Freestanding Medical Office
New
For Sale
$499,900
15707 Farmington Rd, Livonia, MI 48154
A renovated, single-level brick facility offers 24 on-site parking spaces for patients and staff.
Property Size2,400 SF
Days on Market6
Property Features for 15707 Farmington Rd
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
24
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
2,400 SF
Year Built
1968
Buildings
1
Stories
1
Construction
brick
Listing Agency:
Century 21 Curran & Oberski
Listed By:
Ali T Charara · License #6501340600
(313) 274-7200
Source:
Elliman
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 5 at 4:35PM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This freestanding, one-story brick medical office in Livonia dates to 1968 and has been renovated. Its layout is positioned for medical office use, and 24 parking spaces are available on site.
The property fronts four-lane Farmington Road, with access to I-96 and I-275. Nearby uses include restaurants, Livonia City Hall, a police station, and other professional buildings.
The property fronts four-lane Farmington Road, with access to I-96 and I-275. Nearby uses include restaurants, Livonia City Hall, a police station, and other professional buildings.
Key Highlights
- Freestanding, single‑story brick medical office building
- Renovated property built in 1968
- 24 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,273
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$505,460
$505.5K
Cap Rate 7%
$361,043
$361.0K
Cap Rate 9%
$280,811
$280.8K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$48.1K $20.04/SF
− Vacancy
−$6.0K −$2.49/SF
EGI
$42.1K $17.55/SF
− OpEx
−$16.8K −$7.02/SF
NOI
$25.3K $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%
$505,460
Cap Rate 7%
$361,043
Cap Rate 9%
$280,811
Alternative Uses
Best Use
Healthcare Medical
$361.0K
$315.9K – $421.2K
NOI $25,273 @ 7.0% cap · market cap 5.06%
Second Best
Office B
$118.0K
$103.3K – $137.7K
NOI $8,262 @ 7.0% cap · market cap 1.65%
Theoretical Best
Specialty Retail
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
453
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A renovated, single-level brick facility offers 24 on-site parking spaces for patients and staff.
Where is this medical office space located?
The property is located at 15707 Farmington Rd Livonia, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Freestanding, single‑story brick medical office building; Renovated property built in 1968; 24 on‑site parking spaces
