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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8258 Michigan Ave Detroit, MI 48210-2147

    • Grocery and convenience stores
    • 1,980 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Mar 02, 2022
    $752,527
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    3.1%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US43-0037469
    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

    • CHAPP AND BUSHELY / Gas Station
    • Sunoco Gas Station / Gas Station / Convenience Store

    Property Details for 8258 Michigan Ave

    Year built
    1969
    Lot size
    0.36 lot acres
    Property size
    1,980 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    20004702-7
    APU
    200047027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $509,000
      Market price range: $237k - $629k
      AI Estimate
      $509,000
      Market price range: $237k - $629k

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1441
    Latitude
    42.3308
    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
    $11,141
    $0.00
    $0.00
    $202,900
    -
    $0.00
    $0.00
    $405,800

    Comparable in this City

    • Value Estimation
      $400,000
      3,378 SF

      3278 Livernois Ave

      CONVENIENCE STORE • 3,378 SF
      3278 Livernois Ave, Detroit, MI 48210-2943
      View Details
    • Value Estimation by Request
      11,832 SF

      4805 Livernois St

      Restaurants • 11,832 SF
      4805 Livernois St, Detroit, MI 48210
      View Details
    • Value Estimation by Request
      1,616 SF

      6011 Livernois Ave

      CONVENIENCE STORE • 1,616 SF
      6011 Livernois Ave, Detroit, MI 48210-1758
      View Details
    • Value Estimation by Request
      1,801 SF

      6300 Michigan Ave

      CONVENIENCE STORE • 1,801 SF
      6300 Michigan Ave, Detroit, MI 48210-2955
      View Details
    • Value Estimation by Request
      1,500 SF

      4710 Warren Ave

      CONVENIENCE STORE • 1,500 SF
      4710 Warren Ave, Detroit, MI 48210-1466
      View Details
    • Value Estimation by Request
      1,718 SF

      7645 Livernois Ave

      CONVENIENCE STORE • 1,718 SF
      7645 Livernois Ave, Detroit, MI 48210-1165
      View Details

    Similar Nearby for Sale

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      Two-story bar, nightclub, and restaurant in Southwest Detroit for sale.
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      Mixed-Use Building and Auto Shop

      Mixed-use building with auto repair shop in Southwest Detroit.
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      Former Restaurant with Drive-Thru

      Freestanding restaurant with drive-thru on a highly visible corner.
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    Similar Nearby for Lease

    • $27 SF/Yr
      11,832 SF

      Livernois Ave Commercial Space

      Detroit Office/Retail Suites Available
      4805 Livernois St, Detroit, MI 48210
      View Details
    • Contact for pricing

      Detroit Commercial Property For Rent

      Commercial property available for rent in Detroit, Michigan.
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      View Details
    • $6,500 /Mo

      Detroit Parking Opportunity For Rent

      Fenced parking lot with security system and electronic gate.
      2890 Junction St, Detroit, MI 48210
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      Detroit Automotive and Retail Opportunity

      Automotive, retail, and parking spaces available for lease in Detroit.
      2890 Michigan Ave, Detroit, MI 48210
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      75,105 SF

      Detroit Industrial Property - 75,000 SF

      Spacious Detroit warehouse, ideal for manufacturing.
      2801 Clark Ave, Detroit, MI 48210
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    • Contact for pricing
      75,105 SF

      Industrial Building with Expansion Potential

      75,105 SF industrial building on 10.52 acres for lease.
      2801 Clark St, Detroit, MI 48210
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    Property Visit Statistics

    • Visits by month
      9.6k
    • Visitors by month
      6.1k
    • Avg Time on site
      7 min
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    8258 Michigan Ave
    Detroit, MI 48210-2147
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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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