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

    8773 Petoskey Ave Detroit, MI 48204

    • Commercial real estate
    • 0.09 lot acres
    For Sale
    View listing
    $10,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1297414
    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

    • Commercial real estate

    Property Details for 8773 Petoskey Ave

    Year built
    1918
    Lot size
    0.09 lot acres
    Property type
    Commercial real estate

    Description

    This 1918, two-story apartment building in Detroit, Michigan offers a unique investment opportunity for experienced buyers. Located on a 0.09-acre lot in Wayne County (zip code 48204), this Class D multifamily property features four units, each priced at $2,500. The asking price for the entire building is $10,000. The property is zoned residential and requires a detailed proposal for purchase, including construction plans or architectural precedents, a financing plan with proof of funds or loan pre-approval, and adherence to Detroit city design review. Note that the Detroit Land Bank Authority's tax capture may affect available tax abatements, and a payment in lieu of taxes may be required. Detailed DLBA requirements are available in attached documents, and proposals must be submitted via a provided Google Doc link. This property presents a compelling opportunity for investors who meet the specified criteria.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.122362281327
    Latitude
    42.364504598162

    Comparable in this City

    • $560,000

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    • $415,000
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      Detroit Bar with Apartments and Land

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      Detroit Duplex Investment Opportunity

      Income-producing duplex in Detroit with reliable tenants.
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    • $89,900
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      Detroit Duplex Near New Center

      Two-unit duplex near expressways and shopping in Detroit.
      4016 Blaine St, Detroit, MI 48204
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    • $199,000
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      Renovated Duplex in Prime Location

      Completely renovated Detroit duplex with two units and modern finishes.
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    • $36,000
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      Detroit Duplex with Renovation Potential

      Multifamily property in a growing area, ideal for renovation.
      12127 Prairie St, Detroit, MI 48204
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    Similar Nearby for Sale

    • $560,000

      Southwest Detroit Multifamily Investment

      Renovated 8-unit property near Downtown Detroit with modern upgrades.
      11744 Cascade St, Detroit, MI 48204
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    • $415,000
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      Detroit Bar with Apartments and Land

      Established bar with apartments, vacant lot, and additional building.
      8748 Tireman St, Detroit, MI 48204
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    • $110,000

      Detroit Duplex Investment Opportunity

      Income-producing duplex in Detroit with reliable tenants.
      9401 Ravenswood St, Detroit, MI 48204
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    • $89,900
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      Detroit Duplex Near New Center

      Two-unit duplex near expressways and shopping in Detroit.
      4016 Blaine St, Detroit, MI 48204
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    • $199,000
      1,886 SF

      Renovated Duplex in Prime Location

      Completely renovated Detroit duplex with two units and modern finishes.
      4036 Columbus St, Detroit, MI 48204
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    • $36,000
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      Detroit Duplex with Renovation Potential

      Multifamily property in a growing area, ideal for renovation.
      12127 Prairie St, Detroit, MI 48204
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    Similar Nearby for Lease

    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Charming, renovated 2-bedroom apartment near downtown Detroit and local amenities.
      5124 W Chicago St, Detroit, MI 48204
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    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Charming, renovated 2-bedroom apartment near downtown Detroit and amenities.
      5122 W Chicago St, Detroit, MI 48204
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    • $1,200 /Mo

      Renovated Apartment in Nardin Park

      Charming, renovated apartment near downtown Detroit and Nardin Park.
      5122 W Chicago St, Detroit, MI 48204
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    • $1,200 /Mo
      995 SF

      Renovated Apartment in Nardin Park

      Spacious, renovated apartment with modern amenities in a prime location.
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    • $2,700 /Mo
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      Redford Retail Space Available

      Retail spaces for lease, one currently leased to a daycare.
      26554 Grand River Ave, Redford, MI 48204
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    • 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
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    8773 Petoskey Ave
    Detroit, MI 48204
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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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