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

    51515 Corridor Dr Shelby Township, MI 48315-3146

    • Flex space
    • 22,500 SF
    • 6.21 lot acres
    OFF-MARKET
    Last Sale
    May 21, 2021
    Value Estimations
    $2,570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0964081
    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

    • Flex space

    Property Details for 51515 Corridor Dr

    Lot size
    6.21 lot acres
    Property size
    22,500 SF
    Zone code
    LM
    Property type
    Flex space
    APN
    23-07-14-376-020
    APU
    230714376020

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,571,000
      Market price range: $1.65M - $2.57M
      AI Estimate
      $2,571,000
      Market price range: $1.65M - $2.57M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,950,000
      Current use
      RESTAURANT
      $3,190,000
      Change: +64% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $3,115,000
      Change: +60% Conversion: Difficult
      OFFICE BUILDING
      $3,115,000
      Change: +60% Conversion: Difficult
      RETAIL STORES
      $2,775,000
      Change: +42% Conversion: Moderate
      MEDICAL BUILDING
      $2,765,000
      Change: +42% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,935,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby Township
    County
    Macomb
    State
    Michigan
    Longitude
    -83.005
    Latitude
    42.6753
    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
    2022
    $34,947
    $0.00
    $0.00
    $1,299,200
    -
    $0.00
    $0.00
    $2,598,400

    Comparable in this City

    • Value Estimation
      $4,055,000
      43,134 SF

      51457 Filomena Dr

      LIGHT INDUSTRIAL • 43,134 SF
      51457 Filomena Dr, Shelby Township, MI 48315-2945
      View Details
    • Value Estimation
      $11,970,000
      134,400 SF

      52674 Shelby Pkwy

      LIGHT INDUSTRIAL • 134,400 SF
      52674 Shelby Pkwy, Shelby Township, MI 48315-1778
      View Details
    • Value Estimation
      $6,600,000
      90,090 SF

      52048 Shelby Pkwy

      LIGHT INDUSTRIAL • 90,090 SF
      52048 Shelby Pkwy, Shelby Township, MI 48315-1787
      View Details
    • Value Estimation
      $4,140,000
      56,516 SF

      51786 Shelby Pkwy

      LIGHT INDUSTRIAL • 56,516 SF
      51786 Shelby Pkwy, Shelby Township, MI 48315-1786
      View Details
    • Value Estimation
      $7,025,000
      79,725 SF

      51870 Shelby Pkwy

      LIGHT INDUSTRIAL • 79,725 SF
      51870 Shelby Pkwy, Shelby Township, MI 48315-1787
      View Details
    • Value Estimation
      $1,355,000
      12,565 SF

      15030 Technology Dr

      LIGHT INDUSTRIAL • 12,565 SF
      15030 Technology Dr, Shelby Township, MI 48315-3950
      View Details

    Similar Nearby for Sale

    • $4,900,000
      39,388 SF

      Industrial Facility with Expansion Potential

      Well-maintained 38,388 SF industrial facility with expansion and outside storage.
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    • $2,475,000
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      Shelby Twp Distribution Center

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    • Contact for pricing
      1.70 Acres

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      1.7 Acres, High-Traffic Location
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    • $175,000
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      Established market with Mediterranean kitchen in high-traffic location.
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    • $475,000
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      Shelby Twp Commercial Land - 3.99 Acres

      Prime Shelby Township development land, R-1-B zoning.
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    • Contact for pricing
      14,440 SF

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    Similar Nearby for Lease

    • $25 SF/Yr
      3,240 SF

      Shelby Township Flex Space Available

      Flex space with high ceilings, overhead doors, and ample parking.
      45147-45231 Market St, Shelby Township, MI 48315
      View Details
    • $7 SF/Yr
      9,260 SF

      Shelby Township Flex Space Available

      9,260 SF flex space with high ceilings and overhead doors.
      14453 Hall Rd, Shelby Township, MI 48315
      View Details
    • $12 SF/Yr
      4,960 SF

      Shelby Township Flex Space Available

      4,960 SF flex space with office and shop area.
      50711 Wing Dr, Shelby Township, MI 48315
      View Details
    • $9 SF/Yr
      9,400 SF

      Shelby Township Industrial Space Available

      Industrial space for lease in Shelby Township, Michigan.
      50845 Rizzo Dr, Shelby Township, MI 48315
      View Details
    • $7 SF/Yr
      160,255 SF

      Shelby Twp Flex Space Available

      Modern flex space, multiple units available.
      45147 Market St, Shelby Township, MI 48315
      View Details
    • $9 SF/Yr
      45 SF

      Industrial Space in Danview Technology Park

      45,381 SF industrial space with office and shop areas.
      51360 Danview Technology Ct, Shelby Township, MI 48315
      View Details
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    Shelby Township, MI 48315-3146
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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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