Entitled Mixed-Use Redevelopment
For Sale
$7,500,000
16000 W 9 Mile Rd & 23100 Providence Dr, Southfield, MI 48075
Two existing office buildings are entitled for conversion to a mixed-use residential, retail, and self-storage project.
Property Size151,563 SF
Lot Size5.80 Acres
Price / SF$49.48
Days on Market96
Property Features for 16000 W 9 Mile Rd & 23100 Providence Dr
General Information
Standard status
Active
Size
151,563 SF
Class
C
Lot size
5.80 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$7,500,000
Building Details
Building Size
151,563 SF
Year Built
1969
Year Renovated
2000
Buildings
2
Units
157
Listing Agency:
P.A. Commercial
Listed By:
Matt Schiffman
(248) 281-9907
Source:
Commercialcafe
Added: Jul 13
Changed: Oct 11
Last Checked: Oct 14 at 8:23PM
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 P.A. Commercial
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.
The offering includes two office buildings constructed in 1969, totaling 151,563 square feet across 5.8 acres. The fully entitled redevelopment plan calls for 157 apartment units, approximately 7,247 square feet of retail space, and a 308-unit self-storage component. The existing improvements are positioned for adaptive reuse within a mixed-use residential development.
The property is located in Southfield’s Downtown Development Authority District, across from Henry Ford Providence Southfield Hospital and near Oakland Community College. It also sits close to the 100-acre Northland City Center mixed-use development, M-10, and I-696. The surrounding corridor includes retail, restaurants, other amenities, new housing development, and more than 1,500 residential units recently completed or under construction.
The property is located in Southfield’s Downtown Development Authority District, across from Henry Ford Providence Southfield Hospital and near Oakland Community College. It also sits close to the 100-acre Northland City Center mixed-use development, M-10, and I-696. The surrounding corridor includes retail, restaurants, other amenities, new housing development, and more than 1,500 residential units recently completed or under construction.
Key Highlights
- 151,563‑square‑foot office property on 5.8 acres
- Two office buildings constructed in 1969
- Fully entitled plan for 157 apartment units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$521,756
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,435,120
$10.4M
Cap Rate 7%
$7,453,657
$7.5M
Cap Rate 9%
$5,797,289
$5.8M
Market Conditions
NOI Build-Up for 151,563 SF
Gross rent
$909.4K $6.00/SF
− Vacancy
−$213.7K −$1.41/SF
EGI
$695.7K $4.59/SF
− OpEx
−$173.9K −$1.15/SF
NOI
$521.8K $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%
$10,435,120
Cap Rate 7%
$7,453,657
Cap Rate 9%
$5,797,289
Alternative Uses
Best Use
Mixed Use
$21.92M
$19.18M – $25.58M
NOI $1,534,575 @ 7.0% cap · market cap 20.46%
Second Best
Office B
$7.45M
$6.52M – $8.70M
NOI $521,756 @ 7.0% cap · market cap 6.96%
Theoretical Best
Specialty Retail
$32.69M
$28.60M – $38.14M
NOI $2,288,359 @ 7.0% cap · market cap 30.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,220
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two existing office buildings are entitled for conversion to a mixed-use residential, retail, and self-storage project.
Where is this mixed-use property located?
The property is located at 16000 W 9 Mile Rd & 23100 Providence Dr Southfield, MI.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 151,563‑square‑foot office property on 5.8 acres; Two office buildings constructed in 1969; Fully entitled plan for 157 apartment units
