Downtown Livonia Medical Office
For Sale
$525,000
15357 Farmington Rd, Livonia, MI 48154
2,761 sq ft medical office building in downtown Livonia.
Property Size2,761 SF
Price / SF$190.15
Days on Market189
Property Features for 15357 Farmington Rd
General Information
Standard status
Active
Size
2,761 SF
Building Details
Year Built
1954
Listing Agency:
Van Esley Real Estate Inc
Listed By:
David D Misko · License #6501351778
(248) 207-7388
Source:
Katie-k
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 7 at 1:00PM
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 Van Esley Real Estate Inc
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located in the heart of Downtown Livonia, this 2,761 sq ft building is for sale. Currently used as a medical office, it features two units with separate utilities. The property includes 16 parking spots and is zoned C-2. The south unit was previously used as a dental office, and the underground lines are still in place. The location has a walk score of 19, indicating it is car-dependent, and a bike score of 31, meaning it is somewhat bikeable. Land contract terms are possible. The property is suitable for commercial real estate and office space.
Key Highlights
- Prime "Downtown Livonia" location.
- 2,761 sq ft building with 2 separate units.
- Zoned C‑2 for commercial use.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,075
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$581,500
$581.5K
Cap Rate 7%
$415,357
$415.4K
Cap Rate 9%
$323,056
$323.1K
Market Conditions
NOI Build-Up for 2,761 SF
Gross rent
$55.3K $20.04/SF
− Vacancy
−$6.9K −$2.49/SF
EGI
$48.5K $17.55/SF
− OpEx
−$19.4K −$7.02/SF
NOI
$29.1K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$581,500
Cap Rate 7%
$415,357
Cap Rate 9%
$323,056
Alternative Uses
Best Use
Healthcare Medical
$415.4K
$363.4K – $484.6K
NOI $29,075 @ 7.0% cap · market cap 5.54%
Second Best
Office B
$135.8K
$118.8K – $158.4K
NOI $9,505 @ 7.0% cap · market cap 1.81%
Theoretical Best
Specialty Retail
$511.2K
$447.3K – $596.4K
NOI $35,783 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48154, MI
37,864
Population
15,330
Households
2.5
Avg Household Size
47
Median Age
44%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
3,264
Density / Sq Mi
$103,763
Median Household Income
$59,017
Median Earnings
$1,197
Median Rent
$285,800
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
Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,761 sq ft medical office building in downtown Livonia.
Where is this medical office space located?
The property is located at 15357 Farmington Rd Livonia, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Prime "Downtown Livonia" location.; 2,761 sq ft building with 2 separate units.; Zoned C‑2 for commercial use.
