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    Property profile & analytics

    7142 Seven Mile Rd Detroit, MI 48221

    • Retail space
    • 7,082 SF
    • 0.09 lot acres
    For Sale
    View listing
    $500,000
    Last Sale
    Apr 20, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1222282
    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

    • Retail space

    Property Details for 7142 Seven Mile Rd

    Year built
    1955
    Lot size
    0.09 lot acres
    Property size
    7,082 SF
    Zone code
    B3
    Property type
    Retail space
    APN
    16008832.
    APU
    16008832

    Description

    This exceptional mixed-use redevelopment opportunity presents a unique chance to capitalize on a vibrant Detroit neighborhood. Located at 7142 W Seven Mile Rd, this 8,671 square foot property sits on a 0.28-acre lot and is zoned B3. Currently vacant, the property offers significant potential for a combined commercial and residential development, with plans allowing for three retail units and four residential units. Built in 1950, this property benefits from recent multi-million dollar streetscape improvements, including wider sidewalks, enhanced lighting, landscaping, and pedestrian-friendly design. The area is experiencing community-led growth, with local organizations actively supporting small businesses and inclusive development. This location boasts strong local and regional appeal, attracting both nearby residents and visitors seeking unique shops and dining experiences. The surrounding neighborhoods, including University District, Bagley, and Sherwood Forest, feature a growing residential base of middle- and upper-middle-class families. The property's proximity to major residential areas, universities, and transportation routes ensures high visibility and accessibility. City-backed initiatives, such as the Strategic Neighborhood Fund, provide resources for business development and infrastructure enhancements, further enhancing the investment potential. The diverse and engaged community welcomes new businesses, creating a thriving environment for retail and dining establishments, including cafes, restaurants, and specialty shops. Asking price is $500,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $509,000
      Market price range: $308k - $796k
      AI Estimate
      $509,000
      Market price range: $308k - $796k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $545,000
      Current use
      COMMERCIAL (GENERAL)
      $645,000
      Change: +18% Conversion: Easy
      RESTAURANT
      $645,000
      Change: +18% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $535,000
      Change: -2% Conversion: Moderate
      MEDICAL BUILDING
      $445,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1446
    Latitude
    42.4318
    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
    $3,117
    $0.00
    $0.00
    $126,700
    -
    $0.00
    $0.00
    $253,400

    Comparable in this City

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    • Value Estimation by Request
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      10027 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,975 SF
      10027 8th Mile Rd, Detroit, MI 48221-1003
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    • Value Estimation by Request
      2,957 SF

      8545 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,957 SF
      8545 8th Mile Rd, Detroit, MI 48221-1101
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      2,205 SF

      10607 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,205 SF
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      1,220 SF

      8541 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,220 SF
      8541 8th Mile Rd, Detroit, MI 48221-1101
      View Details
    • Value Estimation by Request
      2,424 SF

      10535 7th Mile Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,424 SF
      10535 7th Mile Rd, Detroit, MI 48221-1966
      View Details

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    7142 Seven Mile Rd
    Detroit, MI 48221
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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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