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    Property profile & analytics

    6208 Progress Dr, Unit 9 Sterling Heights, MI 48312-2618

    • Office buildings
    • 16,162 SF
    • 1.34 lot acres
    OFF-MARKET
    Value Estimations
    $2,290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1575200
    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

    • Office buildings

    Property Details for 6208 Progress Dr

    Year built
    2014
    Lot size
    1.34 lot acres
    Property size
    16,162 SF
    Zone code
    M-1
    Property type
    Office buildings
    APN
    10-10-21-353-009
    APU
    101021353009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,289,000
      Market price range: $1.32M - $2.89M
      AI Estimate
      $2,289,000
      Market price range: $1.32M - $2.89M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,910,000
      Current use
      COMMERCIAL (GENERAL)
      $3,045,000
      Change: +59% Conversion: Easy
      RESTAURANT
      $2,290,000
      Change: +20% Conversion: Moderate
      MEDICAL BUILDING
      $1,985,000
      Change: +4% Conversion: Easy
      RETAIL STORES
      $1,685,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Sterling Heights
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0448
    Latitude
    42.5679
    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
    2022
    $28,715
    $0.00
    $0.00
    $853,300
    -
    $0.00
    $0.00
    $1,706,600

    Comparable in this City

    • Value Estimation
      $30,885,000
      376,904 SF

      6600 15th Mile Rd

      OFFICE BUILDING • 376,904 SF
      6600 15th Mile Rd, Sterling Heights, MI 48312-4512
      View Details
    • Value Estimation
      $5,690,000
      69,458 SF

      6550 Metropolitan Pkwy

      OFFICE BUILDING • 69,458 SF
      6550 Metropolitan Pkwy, Sterling Heights, MI 48312-1028
      View Details
    • Value Estimation by Request
      2,726,159 SF

      35777 Van Dyke Ave

      OFFICE BUILDING • 2,726,159 SF
      35777 Van Dyke Ave, Sterling Heights, MI 48312-3565
      View Details
    • Value Estimation by Request
      3,780 SF

      34715 Van Dyke Ave

      OFFICE BUILDING • 3,780 SF
      34715 Van Dyke Ave, Sterling Heights, MI 48312-4658
      View Details
    • Value Estimation by Request
      1,340 SF

      12775 14th Mile Rd

      OFFICE BUILDING • 1,340 SF
      12775 14th Mile Rd, Sterling Heights, MI 48312-6200
      View Details
    • Value Estimation
      $10,005,000
      93,403 SF

      36250 Van Dyke Ave

      OFFICE BUILDING • 93,403 SF
      36250 Van Dyke Ave, Sterling Heights, MI 48312-2758
      View Details

    Similar Nearby for Sale

    • $2,200,000
      27,524 SF

      Sterling Heights Office Building For Sale

      Office building with renovation and expansion potential in Sterling Heights.
      8220 Irving Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      7,590 SF

      Medical/Dental/Office Conversion Opportunity

      Up to 7,590 SF available at 15 Mile/Schoenherr corner.
      34843-34863 Schoenherr Rd, Sterling Heights, MI 48312
      View Details
    • $1,300,000
      13.76 Acres

      Sterling Heights Commercial Land

      13.76 Acres, High-Visibility Retail Site
      37217 Utica Rd, Sterling Heights, MI 48312
      View Details
    • $495,000
      1.31 Acres

      1.3 Acres Sterling Heights Commercial Land

      Prime 1.3-acre commercial lot, ideal for development.
      7700 15 Mile Rd, Sterling Heights, MI 48312
      View Details
    • $495,000
      1 SF

      Sterling Heights Commercial Land For Sale

      Commercial land with C-3 zoning near major retailers.
      7700 15 Mile Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing

      Commercial Pad Site Opportunity

      Pad site for sale with drive-thru potential.
      37217 Utica Rd, Sterling Heights, MI 48312
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      12,000 SF

      Medical/Office Building For Lease

      Medical/Office building available for lease in Sterling Heights, Michigan.
      Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      2,400 SF

      Value Priced Office Space

      2,400 SF office space with private entrance and restrooms.
      33782 Sterling Ponds Blvd, Sterling Heights, MI 48312
      View Details
    • $12 SF/Yr
      2,040 SF

      Sterling Heights Retail/Office Opportunity

      Up to 7,590 SF available for medical/office/retail conversion.
      34843-34863 Schoenherr Rd, Sterling Heights, MI 48312
      View Details
    • $12 SF/Yr
      4,472 SF

      Sterling Heights Office Space for Lease

      Modern Office Suites, 1,200-2,687 SF Available
      35427 Dodge Park Rd, Sterling Heights, MI 48312
      View Details
    • $14 SF/Yr
      6,557 SF

      Sterling Heights Medical Office Space

      1,450 SF Medical Office Suite Available
      9001 15 Mile Rd, Sterling Heights, MI 48312
      View Details
    • $16 SF/Yr
      41,000 SF

      Sterling Heights Office Space for Lease

      Modern Office Suites, Ample Parking, Flexible Sizes
      33464 Schoenherr Rd, Sterling Heights, MI 48312
      View Details
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    Sterling Heights, MI 48312-2618
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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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