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    640 N Milford Rd Milford, MI 48381
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    Property profile & analytics

    640 N Milford Rd, Milford, MI 48381

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    • Retail space
    • 9,891 SF
    • 1.13 lot acres
    For Lease
    $18 SF/Yr
    View Listing →
    Retail, Office For Lease
    $18 SF/Yr
    11,000 SF

    Retail, Office

    Retail space · 11,000 SF

    640 N Milford Rd, Milford, MI 48381
    View Listing
    Property ID
    US43-1619776
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rite Aid / Pharmacy
    • higi / Physician
    • Western Union / Bank / Credit Union
    • Edward I. Betel, RPh / Pharmacy
    • Rite Aid Photo / (Bike/Boat/Book/etc) Store

    Property Details for 640 N Milford Rd

    Year built
    1999
    Lot size
    1.13 lot acres
    Zone code
    BI
    Property type
    Retail space
    APN
    LM-16-10-229-015
    APU
    LM1610229015

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 20, 2026 $1,025,000 Beauchamp Jerrad Mann Milford Rite Aid LLC Warranty Deed —
    Jun 1, 2006 — Mann Milford Rite Aid LLC Sovereign Ra LLC Warranty Deed —
    Jul 20, 2005 — Sovereign Ra LLC Rite Aid Of Michigan INC Warranty Deed $60k · Wells Fargo Bank NA

    Description

    This exceptional 11,800-square-foot medical office building is situated on 1.12 acres in the heart of downtown Milford, Michigan. Built in 2000, the single-story structure boasts 47 parking spaces, ensuring convenient access for patients and staff. The property is currently vacant, presenting a unique opportunity for a single tenant to establish a prominent presence in this thriving community. Located at 640 N Milford Road, near Summit Street, the building enjoys high visibility and accessibility, benefiting from its location in the bustling north end of downtown Milford. The B3 zoning allows for a variety of medical uses. The property features a single tenancy and offers a substantial footprint for a medical practice or related business. With its ample parking, prime location, and significant square footage, this property is an ideal investment for those seeking a high-impact presence in a desirable Michigan market. The Oakland County location, with APN 16-10-229-015, provides further assurance of a stable and sought-after address. The building's single-story design and substantial parking make it highly functional and attractive to a wide range of medical tenants. This is a rare opportunity to acquire a fully vacant, well-located medical office building in a vibrant downtown setting. The zip code is 48381.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,598,000
      Market price range: $777k - $2.60M
      AI Estimate
      $2,146,000
      Market price range: $617k - $2.15M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,670,000
      Current use
      COMMERCIAL (GENERAL)
      $1,740,000
      Change: +4% Conversion: Easy
      RESTAURANT
      $1,710,000
      Change: +3% Conversion: Easy
      MEDICAL BUILDING
      $1,560,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.6013
    Latitude
    42.5943
    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
    $37,418
    $0.00
    $0.00
    $904,450
    -
    $0.00
    $0.00
    $1,808,900

    Comparable in this City

    • Value Estimation
      $4,940,000
      41,240 SF

      31250 Milford Rd

      RETAIL STORES (PERSONAL SERVICES)
      31250 Milford Rd, Milford, MI 48381-3762
      View Details
    • Value Estimation
      $1,915,000
      13,706 SF

      414 Main St

      RETAIL STORES (PERSONAL SERVICES)
      414 Main St, Milford, MI 48381-1958
      View Details
    • Value Estimation by Request
      1,824 SF

      369 Main St

      RETAIL STORES (PERSONAL SERVICES)
      369 Main St, Milford, MI 48381-1959
      View Details
    • Value Estimation
      $805,000
      5,678 SF

      417 Main St

      RETAIL STORES (PERSONAL SERVICES)
      417 Main St, Milford, MI 48381-1960
      View Details
    • Value Estimation
      $1,765,000
      11,200 SF

      750 General Motors Rd

      RETAIL STORES (PERSONAL SERVICES)
      750 General Motors Rd, Milford, MI 48381-2220
      View Details
    • Value Estimation
      $540,000
      4,488 SF

      440 Main St

      RETAIL STORES (PERSONAL SERVICES)
      440 Main St, Milford, MI 48381-1958
      View Details

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      Commercial Property Package For Sale

      Commercial property package featuring restaurant, rental home, and billboard.
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      1.71 Acre Office Zoned Property

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    Similar Nearby for Lease

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      Retail Space Near Major Retailers

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      Prime Retail Space in Milford

      11,000+ sq ft retail building in downtown Milford.
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      640 N Milford Rd, Milford, MI 48381

      Retail space
      640 N Milford Rd, Milford, MI 48381
      View Details
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      Industrial Land for Lease

      2.70 acres of vacant land suitable for outside storage.
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      Office Space Available For Lease

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    Milford, MI 48381
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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.

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