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

    5866 Middlebelt Rd Garden City, MI 48135-2458

    • Community centers
    • 54,774 SF
    • 1.38 lot acres
    OFF-MARKET
    Last Sale
    May 03, 2024
    Value Estimations
    $3,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1857281
    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

    • Kroger / Grocery & Convenience Store / Food Market
    • Cardtronics ATM / Atm
    • higi / Physician
    • Planet Fitness / Gym & Fitness Center

    Property Details for 5866 Middlebelt Rd

    Year built
    1989
    Lot size
    1.38 lot acres
    Property size
    54,774 SF
    Property type
    Community centers
    APN
    35 010 01 0006 306
    APU
    35010010006306

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,425,000
      Market price range: $2.63M - $5.93M
      AI Estimate
      $3,425,000
      Market price range: $2.63M - $5.93M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $4,360,000
      Current use
      RESTAURANT
      $5,670,000
      Change: +30% Conversion: Difficult
      OFFICE BUILDING
      $5,320,000
      Change: +22% Conversion: Moderate
      MEDICAL BUILDING
      $5,160,000
      Change: +18% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,930,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Garden City
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3291
    Latitude
    42.3282
    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
    2019
    $85,828
    $0.00
    $0.00
    $1,474,300
    -
    $0.00
    $0.00
    $2,948,600

    Comparable in this City

    • Value Estimation by Request
      35,646 SF

      5838-5940 Middlebelt Rd

      Lifestyle centers • 35,646 SF
      5838-5940 Middlebelt Rd, Garden City, MI 48135
      View Details
    • Value Estimation
      $2,115,000
      28,828 SF

      5904 Middlebelt Rd

      MINI-MALL • 28,828 SF
      5904 Middlebelt Rd, Garden City, MI 48135-2458
      View Details
    • Value Estimation
      $1,345,000
      16,160 SF

      5866 Middlebelt Rd

      MINI-MALL • 16,160 SF
      5866 Middlebelt Rd, Garden City, MI 48135-2458
      View Details
    • Value Estimation by Request
      3,825 SF

      30608 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 3,825 SF
      30608 Frd Rd, Garden City, MI 48135-1870
      View Details
    • Value Estimation
      $620,000
      6,706 SF

      28532 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 6,706 SF
      28532 Frd Rd, Garden City, MI 48135-2842
      View Details
    • Value Estimation
      $525,000
      5,605 SF

      31015 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 5,605 SF
      31015 Frd Rd, Garden City, MI 48135-1808
      View Details

    Similar Nearby for Sale

    • $69,900

      Turnkey Phone Accessory Business

      Operating phone accessory and repair business in busy strip center.
      673-695 Inkster Rd, Garden City, MI 48135
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    • $299,900

      Versatile Commercial Building For Sale

      High-visibility commercial building suitable for retail, office, or medical use.
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    • $100,000

      Turn-Key Restaurant on Ford Road

      Fully equipped restaurant with high visibility and ample parking.
      30155 Ford Rd, Garden City, MI 48135
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    • $1,150,000

      Automotive Facility on Ford Road

      Automotive repair and used car dealership on 1.57 acres.
      29944 Ford Rd, Garden City, MI 48135
      View Details
    • $265,000

      Commercial Land For Sale

      Commercial land available for sale.
      28022 Ford Rd, Garden City, MI 48135
      View Details
    • $299,000
      0.41 Acres

      Development Site in Garden City

      Shovel-ready 0.41-acre site for multi-family residential development.
      116 Arcola St, Garden City, MI 48135
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      35,646 SF

      Garden City Retail Center Opportunity

      High-traffic retail space available in Garden City, MI.
      5838-5940 Middlebelt Rd, Garden City, MI 48135
      View Details
    • Contact for pricing
      20,337 SF

      Retail Space in Garden City

      Retail space available in Garden City Towne Center.
      5866 Middlebelt Rd, Garden City, MI 48135
      View Details
    • $1,450 /Mo

      Retail/Office Space on Ford Road

      1,250 sqft unit suitable for retail or office use.
      30958 Ford Rd, Garden City, MI 48135
      View Details
    • Contact for pricing
      750 SF

      Retail Spaces Available For Rent

      Retail spaces available with road presence and foot traffic.
      105 Middlebelt Rd, Garden City, MI 48135
      View Details
    • $1,349 /Mo

      Garden City Office/Retail Space

      Prime office and retail spaces available in Garden City.
      30120 Ford Rd, Garden City, MI 48135
      View Details
    • Contact for pricing

      Garden City Commercial Space Available

      Commercial property available for rent in Garden City, Michigan.
      105-111 Middlebelt Rd, Garden City, MI 48135
      View Details
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    5866 Middlebelt Rd
    Garden City, MI 48135-2458
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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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