Sign Up Successful!
You now have access to more from Realmo!
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

    5121 Chicago Detroit, MI 48204-5716

    • Commercial real estate
    • 41,680 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $3,775,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1126599
    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

    • Detroit Podcast / Radio Station / Telecommunications Service

    Property Details for 5121 Chicago

    Year built
    1925
    Lot size
    0.46 lot acres
    Property size
    41,680 SF
    Zone code
    R5
    Property type
    Commercial real estate
    APN
    14003528.
    APU
    14003528

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,804,000
      Market price range: $1.42M - $7.08M
      AI Estimate
      $3,741,000
      Market price range: $1.39M - $7.02M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,805,000
      Current use
      RESTAURANT
      $3,800,000
      Change: -0% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,160,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1313
    Latitude
    42.368
    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
    $100
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.43 Acres

      8503 Livernois St

      Land • 800 SF
      8503 Livernois St, Detroit, MI 48204
      View Details
    • Value Estimation by Request
      7,500 SF

      7940 Tireman Ave

      Automotive properties • 7,500 SF
      7940 Tireman Ave, Detroit, MI 48204
      View Details
    • Value Estimation by Request
      2,675 SF

      8867 Livernois St

      Restaurants • 2,675 SF
      8867 Livernois St, Detroit, MI 48204
      View Details
    • Value Estimation by Request
      1.36 Acres

      8666 Quincy St

      COMMERCIAL (GENERAL) • 1.36 Acres
      8666 Quincy St, Detroit, MI 48204-2306
      View Details
    • Value Estimation by Request
      0.14 Acres

      11301 Wyoming St

      COMMERCIAL (GENERAL) • 0.14 Acres
      11301 Wyoming St, Detroit, MI 48204-1949
      View Details
    • Value Estimation by Request
      0.09 Acres

      8025 Roselawn St

      COMMERCIAL (GENERAL) • 0.09 Acres
      8025 Roselawn St, Detroit, MI 48204-3208
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.32 Acres

      Detroit Commercial Land - 0.321 Acres

      Prime Detroit location, ready for development.
      4815 Elmhurst St, Detroit, MI 48204
      View Details
    • Contact for pricing
      0.10 Acres

      Detroit Commercial Land - 0.1 Acres

      Prime Detroit land, ready for development. Motivated seller.
      5022 Elmhurst St, Detroit, MI 48204
      View Details
    • $1,200,000
      2,675 SF

      Soul on Ice

      Restaurants • 2,675 SF
      8867 Livernois St, Detroit, MI 48204
      View Details
    • $220,000
      0.43 Acres

      Detroit Industrial Property: $220K

      800 SF Industrial Lot, M2 Zoning, Excellent Yard
      8503 Livernois St, Detroit, MI 48204
      View Details
    • $500,000
      7,500 SF

      Detroit Collision Shop - Turnkey

      Thriving auto shop, high traffic area.
      7940 Tireman Ave, Detroit, MI 48204
      View Details
    • $299,000
      1,092 SF

      Grand River Ave Restaurant - Detroit

      Prime Detroit Restaurant, 1092 SF, $299K
      9137 Grand River Ave, Detroit, MI 48204
      View Details

    Similar Nearby for Lease

    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Charming, renovated 2-bedroom apartment near downtown Detroit and local amenities.
      5124 W Chicago St, Detroit, MI 48204
      View Details
    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Charming, renovated 2-bedroom apartment near downtown Detroit and amenities.
      5122 W Chicago St, Detroit, MI 48204
      View Details
    • $6,000 /Mo
      13,735 SF

      Detroit Industrial/Commercial Space Available

      Versatile industrial/commercial space for rent in Detroit, Michigan.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • $1,200 /Mo

      Renovated Apartment in Nardin Park

      Charming, renovated apartment near downtown Detroit and Nardin Park.
      5122 W Chicago St, Detroit, MI 48204
      View Details
    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Spacious, renovated apartment with modern amenities in a prime location.
      5124 W Chicago St, Detroit, MI 48204
      View Details
    • $2,700 /Mo
      3,200 SF

      Redford Retail Space Available

      Retail spaces for lease, one currently leased to a daycare.
      26554 Grand River Ave, Redford, MI 48204
      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.
    5121 Chicago
    Detroit, MI 48204-5716
    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.