Renovated Three-Story Office
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For Sale
Contact for pricing
121 W Long Lake Rd, Bloomfield Hills, MI 48304
Multi-tenant professional workspace with updated common areas, a refreshed suite, and parking at the entrance.
Property Size18,060 SF
Price / SF$41.53
Days on Market4
Property Features for 121 W Long Lake Rd
General Information
Standard status
Active
Size
18,060 SF
Class
A
Property subtype
Office
Occupancy
76%
Lease Type
Gross
Investment Type
Owner/User
Net Operating Income
$93,780
Building Details
Year Built
1998
Year Renovated
2024
Buildings
1
Stories
3
Tenancy
Multi
Building Size
18,060 SF
Listing Agency:
Newmark | Detroit - Southfield
Listed By:
Daniel Canvasser · License #6506043901
Source:
Crexi
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 2:14AM
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 Newmark | Detroit - Southfield
Investment Insights
Based on property information with market context.
Built in 1998, this three-story office property contains 18,060 square feet and is occupied by multiple tenants. The building includes renovated common areas, a refreshed suite with high-end finishes, and parking positioned directly outside the main entrance. Available vacancy provides flexibility for lease-up or owner occupancy.
The property is located at 121 W. Long Lake Road in Bloomfield Hills, near Woodward Avenue and other major regional routes. Its setting includes wooded surroundings and walkable access to Bloomfield Deli and nearby neighborhood retail. The address is within a professional services-oriented area of Metro Detroit.
The property is located at 121 W. Long Lake Road in Bloomfield Hills, near Woodward Avenue and other major regional routes. Its setting includes wooded surroundings and walkable access to Bloomfield Deli and nearby neighborhood retail. The address is within a professional services-oriented area of Metro Detroit.
Key Highlights
- 18,060‑square‑foot office building completed in 1998
- Three‑story configuration with multiple tenants in place
- Renovated common areas and a refreshed suite with high‑end finishes
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
$62,172
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
8.29%
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%
$1,243,440
$1.2M
Cap Rate 7%
$888,171
$888.2K
Cap Rate 9%
$690,800
$690.8K
Market Conditions
NOI Build-Up for 18,060 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
$108.4K $6.00/SF
− Vacancy
−$25.5K −$1.41/SF
EGI
$82.9K $4.59/SF
− OpEx
−$20.7K −$1.15/SF
NOI
$62.2K $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%
$1,243,440
Cap Rate 7%
$888,171
Cap Rate 9%
$690,800
Alternative Uses
Best Use
Office B
$888.2K
$777.2K – $1.04M
NOI $62,172 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.90M
$3.41M – $4.54M
NOI $272,677 @ 7.0% cap · market cap 36.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,233
Businesses Nearby
Explore this area
Business Placement
Demographics for 48304, MI
17,437
Population
7,165
Households
2.4
Avg Household Size
50
Median Age
74%
College-Educated
98%
High-School Grad
11.4 sq mi
ZIP Area
1,530
Density / Sq Mi
$140,700
Median Household Income
$76,094
Median Earnings
$1,492
Median Rent
$481,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant professional workspace with updated common areas, a refreshed suite, and parking at the entrance.
Where is this office building located?
The property is located at 121 W Long Lake Rd Bloomfield Hills, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 18,060‑square‑foot office building completed in 1998; Three‑story configuration with multiple tenants in place; Renovated common areas and a refreshed suite with high‑end finishes
