Freestanding Office Building with Renovated
For Sale
Contact for pricing
24725 Greenfield Rd, Southfield, MI 48075
Fully renovated freestanding office building with ample parking and convenient access near area freeways.
Property Size4,836 SF
Price / SF$165.22
Days on Market516
Property Features for 24725 Greenfield Rd
General Information
Standard status
Active
Size
4,836 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Building Size
4,836 SF
Listing Agency:
NAI Farbman - Corporate
(248) 351-4367
Listed By:
Brad Margolis · License #6501371948
(248) 351-4367
Source:
Moodyscre
Added: Mar 13, 2025
Changed: Jul 29
Last Checked: Aug 9 at 1:05PM
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 NAI Farbman - Corporate
Investment Insights
Based on property information with market context.
This freestanding office/medical building offers 4,836 SF of fully renovated interior space with updated fixtures and finishes. It’s designed for an end user or tenant needing a standalone workplace with defined building presence.
The property is located at 24725 Greenfield Rd in Southfield, MI, providing prime commercial exposure along Greenfield Rd. Access is supported by ample parking with smooth ingress and egress, and the building sits in a central area near area freeways.
With its renovated interior and standalone format, the building presents a straightforward option for office or medical office users seeking a move-in-ready environment and on-site parking.
The property is located at 24725 Greenfield Rd in Southfield, MI, providing prime commercial exposure along Greenfield Rd. Access is supported by ample parking with smooth ingress and egress, and the building sits in a central area near area freeways.
With its renovated interior and standalone format, the building presents a straightforward option for office or medical office users seeking a move-in-ready environment and on-site parking.
Key Highlights
- 4,836 SF freestanding office/medical building
- Fully renovated interior with updated fixtures and finishes
- Prime commercial exposure on Greenfield Rd
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$65,443
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,308,860
$1.3M
Cap Rate 7%
$934,900
$934.9K
Cap Rate 9%
$727,144
$727.1K
Market Conditions
NOI Build-Up for 4,836 SF
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.
Gross rent
$121.9K $25.20/SF
− Vacancy
−$12.8K −$2.65/SF
EGI
$109.1K $22.55/SF
− OpEx
−$43.6K −$9.02/SF
NOI
$65.4K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,308,860
Cap Rate 7%
$934,900
Cap Rate 9%
$727,144
Alternative Uses
Best Use
Healthcare Medical
$934.9K
$818.0K – $1.09M
NOI $65,443 @ 7.0% cap · market cap 8.19%
Second Best
Office B
$237.8K
$208.1K – $277.5K
NOI $16,648 @ 7.0% cap · market cap 2.08%
Theoretical Best
Specialty Retail
$1.04M
$912.7K – $1.22M
NOI $73,016 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,088
Businesses Nearby
Explore this area
Business Placement
Demographics for 48075, MI
22,967
Population
10,757
Households
2.1
Avg Household Size
42
Median Age
39%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,146
Density / Sq Mi
$67,630
Median Household Income
$43,417
Median Earnings
$1,284
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully renovated freestanding office building with ample parking and convenient access near area freeways.
Where is this office building located?
The property is located at 24725 Greenfield Rd Southfield, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 4,836 SF freestanding office/medical building; Fully renovated interior with updated fixtures and finishes; Prime commercial exposure on Greenfield Rd
