Apartment Building with Geothermal
26095 Taft Road Novi, MI 48374
26095 Taft Road, Novi, MI, 48374
$4,300,000
For Sale
$4,300,000
Existing building offers 12 one-bedroom apartments with geothermal heating and cooling, plus community room and dining space.
Property Size17,359 SF
Lot Size11.53 Acres
Price / SF$247.71
Days on Market51
Property Features for 26095 Taft Road
General Information
- Standard status
- Active
- Size
- 17,359 SF
- Lot size
- 11.53 Acres
- Property subtype
- Land
Building Details
- Year Built
- 2009
Listing agency
Thomas A. Duke Company
(248) 479-0124
Listed by
Mark Schafer · License #6502342846
Source
Thomasduke
Added: Jun 2 Updated: Jul 22 at 12:51AM Checked: Jul 22 at 3:47AM
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.
The property is an apartment building totaling 17,359 square feet on 11.53 acres, with geothermal heating and cooling servicing 12 one-bedroom apartments. Common amenities include a community room and a dining room, along with a commercial kitchen. The building is further supported by a natural gas generator.
According to public remarks, the site presents a redevelopment opportunity and is zoned RT-PRO & R1 Residential. The property is located at 26095 Taft Road in Novi, Michigan.
The current configuration consists of residential units along with shared spaces for dining and community use, making the asset suited to either continued operation or redevelopment per the stated zoning.
According to public remarks, the site presents a redevelopment opportunity and is zoned RT-PRO & R1 Residential. The property is located at 26095 Taft Road in Novi, Michigan.
The current configuration consists of residential units along with shared spaces for dining and community use, making the asset suited to either continued operation or redevelopment per the stated zoning.
Key Highlights
- 17,359 SF building on 11.53 acres built in 2009
- Zoned RT‑PRO & R1 Residential
- 12 one‑bedroom apartments with geothermal heating and cooling
Local Financial Insights For Apartment 5plus
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 | $404.1k | $23.28 |
| − Vacancy | −$17.0k | −$0.98 |
| EGI | $387.1k | $22.30 |
| − OpEx | −$174.2k | −$10.04 |
| NOI | $212.9k | $12.27 |
17,359 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.04M
$2.66M – $3.55M
NOI $212,930 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.74M
$3.28M – $4.37M
NOI $262,093 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Existing building offers 12 one-bedroom apartments with geothermal heating and cooling, plus community room and dining space.
Where is this apartment building located?
The property is located at 26095 Taft Road Novi, MI.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 17,359 SF building on 11.53 acres built in 2009; Zoned RT‑PRO & R1 Residential; 12 one‑bedroom apartments with geothermal heating and cooling
