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

    5616 Vernor Hwy Detroit, MI 48209-2158

    • Retail space
    • 7,613 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Mar 14, 2022
    $650,000
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    8.8%
    Retail space
    Location Intelligence
    Property ID
    US43-1037779
    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

    • Retail space

    Property Details for 5616 Vernor Hwy

    Year built
    1954
    Lot size
    0.15 lot acres
    Property size
    7,613 SF
    Zone code
    B4
    Property type
    Retail space
    APN
    16000759.
    APU
    16000759

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $423,000
      Market price range: $227k - $475k
      AI Estimate
      $423,000
      Market price range: $227k - $475k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $695,000
      RESTAURANT
      $695,000
      NEIGHBORHOOD: SHOPPING CENTER
      $575,000
      MEDICAL BUILDING
      $480,000
      OFFICE BUILDING
      $470,000
      AUTO REPAIR, GARAGE
      $460,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1023
    Latitude
    42.3179
    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
    $6,010
    $0.00
    $0.00
    $145,000
    -
    $0.00
    $0.00
    $290,000

    Comparable in this City

    • Value Estimation by Request
      3,816 SF

      6421 Regular St

      RETAIL STORES (PERSONAL SERVICES) • 3,816 SF
      6421 Regular St, Detroit, MI 48209-2381
      View Details
    • Value Estimation by Request
      1,792 SF

      1151 Lawndale St

      RETAIL STORES (PERSONAL SERVICES) • 1,792 SF
      1151 Lawndale St, Detroit, MI 48209-1725
      View Details
    • Value Estimation by Request
      2,848 SF

      6638 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 2,848 SF
      6638 Ft St, Detroit, MI 48209-2909
      View Details
    • Value Estimation by Request
      3,417 SF

      6118 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 3,417 SF
      6118 Ft St, Detroit, MI 48209-2937
      View Details
    • Value Estimation by Request
      2,327 SF

      8869 Avis St

      RETAIL STORES (PERSONAL SERVICES) • 2,327 SF
      8869 Avis St, Detroit, MI 48209-4403
      View Details
    • Value Estimation by Request
      1,282 SF

      4027 Vernor Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,282 SF
      4027 Vernor Hwy, Detroit, MI 48209-2142
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,472 SF

      Springwells St. Commercial Property

      Detroit Restaurant/Bar, 9,472 SF
      1341 Springwells St, Detroit, MI 48209
      View Details
    • $599,000
      5,300 SF

      Detroit Multi-Parcel Commercial Property

      Two-story commercial property with retail and residential units in Detroit.
      2305-2321 Junction St, Detroit, MI 48209
      View Details
    • $240,000

      Commercial Property in Gordy Howe Area

      Four-unit property near Gordy Howe Bridge, handyman special.
      7660 W Fort St, Detroit, MI 48209
      View Details
    • $599,000
      5,246 SF

      Prime Commercial Property in Detroit

      Commercial property in a vibrant Detroit community, near downtown.
      4435 W Vernor Hwy, Detroit, MI 48209
      View Details
    • $50,000

      Historic Detroit Pharmacy Opportunity

      Original George E. Doyles pharmacy near Gordy Howe bridge.
      4246 W Fort St, Detroit, MI 48209
      View Details
    • $150,000

      Vacant Lot Near Transportation Hub

      Vacant lot near major transportation corridors with development potential.
      4818 W Jefferson Ave, Detroit, MI 48209
      View Details

    Similar Nearby for Lease

    • $2,200 /Mo
      5,220 SF

      Detroit Retail Strip Center

      Five retail units available in Southwest Detroit.
      7440 W Vernor Hwy W, Detroit, MI 48209
      View Details
    • $1,500 /Mo
      960 SF

      Remodeled Commercial Property in Detroit

      Updated retail/office space with high visibility and secure parking.
      2007 Springwells St, Detroit, MI 48209
      View Details
    • $3,850 /Mo

      Retail/Office Space in Mexican Town

      4,000 sq ft space in vibrant Mexican Town.
      1017 Springwells St, Detroit, MI 48209
      View Details
    • $2,500 /Mo
      4,920 SF

      Historic Bar Ready to Rebuild

      Historic bar with rich history available for rebuilding.
      8415 W Jefferson Ave, Detroit, MI 48209
      View Details
    • $15 SF/Yr
      3,000 SF

      Detroit Creative Office Space

      Modern, renovated retail/office space.
      4621 Vernor Hwy, Detroit, MI 48209
      View Details
    • Contact for pricing
      5,100 SF

      Drive Through Repair Garage

      5,100 SF repair garage with outdoor storage component for lease.
      6575 Waterman St, Detroit, MI 48209
      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.
    5616 Vernor Hwy
    Detroit, MI 48209-2158
    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.