Oak Park Office Building For
For Sale
$1,090,000
14500 W 8 Mile Rd, Farmington Hills, MI 48237
Three-story office building with parking for 150 cars.
Property Size24,188 SF
Lot Size0.69 Acres
Days on Market287
Property Features for 14500 W 8 Mile Rd
General Information
Standard status
Active
Size
24,188 SF
Lot size
0.69 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,073
Building Details
Building Size
24,188 SF
Year Built
1966
Listing Agency:
UBTEO
Listed By:
Ali M Farhat · License #6505432920
(313) 930-5550
Source:
Elliman
Added: Nov 27, 2025
Changed: Sep 6
Last Checked: Sep 9 at 8:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of UBTEO
Investment Insights
Based on property information with market context.
Located in Oak Park, this three-story office building features over 24,000 square feet of space. The building, which has 100 feet of frontage on 8 Mile Road, contains more than 25 office spaces and an elevator. A parking lot provides space for approximately 150 cars. The property has undergone numerous updates.
Key Highlights
- Large parking lot with space for approximately 150 cars
- Over 24,000 square feet of office space across three floors
- Prime location in Oak Park with 100 feet of frontage on 8 Mile
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$83,267
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,665,340
$1.7M
Cap Rate 7%
$1,189,529
$1.2M
Cap Rate 9%
$925,189
$925.2K
Market Conditions
NOI Build-Up for 24,188 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$145.1K $6.00/SF
− Vacancy
−$34.1K −$1.41/SF
EGI
$111.0K $4.59/SF
− OpEx
−$27.8K −$1.15/SF
NOI
$83.3K $3.44/SF
Area
Oakland County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,665,340
Cap Rate 7%
$1,189,529
Cap Rate 9%
$925,189
Alternative Uses
Best Use
Retail
$3.72M
$3.25M – $4.34M
NOI $260,273 @ 7.0% cap · market cap 23.88%
Second Best
Industrial
$1.71M
$1.50M – $2.00M
NOI $119,843 @ 7.0% cap · market cap 10.99%
Theoretical Best
Specialty Retail
$5.22M
$4.57M – $6.09M
NOI $365,200 @ 7.0% cap · market cap 33.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with parking for 150 cars.
Where is this office building located?
The property is located at 14500 W 8 Mile Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Large parking lot with space for approximately 150 cars; Over 24,000 square feet of office space across three floors; Prime location in Oak Park with 100 feet of frontage on 8 Mile
