Add Listing
    For Sale
    • 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

    42350 Grand River Ave Novi, MI 48375

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Value-add property with long-term tenant in Novi, Michigan.

    Building Details

    Year built
    1995

    We can help!

    Listing Contact
    Todd Szymczak
    Todd Szymczak
    Source: Naiglobal

    Listing Agent: Todd Szymczak

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Novi Mixed-Use Investment Opportunity

    Located at 42350 Grand River Avenue in Novi, Michigan, this 37,260-square-foot mixed-use property, constructed in 1995 and significantly renovated in 2021, presents a compelling investment opportunity. The property is anchored by GR Medical under a long-term triple-net lease. The property is positioned to attract both medical and traditional office tenants, benefiting from Novi's affluent demographics and business expansion trends. Situated along Grand River Avenue, it offers convenient access to I-96 and metro Detroit. This property is suitable as a strategic owner-operator purchase or investor opportunity to reposition into the future. The property offers upside through lease-up of substantial vacancy and strong projected cash-on-cash returns upon stabilization.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Theresa Min- Restorative ... Medical Clinic Doctors Choice Needles Production Facility Lindsey Rossman, DO Physician Dr. Steven J. ... Physician Jenny Michaels, MD Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Meadowbrook Veterinary Clinic, Christlieb Morris DVM, AEC

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4645956
    Latitude
    42.4791303

    Nearby Similar for Sale

    • $94,999
      21,642 SF

      Turn Key Deli Opportunity

      Deli on Grand River Avenue with high visibility and traffic.
      39915 Grand River Ave, Novi, MI 48375
      View Details
    • $199,000
      2,231 SF

      Turn-Key Business Opportunity in Novi

      Remodeled turn-key space suitable for coffee, tea, or restaurant.
      25875 Novi Rd, Novi, MI 48375
      View Details
    • $199,900
      4,956 SF

      Established Restaurant Business Opportunity

      Thriving Middle Eastern restaurant for sale in Novi's bustling plaza.
      41490 Grand River Ave, Novi, MI 48375
      View Details
    • $35,000
      1,800 SF

      Established Pet Salon in Novi

      Fully equipped pet salon ready for immediate operation in Novi.
      333 Oakland, Novi, MI 48377
      View Details
    • $3,230,000

      Well-Maintained Manufacturing and HQ Facility

      Manufacturing and headquarters facility with cranes and heavy power.
      22750 Heslip Dr, Novi, MI 48375
      View Details
    • $3,150,000

      Industrial Buildings on 7.61 Acres

      Two industrial buildings totaling 26,861 SF on 7.61 acres.
      45237 Grand River Ave, Novi, MI 48375
      View Details
    • Contact for pricing

      Novi District Courthouse Investment Opportunity

      Single-tenant, net-leased district courthouse occupied by Oakland County, Michigan.
      48150 Grand River Ave, Novi, MI 48374
      View Details
    • Contact for pricing

      Partially Built Medical Office Building

      30,000+ SF medical office, faster market entry.
      25000 Karim Blvd, Novi, MI 48375
      View Details
    • Contact for pricing

      Novi Flex Space Opportunity

      Flex space for sale, lease, or build-to-suit near I-96/696.
      27629 Haggerty Rd, Novi, MI 48377
      View Details
    • $1,690,000
      13,187 SF

      Novi Road Multi-Use Property

      13,187 SF Office & Warehouse
      25800 Novi Rd, Novi, MI 48375
      View Details
    • $5,180,000
      29,884 SF

      Novi Retail Center - 12 Mile Rd

      Prime Novi retail, high traffic, mall outlot.
      43223 Twelve Mile Rd, Novi, MI 48377
      View Details
    • Contact for pricing
      25,500 SF

      Novi Office Building For Sale/Lease

      Prime Novi location, 25,500 SF office space.
      42450 Twelve Mile Rd, Novi, MI 48377
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Value-add property with long-term tenant in Novi, Michigan.
    Where is this medical office space located?
    The property is located at 42350 Grand River Ave Novi, MI.
    What are key features of this property?
    This property features: - Long-term triple-net lease with GR Medical provides stable cash flow.; - Significant leasing upside due to substantial vacancy offers value-add potential.; - Core Novi location with strong local demographics and business expansion.
    (248) 351-6315
    Request Owner's contact information
    42350 Grand River Ave Novi, MI 48375
    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.
    42350 Grand River Ave
    Novi, MI 48375
    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
    42350 Grand River Ave Novi, MI 48375
    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

    We can help!
    Listing Contact
    Todd Szymczak
    Todd Szymczak
    Real Estate License ID: 6501338373
    (248) 351-6315 (248) 841-5007
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!