Renovated Medical Office
24381 Orchard Lake Rd Farmington Hills, MI 48336
24381 Orchard Lake Rd, Farmington Hills, MI, 48336
$1,200,000
For Sale
$1,200,000
Fully renovated medical office building with multiple entry points and a usable basement.
Property Size10,000 SF
Lot Size1.26 Acres
Price / SF$120
Days on Market640
Property Features for 24381 Orchard Lake Rd
General Information
- Standard status
- Active
- Size
- 10,000 SF
- Lot size
- 1.26 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1980
Listing agency
Thomas A. Duke Company
(248) 479-0128
Listed by
Joseph Evangelista · License #6501343471
(248) 479-0128
Source
Cpix.resimplifi
Added: Oct 21, 2024 Updated: Jul 21 at 2:01PM Checked: Jul 21 at 2:01PM
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 fully renovated medical office building offers a total size of 10,000 square feet, including approximately 5,000 square feet of usable basement. The interior features luxury vinyl plank and ceramic tile, and the basement has been fully renovated with a kitchen and a full bath with a Jacuzzi tub. The building is supported by multiple HVAC zones, a full building sprinkler and security system, and a backup generator.
Set back from Orchard Lake Road, the property sits on a 1.26-acre lot with frontage along Orchard Lake Rd, which is described as carrying 20,000+ cars per day. Located just south of I-96 along Orchard Lake Road, the site provides convenient access to major transportation.
With multiple points of entry, the layout is suitable for a potential multi-tenant configuration.
Set back from Orchard Lake Road, the property sits on a 1.26-acre lot with frontage along Orchard Lake Rd, which is described as carrying 20,000+ cars per day. Located just south of I-96 along Orchard Lake Road, the site provides convenient access to major transportation.
With multiple points of entry, the layout is suitable for a potential multi-tenant configuration.
Key Highlights
- 10,000 SF medical office building set back from Orchard Lake Rd, with ~5,000 SF usable basement
- 1.26‑acre lot along Orchard Lake Rd with 20,000+ cars per day
- Completely renovated interior with luxury vinyl plank and ceramic tile flooring
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.0k | $6.00 |
| − Vacancy | −$14.1k | −$1.41 |
| EGI | $45.9k | $4.59 |
| − OpEx | −$11.5k | −$1.15 |
| NOI | $34.4k | $3.44 |
10,000 SF · lease $6.00/SF/yr · vacancy 23.50% · expense 25.00%
Alternative Uses
Best Use
Healthcare Medical
$1.93M
$1.69M – $2.26M
NOI $135,324 @ 7.0% cap · market cap 11.28%
Second Best
Office B
$491.8K
$430.3K – $573.8K
NOI $34,425 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $150,984 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
Similar For Sale Nearby
FAQs
What type of property is this?
Medical Office Space - Fully renovated medical office building with multiple entry points and a usable basement.
Where is this medical office space located?
The property is located at 24381 Orchard Lake Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 10,000 SF medical office building set back from Orchard Lake Rd, with ~5,000 SF usable basement; 1.26‑acre lot along Orchard Lake Rd with 20,000+ cars per day; Completely renovated interior with luxury vinyl plank and ceramic tile flooring
