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    Property profile & analytics

    51531 Gratiot Ave New Baltimore, MI 48051

    • Warehouses
    • 4,128 SF
    • 10.20 lot acres
    For Sale
    View listing
    $799,000
    Last Sale
    Jan 27, 2023
    $1,300,000
    Value Estimations
    Cap Rate Potential
    2.9%
    Warehouses
    Location Intelligence
    Property ID
    US43-1226794
    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

    • Warehouses

    Property Details for 51531 Gratiot Ave

    Year built
    1991
    Lot size
    10.20 lot acres
    Property size
    4,128 SF
    Zone code
    M2 GEN
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    15-09-17-326-007
    APU
    150917326007

    Description

    This exceptional 9.6-acre commercial land parcel presents a unique investment opportunity in Chesterfield, Michigan. Strategically located at 51531 Gratiot Avenue, this property boasts high visibility due to its frontage along Gratiot Avenue and its proximity to 23 Mile Road. The site is currently vacant and zoned M-2, offering considerable flexibility for a range of commercial developments. A conceptual plan suggests potential for future storage facilities, though this is not a binding commitment. Access to the property is ensured via a shared curb cut along Gratiot Avenue, provided by the seller. The asking price is $799,000. This prime location in Macomb County, with its easy access to major thoroughfares, makes this land ideal for businesses seeking high visibility and convenient access for customers and employees. The property's size and zoning provide ample opportunity for a variety of commercial uses, making it an attractive investment for developers and entrepreneurs alike. Detailed site plans and zoning information are available upon request. The property is situated behind the New Tidal Wave Auto Spa, providing additional visibility and potential synergy. This is a rare opportunity to acquire a significant commercial land parcel in a thriving area. Don't miss out on this chance to secure a prime location for your next venture. The zip code is 48051.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,350,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8325
    Latitude
    42.6796
    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
    $8,647
    $0.00
    $0.00
    $363,700
    -
    $0.00
    $0.00
    $727,400

    Comparable in this City

    • Value Estimation by Request
      679,606 SF

      26090 23rd Mile Rd

      MINI-WAREHOUSE, STORAGE • 679,606 SF
      26090 23rd Mile Rd, Chesterfield, MI 48051-1957
      View Details
    • Value Estimation by Request
      23,550 SF

      25542 21st Mile Rd

      MINI-WAREHOUSE, STORAGE • 23,550 SF
      25542 21st Mile Rd, Chesterfield, MI 48051-2703
      View Details
    • Value Estimation by Request
      864 SF

      47555 Gratiot Ave

      MINI-WAREHOUSE, STORAGE • 864 SF
      47555 Gratiot Ave, Chesterfield, MI 48051-2717
      View Details
    • Value Estimation by Request
      4,032 SF

      52011 Gratiot Ave

      MINI-WAREHOUSE, STORAGE • 4,032 SF
      52011 Gratiot Ave, Chesterfield, MI 48051-2019
      View Details
    • Value Estimation by Request
      33,692 SF

      51955 Gratiot Ave

      MINI-WAREHOUSE, STORAGE • 33,692 SF
      51955 Gratiot Ave, Chesterfield, MI 48051-2018
      View Details
    • Value Estimation by Request
      19,816 SF

      54525 Gratiot Ave

      MINI-WAREHOUSE, STORAGE • 19,816 SF
      54525 Gratiot Ave, Chesterfield, MI 48051-1725
      View Details

    Similar Nearby for Sale

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    • $449,000
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      Chesterfield Commercial/Industrial Property For Sale

      Commercial/Industrial property in Chesterfield, sold as-is with signage.
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    • $549,990
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      Chesterfield Industrial Property - High Revenue

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    Similar Nearby for Lease

    • $6 SF/Yr
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      New Baltimore Warehouse - 22,114 SF

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      View Details
    • $5 SF/Yr
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      78,900 SF warehouse with secure lot and truck docks.
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    • $6 SF/Yr
      711,547 SF

      Prime Macomb County Industrial Space

      Massive Warehouse, 711,547 SF, For Lease
      26090 23 Mile Rd, New Baltimore, MI 48051
      View Details
    • $17 SF/Yr
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      New Industrial Multi-Tenant Building

      39,800 SF industrial building with flexible leasing options.
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      View Details
    • Contact for pricing
      20,320 SF

      Industrial Building Under Development

      20,320 SF industrial building with customizable office space.
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      View Details
    • $5 SF/Yr
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      New Baltimore Distribution Center

      78,900 SF Industrial Space - Available Now
      50750 Russell Schmidt Blvd, New Baltimore, MI 48051
      View Details
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    New Baltimore, MI 48051
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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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