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Property profile & analytics
OFF-MARKET
Estimated value
$2,660,000
Retail residential properties
513 Washington Ave Royal Oak, MI 48067-3825
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US43-1825650
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1926
Total area
13,022 SF
Lot
0.16 ac (7,144 SF)
Zoning code
CBD
APN
72-25-21-278-006
UPID
US43-1825650
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.72M
Blend (final)
Blend
$2.66M
Owner & transaction history
Madrid Building LLC · 8 yrs held
Madrid Building LLC
since 2018
4 recorded transactions
Zoning & alternative use
CBD · Royal Oak, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Royal Oak submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Royal Oak 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,455,000
Current use
RESTAURANT
$2,255,000
Change: -8% · Conversion: Difficult
RETAIL STORES
$2,200,000
Change: -11% · Conversion: Easy
MEDICAL BUILDING
$2,055,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$2.66M
Range $2.39M – $2.93M · ±10%
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
$204 / 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 2021Property tax & assessments
Tax year 2021
Tax billed
$46,784
Tax year 2021
Assessed value
$1,045,930
Assessed 2024
Previous assessed
$489,930
+113.5% YoY
Effective rate
4.47%
On assessed value
Total market value
$2,091,860
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
Retail residential properties
Use group
STORES & APARTMENTS
Status
Off-Market
Year built
1926
Heating
FORCED AIR
Cooling
YES
Stories
2
Units
1
Total area
13,022 SF
Lot
0.16 ac (7,144 SF)
Zoning code
CBD
APN
72-25-21-278-006
UPID
US43-1825650
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
CBD · Royal Oak, MI
Zoning CBD · permitted uses
CBD · Royal Oak, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Royal Oak. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.5M
RESTAURANT
Est. value
$2.3M
RETAIL STORES
Est. value
$2.2M
MEDICAL BUILDING
Est. value
$2.1M
COMMERCIAL (GENERAL) Current
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
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
1926
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
1
Lot
0.16 ac
Current owner
From public records · entity-resolved
Madrid Building LLC
Entity
Mailing address
513 S PO BOX 414TH AVE, TROY, MI 48099-0414
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 23, 2018
—
Madrid Building LLC
Skyward Suites LLC
Warranty Deed
—
Jun 24, 2013
$224,125
Skyward Suites LLC
J P Rantal INC
Dual Purpose Document
$590,875 · Jp Rentals INC
—
—
Jp Rentals INC
—
Deed Of Trust
related
$82,671 · Skyward Suites LLC
—
—
Skywars Suites LLC
—
Deed Of Trust
related
$203,546 · Aiken Timothy B Trust (pt)
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.
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