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

    8230 15th Mile Rd Sterling Heights, MI 48312-3504

    • Grocery and convenience stores
    • 6,170 SF
    • 0.69 lot acres
    OFF-MARKET
    Last Sale
    Mar 18, 2021
    $800,000
    Value Estimations
    $800,000
    Show details
    Cap Rate Potential
    4.8%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-1436367
    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

    • Grocery and convenience stores

    Property Details for 8230 15th Mile Rd

    Year built
    1977
    Lot size
    0.69 lot acres
    Property size
    6,170 SF
    Zone code
    C-3
    Property type
    Grocery and convenience stores
    APN
    10-10-34-101-115
    APU
    101034101115

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $960,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $760,000
      6.5%
      $700,000
      7%
      $650,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $801,000
      Market price range: $353k - $1.03M
      AI Estimate
      $801,000
      Market price range: $353k - $1.03M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $645,000
      Current use
      COMMERCIAL (GENERAL)
      $1,160,000
      Change: +81% Conversion: Easy
      RESTAURANT
      $875,000
      Change: +36% Conversion: Easy
      MEDICAL BUILDING
      $760,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $730,000
      Change: +13% Conversion: Easy
      AUTO REPAIR, GARAGE
      $530,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Sterling Heights
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0268
    Latitude
    42.5508
    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
    2022
    $14,748
    $0.00
    $0.00
    $281,500
    -
    $0.00
    $0.00
    $563,000

    Comparable in this City

    • Value Estimation
      $670,000
      3,984 SF

      11651 15th Mile Rd

      GROCERY, SUPERMARKET • 3,984 SF
      11651 15th Mile Rd, Sterling Heights, MI 48312-5101
      View Details
    • Value Estimation by Request
      2,698 SF

      36500 Van Dyke Ave

      GROCERY, SUPERMARKET • 2,698 SF
      36500 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Value Estimation
      $3,090,000
      18,449 SF

      34030 Van Dyke Ave

      GROCERY, SUPERMARKET • 18,449 SF
      34030 Van Dyke Ave, Sterling Heights, MI 48312-4643
      View Details
    • Value Estimation by Request
      2,313 SF

      13135 14th Mile Rd

      GROCERY, SUPERMARKET • 2,313 SF
      13135 14th Mile Rd, Sterling Heights, MI 48312-6301
      View Details
    • Value Estimation
      $625,000
      4,582 SF

      14380 15th Mile Rd

      GROCERY, SUPERMARKET • 4,582 SF
      14380 15th Mile Rd, Sterling Heights, MI 48312-5712
      View Details
    • Value Estimation by Request
      2,700 SF

      11650 15th Mile Rd

      GROCERY, SUPERMARKET • 2,700 SF
      11650 15th Mile Rd, Sterling Heights, MI 48312-5100
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
    • $199,900
      4,950 SF

      Established Salon & Medical Spa

      Turnkey salon and medical spa business opportunity in Sterling Heights.
      37824 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      14,490 SF

      Walgreens/Dollar Tree Investment Opportunity

      14,490 SF building on 3.66 acres, 100% occupied.
      13901 Metro Pkwy, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      4,997 SF

      Former Restaurant in Sterling Heights

      Former restaurant located in Sterling Ponds Shopping Center.
      33875 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      7,590 SF

      Medical/Dental/Office Conversion Opportunity

      Up to 7,590 SF available at 15 Mile/Schoenherr corner.
      34843-34863 Schoenherr Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      37,000 SF

      Sterling Heights Freestanding Building

      Spacious 37,000+ sqft building in Sterling Heights.
      35630 Van Dyke Ave, Sterling Heights, MI 48312
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,200 SF

      Retail Space in Brookside Center

      Retail space available in a busy Sterling Heights shopping center.
      13475 15 Mile Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing
      3,525 SF

      Sterling Heights Medical Space Available

      3,525 SF medical space for lease in Sterling Heights.
      36741-36765 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Contact for pricing

      Restaurant Pad in Sterling Heights

      Restaurant pad located in Sterling Ponds Shopping Center.
      33785 Van Dyke Ave, Sterling Heights, MI 48312
      View Details
    • Contact for pricing

      Former Spa and Dental Office

      Former massage spa and dental mold office available for rent.
      35101-35145 Dodge Park Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing

      Retail and Office Spaces Available

      Plaza with frontage, near golf course and healthcare center.
      38121 Utica Rd, Sterling Heights, MI 48312
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Sterling Heights, Michigan.
      35774 Van Dyke Ave, Sterling Heights, MI 48312
      View Details

    Property Visit Statistics

    • Visits by month
      46.5k
    • Visitors by month
      25.1k
    • Avg Time on site
      9 min
    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.
    8230 15th Mile Rd
    Sterling Heights, MI 48312-3504
    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!