Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    8051 Chicago Detroit, MI 48204-4334
    Property profile & analytics

    8051 Chicago Detroit, MI 48204-4334

    View on Map
    • Manufacturing properties
    • 35,902 SF
    • 1.62 lot acres
    Off-Market
    Property ID
    US43-0376195
    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
    $770,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Iron Hook Towing / Auto Repair Shop

    Property Details for 8051 Chicago

    Year built
    1957
    Lot size
    1.62 lot acres
    Property size
    35,902 SF
    Zone code
    M4
    Property type
    Manufacturing properties
    APN
    18014155.002L
    APU
    18014155002L

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $791,000
      Market price range: $720k - $2.43M
      AI Estimate
      $744,000
      Market price range: $744k - $2.15M

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1493
    Latitude
    42.3659
    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
    $19,584
    $0.00
    $0.00
    $283,000
    -
    $0.00
    $0.00
    $566,000

    Comparable in this City

    • Value Estimation
      $3,165,000
      83,092 SF

      10515 Northlawn St

      MANUFACTURING (LIGHT) • 83,092 SF
      10515 Northlawn St, Detroit, MI 48204-4139
      View Details
    • Value Estimation by Request
      1,778 SF

      9424 Livernois Ave

      MANUFACTURING (LIGHT) • 1,778 SF
      9424 Livernois Ave, Detroit, MI 48204-4800
      View Details
    • Value Estimation by Request
      8,082 SF

      8120 Grand Riv Ave

      MANUFACTURING (LIGHT) • 8,082 SF
      8120 Grand Riv Ave, Detroit, MI 48204-2230
      View Details
    • Value Estimation by Request
      16,732 SF

      10401 Northlawn St

      MANUFACTURING (LIGHT) • 16,732 SF
      10401 Northlawn St, Detroit, MI 48204-4124
      View Details
    • Value Estimation
      $595,000
      21,792 SF

      8074 Military St

      MANUFACTURING (LIGHT) • 21,792 SF
      8074 Military St, Detroit, MI 48204-6005
      View Details
    • Value Estimation by Request
      2,400 SF

      8053 Military St

      MANUFACTURING (LIGHT) • 2,400 SF
      8053 Military St, Detroit, MI 48204-3517
      View Details

    Similar Nearby for Sale

    • $674,990
      13,735 SF

      Detroit Industrial/Commercial Opportunity Awaits

      Flexible 13,735 sqft space on 0.7-acre lot in Detroit.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • $130,000
      2,073 SF

      Detroit Industrial Property: Acre Lot & Building

      High-traffic location, versatile B4 zoning, great potential.
      7647 Joy Rd, Detroit, MI 48204
      View Details
    • $174,900
      4,241 SF

      Detroit Commercial Building with Warehouse

      Commercial building with office and warehouse space in Detroit.
      7601 W Chicago, Detroit, MI 48204
      View Details

    Similar Nearby for Lease

    • $5,900 /Mo
      Pending

      Detroit Industrial/Commercial Flex Space

      Versatile industrial/commercial space for rent in Detroit.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • $5,900 /Mo
      13,735 SF

      Detroit Industrial/Commercial Opportunity For Rent

      Industrial/commercial space with flexible uses on a 0.7-acre fenced lot.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available for rent at 5943 Tireman Avenue.
      5943 Tireman Ave, Detroit, MI 48204
      View Details
    • $3,000 /Mo

      Prime Commercial Property on Joy Rd

      High-visibility commercial property with flexible B4 zoning in Detroit.
      7647 Joy Rd, Detroit, MI 48204
      View Details
    • $3,000 /Mo
      1,000 SF

      Prime Commercial Property - Detroit

      High-visibility commercial property with flexible workspace and B4 zoning.
      7647 Joy Rd, Detroit, MI 48204
      View Details
    • $3,995 /Mo

      Turnkey Banquet Hall Event Venue

      Spacious banquet hall with dance floor and ample parking.
      10435 Joy Rd, Detroit, MI 48204
      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.
    8051 Chicago
    Detroit, MI 48204-4334
    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

    Thank You for Inquiry
    8051 Chicago, Detroit, MI, 48204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!