Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    5515 3rd St Detroit, MI 48202

    • Parking lots & garages
    • 247,239 SF
    • 3.15 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1247742
    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

    • Parking lots & garages

    Property Details for 5515 3rd St

    Year built
    1987
    Lot size
    3.15 lot acres
    Property size
    247,239 SF
    Zone code
    R6
    Property type
    Parking lots & garages
    APN
    04003449-73
    APU
    400344973

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0742
    Latitude
    42.3583
    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
    2020
    $100
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      292,820 SF

      1130 Bethune St

      PARKING GARAGE, PARKING STRUCTURE • 292,820 SF
      1130 Bethune St, Detroit, MI 48202
      View Details
    • Value Estimation by Request
      531,360 SF

      2943 Grand Blvd

      PARKING GARAGE, PARKING STRUCTURE • 531,360 SF
      2943 Grand Blvd, Detroit, MI 48202-2611
      View Details
    • Value Estimation by Request
      6,972 SF

      109 Seward St

      PARKING GARAGE, PARKING STRUCTURE • 6,972 SF
      109 Seward St, Detroit, MI 48202-2407
      View Details
    • Value Estimation by Request
      189,750 SF

      6540 Cass Ave

      PARKING GARAGE, PARKING STRUCTURE • 189,750 SF
      6540 Cass Ave, Detroit, MI 48202-3002
      View Details
    • Value Estimation by Request
      151,883 SF

      401 Baltimore St

      PARKING GARAGE, PARKING STRUCTURE • 151,883 SF
      401 Baltimore St, Detroit, MI 48202-3207
      View Details
    • Value Estimation by Request
      261,677 SF

      645 Baltimore St

      PARKING GARAGE, PARKING STRUCTURE • 261,677 SF
      645 Baltimore St, Detroit, MI 48202-2901
      View Details

    Similar Nearby for Sale

    • $845,000
      11,260 SF

      Mixed-Use Building with Retail

      Three-story building featuring retail and residential units.
      318 E Milwaukee St, Detroit, MI 48202
      View Details
    • $1,400,000

      New Center Retail Building

      8,856 SF retail building in Detroit's New Center.
      6532 Woodward Ave, Detroit, MI 48202
      View Details
    • Contact for pricing
      9,629 SF

      Freestanding Building on Woodward Avenue

      Freestanding building on Woodward Avenue with ample parking.
      22600 Woodward Ave, Ferndale, MI 48202
      View Details
    • $899,000
      5,574 SF

      Woodward Ave Storefront - Detroit

      Prime Detroit Retail Space: 5,574 SF, Updated
      6432 Woodward Ave, Detroit, MI 48202
      View Details
    • $1,250,000
      10,440 SF

      Firewater Bar & Grill Building

      8,500 SF bar and grill with apartment.
      107 E Milwaukee St, Detroit, MI 48202
      View Details
    • Contact for pricing
      6,953 SF

      Detroit Retail Opportunity

      Retail property available in Detroit.
      11606 Woodward Ave, Detroit, MI 48202
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Detroit Commercial Space For Rent

      Commercial space available for rent in Detroit, Michigan.
      3031 W Grand Blvd -, Detroit, MI 48202
      View Details
    • $20 SF/Yr
      15,539 SF

      Detroit Creative Office Space

      4,630 SF Available in Midtown
      1314 Holden St, Detroit, MI 48202
      View Details
    • Contact for pricing
      7,925 SF

      Retail Space in Freestanding Strip

      7,925 SF retail space for lease in Detroit.
      9300-9350 Woodward Ave, Detroit, MI 48202
      View Details
    • $20 SF/Yr
      3,390 SF

      Ferndale Retail/Office Space Available

      3,390 SF retail or office space in downtown Ferndale.
      22935 Woodward Ave, Ferndale, MI 48202
      View Details
    • $22 SF/Yr
      320,000 SF

      The Kahn: Prime Retail Space

      Iconic Detroit location, luxury retail suites.
      7430 2Nd Ave, Detroit, MI 48202
      View Details
    • $12 SF/Yr
      3,000 SF

      Detroit Retail Space For Rent

      High-traffic Detroit location with development opportunity and on-site parking.
      10331 Hamilton Ave, Detroit, MI 48202
      View Details
    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.
    5515 3rd St
    Detroit, MI 48202
    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.