Single Story Office/Medical
For Sale
$1,350,000
24245 Karim Boulevard, Novi, MI 48375
18,370 SF office/medical building, west of Haggerty Road.
Property Size8,440 SF
Price / SF$73.49
Days on Market194
Property Features for 24245 Karim Boulevard
General Information
Standard status
Active
Size
8,440 SF
Class
C
Property subtype
Office
Building Details
Building Size
8,440 SF
Year Built
1988
Listing Agency:
Thomas A. Duke Company
Listed By:
Mark Szerlag · License #6502342846
(248) 476-3700
Source:
Thomasduke
Added: Mar 27
Changed: Oct 3
Last Checked: Oct 5 at 4:57PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This is an 18,370 square foot single-story building suitable for office or medical use. The property is located north of 10 Mile Road and just west of Haggerty Road.
Key Highlights
- 18,370 SF Single Story Building ideal for your business needs.
- Suitable for Office/Medical Use, offering flexibility for various professional practices.
- Built in 1988.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,239
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,264,780
$1.3M
Cap Rate 7%
$903,414
$903.4K
Cap Rate 9%
$702,656
$702.7K
Market Conditions
NOI Build-Up for 18,370 SF
Gross rent
$110.2K $6.00/SF
− Vacancy
−$25.9K −$1.41/SF
EGI
$84.3K $4.59/SF
− OpEx
−$21.1K −$1.15/SF
NOI
$63.2K $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 Rate 5%
$1,264,780
Cap Rate 7%
$903,414
Cap Rate 9%
$702,656
Alternative Uses
Best Use
Healthcare Medical
$3.55M
$3.11M – $4.14M
NOI $248,590 @ 7.0% cap · market cap 18.41%
Second Best
Office B
$903.4K
$790.5K – $1.05M
NOI $63,239 @ 7.0% cap · market cap 4.68%
Theoretical Best
Specialty Retail
$3.96M
$3.47M – $4.62M
NOI $277,358 @ 7.0% cap · market cap 20.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48375, MI
23,237
Population
10,223
Households
2.3
Avg Household Size
40
Median Age
63%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$112,978
Median Household Income
$70,326
Median Earnings
$1,880
Median Rent
$348,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 18,370 SF office/medical building, west of Haggerty Road.
Where is this medical office space located?
The property is located at 24245 Karim Boulevard Novi, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 18,370 SF Single Story Building ideal for your business needs.; Suitable for Office/Medical Use, offering flexibility for various professional practices.; Built in 1988.
