Add Listing
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

    7231 Chase Rd Dearborn, MI 48126-1301

    • Strip malls
    • 7,877 SF
    • 0.54 lot acres
    OFF-MARKET
    Last Sale
    Dec 15, 2023
    Value Estimations
    $820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1014637
    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

    • Adeni Tea Shop عدني / (Bike/Boat/Book/etc) Store / Specialty Food Shop
    • Elegant Lady السيده الانيقه / Clothing & Fashion Store

    Property Details for 7231 Chase Rd

    Year built
    2001
    Lot size
    0.54 lot acres
    Property size
    7,877 SF
    Zone code
    BA
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    82 10 063 37 035
    APU
    821006337035

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $821,000
      Market price range: $379k - $852k
      AI Estimate
      $821,000
      Market price range: $379k - $852k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $625,000
      Current use
      RESTAURANT
      $1,125,000
      Change: +80% Conversion: Difficult
      OFFICE BUILDING
      $1,015,000
      Change: +62% Conversion: Moderate
      RETAIL STORES
      $850,000
      Change: +36% Conversion: Easy
      MEDICAL BUILDING
      $830,000
      Change: +32% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $800,000
      Change: +28% Conversion: Easy
      AUTO REPAIR, GARAGE
      $565,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Dearborn
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1869
    Latitude
    42.3445
    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
    $22,982
    $0.00
    $0.00
    $353,600
    -
    $0.00
    $0.00
    $707,200

    Comparable in this City

    • Value Estimation by Request
      4,368 SF

      6950 Schaefer Rd

      SHOPPING CENTER, STRIP CENTER • 4,368 SF
      6950 Schaefer Rd, Dearborn, MI 48126-4503
      View Details
    • Value Estimation
      $1,085,000
      10,016 SF

      14204 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 10,016 SF
      14204 Warren Ave, Dearborn, MI 48126-1457
      View Details
    • Value Estimation by Request
      9,529 SF

      15010 Warren Ave

      SHOPPING CENTER, STRIP CENTER • 9,529 SF
      15010 Warren Ave, Dearborn, MI 48126-1352
      View Details
    • Value Estimation
      $1,220,000
      11,270 SF

      5838 Schaefer Rd

      SHOPPING CENTER, STRIP CENTER • 11,270 SF
      5838 Schaefer Rd, Dearborn, MI 48126-2255
      View Details
    • Value Estimation
      $650,000
      6,550 SF

      5808 Schaefer Rd

      SHOPPING CENTER, STRIP CENTER • 6,550 SF
      5808 Schaefer Rd, Dearborn, MI 48126-2255
      View Details
    • Value Estimation by Request
      3,000 SF

      6637 Schaefer Rd

      SHOPPING CENTER, STRIP CENTER • 3,000 SF
      6637 Schaefer Rd, Dearborn, MI 48126-1812
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Center with Excellent Accessibility

      Well-located retail center with strong national tenant mix.
      16001-16351 Ford Rd, Dearborn, MI 48126
      View Details
    • $328,000
      Pending

      Updated Commercial Building on Michigan Avenue

      Move-in ready commercial building with high visibility and ample parking.
      14217 Michigan Ave, Dearborn, MI 48126
      View Details
    • $1,300,000
      Pending

      Dearborn Mixed-Use Opportunity

      9,000+ SF mixed-use building on heavily traveled Schaefer Road.
      5401 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $795,000
      Pending

      Established Bakery in Dearborn

      Turn-key bakery with real estate, business, and equipment included.
      6412 Schaefer Rd, Dearborn, MI 48126
      View Details
    • $599,800
      7,120 SF

      Mixed-Use Building on Prime Retail Lot

      Unique mixed-use building with parking on a high-traffic corner.
      8805 Tireman Ave, Dearborn, MI 48126
      View Details
    • $1,800,000
      4,800 SF

      Established Auto Repair Business Opportunity

      Thriving auto repair business and real estate for sale in Dearborn.
      14433 W Warren Ave, Dearborn, MI 48126
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo

      Dearborn Retail Space For Lease

      Prime retail/commercial spaces available in Dearborn Fresh Plaza.
      6131 Greenfield Rd, Dearborn, MI 48126
      View Details
    • Contact for pricing
      10,327 SF

      Fairlane Meadows Retail Center

      High-traffic retail space available in Dearborn.
      16001-16351 Ford Rd, Dearborn, MI 48126
      View Details
    • $2,200 /Mo
      9,500 SF

      Dearborn Commercial Space For Lease

      Commercial space suitable for office, medical, or retail use.
      6307 Schaefer Rd, Dearborn, MI 48126
      View Details
    • Contact for pricing

      Dearborn Commercial Property For Rent

      Commercial property available for rent in Dearborn, Michigan.
      10151 Michigan Ave, Dearborn, MI 48126
      View Details
    • $4,500 /Mo

      Versatile Commercial Space For Rent

      2400 sq ft space suitable for office, medical, or retail.
      6307-6309 Schaefer Rd, Dearborn, MI 48126
      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.
    7231 Chase Rd
    Dearborn, MI 48126-1301
    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.
    Sign Up Successful!
    You now have access to more from Realmo!