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

    51921 Gratiot Ave Chesterfield, MI 48051-2018

    • Flex space
    • 6,720 SF
    • 0.81 lot acres
    OFF-MARKET
    Last Sale
    Oct 27, 2021
    $770,000
    Value Estimations
    $770,000
    Show details
    Cap Rate Potential
    3.9%
    Flex space
    Location Intelligence
    Property ID
    US43-0166780
    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 51921 Gratiot Ave

    Year built
    2004
    Lot size
    0.81 lot acres
    Property size
    6,720 SF
    Zone code
    M2 GEN
    Property type
    Flex space
    APN
    15-09-17-176-005
    APU
    150917176005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $925,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $605,000
      6.5%
      $555,000
      7%
      $520,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $639,000
      Market price range: $409k - $640k
      AI Estimate
      $639,000
      Market price range: $409k - $640k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,250,000
      RESTAURANT
      $955,000
      MEDICAL BUILDING
      $825,000
      COMMERCIAL (GENERAL)
      $690,000
      OFFICE BUILDING
      $635,000
      AUTO REPAIR, GARAGE
      $580,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Macomb
    State
    Michigan
    Longitude
    -82.8282
    Latitude
    42.6823
    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
    $15,778
    $0.00
    $0.00
    $317,400
    -
    $0.00
    $0.00
    $634,800

    Comparable in this City

    • Value Estimation by Request
      121,821 SF

      49505 Gratiot Ave

      LIGHT INDUSTRIAL • 121,821 SF
      49505 Gratiot Ave, Chesterfield, MI 48051-2525
      View Details
    • Value Estimation by Request
      30,000 SF

      49201 Gratiot Ave

      LIGHT INDUSTRIAL • 30,000 SF
      49201 Gratiot Ave, Chesterfield, MI 48051-2521
      View Details
    • Value Estimation by Request
      316,907 SF

      29700 Commerce Blvd

      LIGHT INDUSTRIAL • 316,907 SF
      29700 Commerce Blvd, Chesterfield, MI 48051-1244
      View Details
    • Value Estimation by Request
      76,900 SF

      50550 Russell Schmidt Blvd

      LIGHT INDUSTRIAL • 76,900 SF
      50550 Russell Schmidt Blvd, Chesterfield, MI 48051-2451
      View Details
    • Value Estimation by Request
      11,932 SF

      56308 Bay Dr

      LIGHT INDUSTRIAL • 11,932 SF
      56308 Bay Dr, Chesterfield, MI 48051-3738
      View Details
    • Value Estimation by Request
      23,180 SF

      56617 Bay Dr

      LIGHT INDUSTRIAL • 23,180 SF
      56617 Bay Dr, Chesterfield, MI 48051-3746
      View Details

    Similar Nearby for Sale

    • New
      $750,000
      5,785 SF

      Remodeled Office/Warehouse on Gratiot Corridor

      5,785 sq ft remodeled office and warehouse on 0.71 acres.
      55951 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $549,990
      9,005 SF

      Chesterfield Industrial Property - High Revenue

      Profitable Business, Established Location, Immediate Income
      52050 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $450,000
      2.99 Acres

      Prime Industrial Land, New Baltimore

      2.99 Acres, M-1 Zoning, High Visibility
      53579 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • Contact for pricing
      52,500 SF

      Gratiot Ave Warehouse For Sale

      52,500 SF Warehouse, 7.96 Acres
      52365 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • Contact for pricing
      52,500 SF

      Gratiot Avenue Warehouse For Sale

      Warehouse with frontage on Gratiot Ave, near I-94.
      52365 Gratiot Ave, Chesterfield Township, MI 48051
      View Details
    • $449,000
      3,942 SF

      Chesterfield Commercial/Industrial Property For Sale

      Commercial/Industrial property in Chesterfield, sold as-is with signage.
      47720 Gratiot Ave, Chesterfield, MI 48051
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      39,800 SF

      New Industrial Multi-Tenant Building

      39,800 SF industrial building with flexible leasing options.
      30801 Commerce Blvd, Chesterfield, MI 48051
      View Details
    • $6 SF/Yr
      22,114 SF

      New Baltimore Warehouse - 22,114 SF

      Single-tenant industrial warehouse, ideal for manufacturing.
      50270 Russell Schmidt Blvd, New Baltimore, MI 48051
      View Details
    • $5 SF/Yr
      78,900 SF

      Secured Warehouse with Truck Access

      78,900 SF warehouse with secure lot and truck docks.
      50750 E Russell Schmidt Blvd, Chesterfield Township, MI 48051
      View Details
    • $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
    • $5 SF/Yr
      78,900 SF

      New Baltimore Distribution Center

      78,900 SF Industrial Space - Available Now
      50750 Russell Schmidt Blvd, New Baltimore, MI 48051
      View Details
    • Contact for pricing
      20,320 SF

      Industrial Building Under Development

      20,320 SF industrial building with customizable office space.
      56461 Precision Dr, Chesterfield, MI 48051
      View Details

    Property Visit Statistics

    • Visits by month
      15.7k
    • Visitors by month
      10.7k
    • Avg Time on site
      38 min
    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.
    51921 Gratiot Ave
    Chesterfield, MI 48051-2018
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.