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    Property profile & analytics

    631 Martin Luther King Jr Blvd Detroit, MI 48201-2273

    • Medical offices
    • 10,674 SF
    • 1.52 lot acres
    OFF-MARKET
    Value Estimations
    $770,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1058730
    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

    • Medical offices

    Property Details for 631 Martin Luther King Jr Blvd

    Year built
    1996
    Lot size
    1.52 lot acres
    Property size
    10,674 SF
    Zone code
    SD2
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    04000652-7
    APU
    40006527

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $672,000
      Market price range: $442k - $1.02M
      AI Estimate
      $863,000
      Market price range: $476k - $1.30M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $675,000
      Current use
      COMMERCIAL (GENERAL)
      $975,000
      Change: +45% Conversion: Easy
      RESTAURANT
      $975,000
      Change: +45% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $810,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $735,000
      Change: +10% Conversion: Difficult
      OFFICE BUILDING
      $660,000
      Change: -2% Conversion: Easy
      AUTO REPAIR, GARAGE
      $645,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0637
    Latitude
    42.3442
    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
      $1,810,000
      25,157 SF

      90 Selden St

      MEDICAL BUILDING • 25,157 SF
      90 Selden St, Detroit, MI 48201-2062
      View Details
    • Value Estimation
      $34,525,000
      627,489 SF

      4707 Saint Antoine St

      DENTAL BUILDING • 627,489 SF
      4707 Saint Antoine St, Detroit, MI 48201-1427
      View Details
    • Value Estimation
      $2,730,000
      25,359 SF

      101 Alexandrine St

      DENTAL BUILDING • 25,359 SF
      101 Alexandrine St, Detroit, MI 48201-2011
      View Details
    • Value Estimation
      $2,905,000
      26,751 SF

      209 Eliot St

      DENTAL BUILDING • 26,751 SF
      209 Eliot St, Detroit, MI 48201-2413
      View Details
    • Value Estimation by Request
      4,868 SF

      60 Hancock St

      DENTAL BUILDING • 4,868 SF
      60 Hancock St, Detroit, MI 48201-1343
      View Details
    • Value Estimation
      $760,000
      7,007 SF

      430 Mack Ave

      DENTAL BUILDING • 7,007 SF
      430 Mack Ave, Detroit, MI 48201-2136
      View Details

    Similar Nearby for Sale

    • $2,500,000

      Redevelopment Opportunity in Midtown Neighborhood

      Redevelopment opportunity near District Detroit Development and DMC Hospital.
      453 Martin Luther King Jr Blvd, Detroit, MI 48201
      View Details
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      3,435 SF

      Detroit Mixed-Use Redevelopment Opportunity

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      Midtown Detroit Office Building

      Five-story office building in Midtown Detroit with redevelopment potential.
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      Renovated Office Space in Midtown

      3,453 SF fully renovated, furnished office space for sale/lease.
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      33,480 SF

      Historic Iodent Loft Building Investment

      Mixed-use building with residential, office, and retail spaces in Detroit.
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    • $1,750,000
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      Midtown Detroit Development Land

      0.4-acre mixed-use redevelopment opportunity.
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    Similar Nearby for Lease

    • Contact for pricing
      11,118 SF

      Midtown Detroit Medical Office Space

      Prime Woodward Ave location, 11,118 SF, 62 parking spaces.
      4612 Woodward Ave, Detroit, MI 48201
      View Details
    • $25 SF/Yr
      23,480 SF

      Midtown Detroit Medical Retail Space

      Class A Medical Retail, 875-12,141 SF Available
      3750 Woodward Ave, Detroit, MI 48201
      View Details
    • $12,500 /Mo

      Former Medical Center for Rent

      10,000 SF former medical center with many exam rooms.
      60 E Warren Ave, Detroit, MI 48201
      View Details
    • Contact for pricing

      Detroit Office Space Available

      Office space available for rent at 3663 Woodward Avenue.
      3663 Woodward Ave, Detroit, MI 48201
      View Details
    • Contact for pricing
      12,456 SF

      Freestanding Retail/Office Building in Detroit

      12,456 SF retail/office building in Central Business District.
      478 W Columbia St, Detroit, MI 48201
      View Details
    • $28 SF/Yr
      155,000 SF

      Studio One Retail Space Available

      Detroit Office/Retail Space, 2,121-4,243 SF
      4501 Woodward Ave, Detroit, MI 48201
      View Details
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    Detroit, MI 48201-2273
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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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