Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    42450 W Twelve Mile Rd Novi, MI 48377

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,552 /Mo

    Move-in ready office and medical suites near Twelve Oaks Mall.

    Lot size:
    1.42 Acres

    Property Features for 42450 W Twelve Mile Rd

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    1.42 Acres

    Building Details

    Year built
    1988

    We can help!

    Listing Contact
    Emil Cherkasov
    Source: Elliman

    Listing Agency: Forward Commercial Group Listing Agent: Emil Cherkasov

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

    Learn more

    Overview

    Novi Office and Medical Suites

    This 22,500 square foot building is under new ownership and management, with common area upgrades planned. It is situated in a highly desirable location across from Twelve Oaks Mall, near freeway I-96, M5, I-696, and I-275. The property offers move-in ready office and medical suites, ample parking, and signage rights.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4723
    Latitude
    42.5051

    Nearby Similar for Lease

    • Contact for pricing

      Crystal Glen

      Discover many ways to work your way in Crystal Glen
      39555 Orchard Hill Pl, Novi, MI 48375
      View Details
    • Sponsored
      Contact for pricing

      MI, Novi - Grand River Ave

      Discover many ways to work your way in San Antonio Airport
      41430 Grand River Ave, Novi, MI 41430
      View Details
    • $16 SF/Yr
      3,850 SF

      Novi Office Sublease Opportunity

      3,850 SF office space available for sublease in Novi.
      24900 Joseph, Novi, MI 48375
      View Details
    • Contact for pricing

      Class A R&D Flex Building

      High image flex building with excellent access to major highways.
      39575-39625 Lewis Dr, Novi, MI 48377
      View Details
    • $25 SF/Yr

      Medical Office Space For Lease

      Medical office suites available for lease on hospital campus.
      26750 Providence Pkwy, Novi, MI 48374
      View Details
    • Contact for pricing

      Retail Space with Premium Interiors

      Retail space featuring premium interiors and convenient location.
      39555 Orchard Hill Pl, Novi, MI 48375
      View Details
    • $7 SF/Yr

      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
    • $8 SF/Yr

      Well-Maintained Manufacturing and Headquarters Facility

      Manufacturing/headquarters facility with cranes, heavy power, and build-to-suit option.
      22750 Heslip Dr, Novi, MI 48375
      View Details
    • Contact for pricing

      Novi Medical Office Suites Available

      Medical office suites for lease in a remodeled building.
      39500 W Ten Mile Rd, Novi, MI 48375
      View Details
    • $25 SF/Yr
      8,400 SF

      Office/Retail Building on Grand River

      Proposed office and retail building with frontage on Grand River.
      42409 Grand River Ave, Novi, MI 48375
      View Details
    • $2,629 /Mo

      Office and Medical Suites Available

      Move-in ready office and medical suites in a desirable location.
      42450 W 12 Mile Rd Rd 310, Novi, MI 48377
      View Details
    • Contact for pricing

      Novi Office Space Available

      Office space for rent at 26850 Providence Parkway, Novi.
      26850 Providence Pkwy, Novi, MI 48374
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Move-in ready office and medical suites near Twelve Oaks Mall.
    Where is this medical office space located?
    The property is located at 42450 W Twelve Mile Rd Novi, MI.
    What is the lease rate?
    The lease rate is $2,552 /Mo.
    What are key features of this property?
    This property features: - Highly desirable location across from Twelve Oaks Mall; - Move-in ready office and medical suites; - Ample parking available for tenants and visitors
    (248) 792-8190
    Request Owner's contact information
    42450 W Twelve Mile Rd Novi, MI 48377
    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.
    42450 W Twelve Mile Rd
    Novi, MI 48377
    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
    42450 W Twelve Mile Rd Novi, MI 48377
    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
    Emil Cherkasov
    Real Estate License ID: 6502392741
    (248) 792-8190 (248) 662-5066 (248) 894-3604
    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!