Retail/Restaurant Space

      Retail or restaurant space with Woodward frontage and valet drop-off.
      2715 Woodward Ave, Detroit, MI 48201
      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.
    509 Willis St
    Detroit, MI 48201-1701
    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!