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Property profile & analytics
FOR LEASE
Warehouses
51915 Gratiot Ave, Chesterfield, MI 48051
Entity Owned
7-yr Hold
Free & Clear
Property ID
US43-1291709
For Lease
$5,999/Mo
51915 Gratiot Ave, Chesterfield, MI 48051
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1998
Total area
33,692 SF
Lot
2.42 ac (105,415 SF)
Zoning code
M2 GEN
APN
15-09-17-176-006
UPID
US43-1291709
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
Current use
Occupant on record · Public records
-
Priorty Heating & Cooling HVAC Service General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.18M
Blend (final)
Blend
$2.18M
Owner & transaction history
Chesterfield 5 LLC · 7 yrs held
Chesterfield 5 LLC
since 2019
5 recorded transactions
Zoning & alternative use
M2 GEN · Chesterfield, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.5M
+52.4%
Office building
$3.2M
+40.6%
Auto repair, garage
$2.9M
+27.5%
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 Chesterfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chesterfield 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
WAREHOUSE, STORAGE
$2,270,000
Current use
COMMERCIAL (GENERAL)
$3,465,000
Change: +52% · Conversion: Difficult
OFFICE BUILDING
$3,195,000
Change: +41% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,900,000
Change: +28% · Conversion: Easy
INDUSTRIAL (GENERAL)
$2,490,000
Change: +10% · Conversion: Easy
Blend value · Realmo final
$2.18M
Range $1.96M – $2.40M · ±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
$65 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$37,992
Tax year 2022
Assessed value
$832,100
Assessed 2023
Previous assessed
$752,000
+10.7% YoY
Effective rate
4.57%
On assessed value
Total market value
$1,664,200
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
For Lease
Year built
1998
Heating
FORCED AIR
Stories
1
Total area
33,692 SF
Lot
2.42 ac (105,415 SF)
Zoning code
M2 GEN
APN
15-09-17-176-006
UPID
US43-1291709
Jurisdiction
MACOMB
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
M2 GEN · Chesterfield, MI
Zoning M2 GEN · permitted uses
M2 GEN · Chesterfield, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chesterfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.3M
COMMERCIAL (GENERAL)
Est. value
$3.5M
OFFICE BUILDING
Est. value
$3.2M
AUTO REPAIR, GARAGE
Est. value
$2.9M
INDUSTRIAL (GENERAL)
Est. value
$2.5M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
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
1998
Heating
FORCED AIR
Stories
1
Lot
2.42 ac
Current owner
From public records · entity-resolved
Chesterfield 5 LLC
Entity
Free & Clear · 7 yrs held
Mailing address
12955 23RD MILE RD, SHELBY TOWNSHIP, MI 48315-2707
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 7, 2019
$1,452,000
Chesterfield 5 LLC
T & T Ventures
Warranty Deed
—
Feb 5, 2019
$1,365,000
T & T Ventures
Oak Investments LLC
Warranty Deed
—
Feb 19, 2015
—
T & T Ventures|oak Investments LLC
Oak Investments LLC
Quit Claim Deed
related
—
Feb 4, 2013
$1,000,000
Oak Investments LLC
Ray Jay Dev LLC
Warranty Deed
—
—
—
Ray Jay Dev LLC
—
Deed Of Trust
related
$1,080,000 · Huntington National Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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