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

    6550 Progress Dr Sterling Heights, MI 48312-2618

    • Flex space
    • 77,947 SF
    • 7.70 lot acres
    OFF-MARKET
    Value Estimations
    $7,175,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4759219
    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

    • Flex space

    Property Details for 6550 Progress Dr

    Year built
    2004
    Lot size
    7.70 lot acres
    Property size
    77,947 SF
    Zone code
    M-2
    Property type
    Flex space
    APN
    10-10-21-353-006
    APU
    101021353006

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,177,000
      Market price range: $3.86M - $7.18M
      AI Estimate
      $7,177,000
      Market price range: $3.86M - $7.18M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $5,555,000
      Current use
      RESTAURANT
      $11,050,000
      Change: +99% Conversion: Difficult
      MEDICAL BUILDING
      $9,575,000
      Change: +72% Conversion: Difficult
      OFFICE BUILDING
      $9,210,000
      Change: +66% Conversion: Difficult
      RETAIL STORES
      $8,130,000
      Change: +46% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $6,705,000
      Change: +21% Conversion: Easy
      WAREHOUSE, STORAGE
      $5,255,000
      Change: -5% Conversion: Easy

    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
    2023
    $163,779
    $0.00
    $0.00
    $4,746,700
    -
    $0.00
    $0.00
    $9,493,400

    Comparable in this City

    • Value Estimation
      $27,695,000
      559,929 SF

      6200 Metropolitan Pkwy

      LIGHT INDUSTRIAL • 559,929 SF
      6200 Metropolitan Pkwy, Sterling Heights, MI 48312-1022
      View Details
    • Value Estimation by Request
      29,550 SF

      37502-37586 Van Dyke Ave

      Automotive properties • 29,550 SF
      37502-37586 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Value Estimation
      $665,000
      10,287 SF

      35345 Stanley Dr

      LIGHT INDUSTRIAL • 10,287 SF
      35345 Stanley Dr, Sterling Heights, MI 48312-2655
      View Details
    • Value Estimation
      $3,755,000
      71,440 SF

      5972 Product Dr

      LIGHT INDUSTRIAL • 71,440 SF
      5972 Product Dr, Sterling Heights, MI 48312-4560
      View Details
    • Value Estimation
      $2,920,000
      36,823 SF

      6120 Ctr Dr

      LIGHT INDUSTRIAL • 36,823 SF
      6120 Ctr Dr, Sterling Heights, MI 48312-2614
      View Details
    • Value Estimation by Request
      45,140 SF

      6210-6226 Product Dr

      Distribution properties • 45,140 SF
      6210-6226 Product Dr, Sterling Heights, MI 48312
      View Details

    Similar Nearby for Sale

    • $291,000
      2,606 SF

      Updated Condo with Generator

      Move-in ready condo with generator, updates, and convenient location.
      34082 Frank Dr, Sterling Heights, MI 48312
      View Details
    • $800,000
      4,997 SF

      Restaurant Pad in Sterling Ponds

      Restaurant pad located in Sterling Ponds Shopping Center.
      33785 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • $299,900
      4,950 SF

      Salon & Medical Spa Business

      Established salon and spa business for sale in Sterling Heights.
      37824 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • $74,900

      Established Business in High-Traffic Location

      Profitable Deshi business for sale in a thriving Warren location.
      34236 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • $2,700,000
      29,858 SF

      Freestanding Commercial Building For Sale

      Well-maintained, two-tenant commercial building available for purchase.
      7023 14 Mile 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

    Similar Nearby for Lease

    • $10 SF/Yr
      10,852 SF

      Sterling Heights Manufacturing/Warehouse Space

      10,852 SF manufacturing/warehouse space with heavy power and office.
      35320 Beattie Dr, Sterling Heights, MI 48312
      View Details
    • $11 SF/Yr
      11,954 SF

      Macomb West Industrial Manufacturing Space

      New 11,954 SF Warehouse, Excellent Location
      5993 14 Mile Rd, Sterling Heights, MI 48312
      View Details
    • $9 SF/Yr
      28,880 SF

      Sterling Ponds Blvd Warehouse

      Macomb County industrial warehouse, 28,880 SF
      33472 Sterling Ponds Blvd, Sterling Heights, MI 48312
      View Details
    • $9 SF/Yr
      41,549 SF

      Sterling Heights Industrial Facility

      42,000 SF industrial space with cranes and air conditioning.
      6125 Center Dr, 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
    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.
    6550 Progress Dr
    Sterling Heights, MI 48312-2618
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.