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

    5520 Drake Rd West Bloomfield, MI 48322-1259

    • Strip malls
    • 29,441 SF
    • 2.98 lot acres
    OFF-MARKET
    Last Sale
    Nov 01, 2022
    $2,600,000
    Value Estimations
    $2,900,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3164045
    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

    • Strip malls

    Property Details for 5520 Drake Rd

    Year built
    1982
    Lot size
    2.98 lot acres
    Property size
    29,441 SF
    Zone code
    BI
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    X -18-29-226-049
    APU
    X1829226049

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,325,000
      Market price range: $1.65M - $4.09M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,740,000
      Current use
      AUTO REPAIR, GARAGE
      $3,610,000
      Change: +32% Conversion: Difficult
      OFFICE BUILDING
      $3,455,000
      Change: +26% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $2,385,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Bloomfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4014
    Latitude
    42.5555
    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
    2023
    $57,155
    $0.00
    $0.00
    $1,584,270
    -
    $0.00
    $0.00
    $3,168,540

    Comparable in this City

    • Value Estimation by Request
      52,507 SF

      6251 Haggerty Rd

      SHOPPING CENTER, STRIP CENTER • 52,507 SF
      6251 Haggerty Rd, West Bloomfield, MI 48322-5030
      View Details
    • Value Estimation by Request
      11,175 SF

      33010 Northwestern Hwy

      SHOPPING CENTER, STRIP CENTER • 11,175 SF
      33010 Northwestern Hwy, West Bloomfield, MI 48322-3690
      View Details
    • Value Estimation by Request
      57,962 SF

      6041 Haggerty Rd

      SHOPPING CENTER, STRIP CENTER • 57,962 SF
      6041 Haggerty Rd, West Bloomfield, MI 48322-1099
      View Details
    • Value Estimation by Request
      6,000 SF

      6473 Farmington Rd

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      6473 Farmington Rd, West Bloomfield, MI 48322-2210
      View Details
    • Value Estimation by Request
      10,877 SF

      6080 Maple Rd

      SHOPPING CENTER, STRIP CENTER • 10,877 SF
      6080 Maple Rd, West Bloomfield, MI 48322-2212
      View Details
    • Value Estimation by Request
      37,238 SF

      6203 Orch Lk Rd, Unit 6263

      SHOPPING CENTER, STRIP CENTER • 37,238 SF
      6203 Orch Lk Rd, West Bloomfield, MI 48322-2322
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      22,023 SF

      Orchard Lake Road Retail Space

      High-traffic retail storefront, 22,023 SF.
      6644 Orch Lk Rd, West Bloomfield Township, MI 48322
      View Details
    • $110,000

      Land For Sale

      Land available for purchase.
      0000 Blue Jay Way, West Bloomfield, MI 48322
      View Details
    • $1,100,000
      2.18 Acres

      Haggerty Road Commercial Land

      2.18 Acres, Prime Commercial Location
      0 Haggerty Rd, Commerce Charter Township, MI 48322
      View Details
    • $295,000

      West Bloomfield Condo with Community Amenities

      Spacious three-bedroom condo in West Bloomfield, move-in ready condition.
      6716 Maple Lakes Dr, West Bloomfield, MI 48322
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    • $380,000
      3.00 Acres

      West Bloomfield 3-Acre Build Site

      3-acre West Bloomfield single-family home build site with utilities available.
      5835 Drake Rd, West Bloomfield, MI 48322
      View Details
    • Contact for pricing
      32,000 SF

      West Bloomfield Medical Office Building

      Class A Medical Office Space for Sale/Lease
      0 Maple And Farmington Rd, West Bloomfield Township, MI 48322
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    Similar Nearby for Lease

    • Contact for pricing
      4,387 SF

      Retail Space on Orchard Lake

      Retail spaces available in active neighborhood center on Orchard Lake.
      6664-6690 Orchard Lake Rd, West Bloomfield, MI 48322
      View Details
    • $40 SF/Yr
      40,505 SF

      6875-6931 Orch Lk Rd

      Neighborhood centers • 40,505 SF
      6875-6931 Orch Lk Rd, West Bloomfield Township, MI 48322
      View Details
    • $18 SF/Yr
      57,752 SF

      Bloomfield Avenue Shoppes Retail Space

      Prime Retail Space, Multiple Units Available
      6041 Haggerty Rd, West Bloomfield Township, MI 48322
      View Details
    • $23 SF/Yr
      1,123 SF

      Retail Space in West Bloomfield

      Retail space in high-income area with Orchard Lake frontage.
      6203-6263 Orchard Lake Rd, West Bloomfield, MI 48322
      View Details
    • Contact for pricing

      West Bloomfield Commercial Space Available

      Commercial property available for rent in West Bloomfield, Michigan.
      5767 W Maple Rd, West Bloomfield, MI 48322
      View Details
    • Contact for pricing
      2,500 SF

      Green Ridge Square Retail Space

      West Bloomfield Twp Retail - 2500 SF Available
      2474 Hl Rd, West Bloomfield Township, MI 48322
      View Details
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    West Bloomfield, MI 48322-1259
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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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