Office Site with Parking
For Sale
Contact for pricing
3490 12 Mile Rd, Berkley, MI 48072
Office property on over two and a half acres featuring a parking garage and multiple parking lot entrances.
Property Size69,878 SF
Price / SF$84.43
Days on Market1332
Property Features for 3490 12 Mile Rd
General Information
Standard status
Active
Size
69,878 SF
Property subtype
OFFICE
Listing Agency:
Tuscola Realty
Listed By:
Jessica Spencer
(989) 871-4321
Source:
Moodyscre
Added: Mar 16, 2023
Changed: Nov 1
Last Checked: Nov 4 at 3:38PM
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 Tuscola Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering is an office property located on over two and a half acres, comprising approximately 69,878 square feet. The site includes a parking garage and multiple parking lot entrances, with accessibility for receiving deliveries.
The property is described as highly visible and easy to access, with convenient access to Woodward Ave. It is also noted as being within walking distance to Royal Oak Beaumont.
According to the city plan proposal noted in the marketing remarks, the property is contemplated for development as luxury high-rise condominiums, with shops and dining at street level. Buyers should verify the current zoning and development approvals with the City of Berkley.
The property is described as highly visible and easy to access, with convenient access to Woodward Ave. It is also noted as being within walking distance to Royal Oak Beaumont.
According to the city plan proposal noted in the marketing remarks, the property is contemplated for development as luxury high-rise condominiums, with shops and dining at street level. Buyers should verify the current zoning and development approvals with the City of Berkley.
Key Highlights
- Office property on over 2.5 acres in downtown Berkley
- Multiple parking lot entrances and a uniquely featured parking garage
- Easily accessible for deliveries
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$240,555
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,811,100
$4.8M
Cap Rate 7%
$3,436,500
$3.4M
Cap Rate 9%
$2,672,833
$2.7M
Market Conditions
NOI Build-Up for 69,878 SF
Gross rent
$419.3K $6.00/SF
− Vacancy
−$98.5K −$1.41/SF
EGI
$320.7K $4.59/SF
− OpEx
−$80.2K −$1.15/SF
NOI
$240.6K $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%
$4,811,100
Cap Rate 7%
$3,436,500
Cap Rate 9%
$2,672,833
Alternative Uses
Best Use
Office B
$3.44M
$3.01M – $4.01M
NOI $240,555 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.07M
$13.19M – $17.58M
NOI $1,055,046 @ 7.0% cap · market cap 17.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
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Business Placement
Demographics for 48072, MI
15,194
Population
7,068
Households
2.1
Avg Household Size
38
Median Age
58%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
6,331
Density / Sq Mi
$113,103
Median Household Income
$68,818
Median Earnings
$1,436
Median Rent
$289,200
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Office property on over two and a half acres featuring a parking garage and multiple parking lot entrances.
Where is this office building located?
The property is located at 3490 12 Mile Rd Berkley, MI.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Office property on over 2.5 acres in downtown Berkley; Multiple parking lot entrances and a uniquely featured parking garage; Easily accessible for deliveries
