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    Two-Building Office & Medical Suites Title is generated by Realmo AI

    23875 & 23895 Novi Rd, Novi, MI 48375

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    High-visibility Novi Road frontage with available signage supports strong exposure for medical, office, or service tenants.

    Type:Office
    Property size:
    2,200 SF
    Price / SF:
    $0.01/SF
    Added:
    May 28, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 3 at 1:43 am

    Property Features for 23875 & 23895 Novi Rd

    General Information

    Standard status
    Active
    Size
    2,200 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Arthur Itkis
    Arthur Itkis

    Listing agent Arthur Itkis

    Listing office Colliers

    Listing date May 28, 2026

    Source Cpix.resimplifi

    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 Colliers

    HighLights

    • Two‑building offering at 23895 & 23875 Novi Rd available for sale or lease, together or separately
    • Novi Rd frontage with frontage and signage available for tenant exposure
    • Directly steps from the signalized Novi Rd & 10 Mile Rd intersection with strong daily traffic counts
    • Available suites range from 1,100 to 2,200 +/- SF
    • Zoning OS‑1 supports medical, office, or commercial/service use
    • Surrounded by established retail and service retailers including Twelve Oaks Mall, Busch's, Ace Hardware, Walgreens, and CVS

    Overview

    This two-building offering features suites in an office/medical-oriented configuration, with available spaces ranging from approximately 1,100 to 2,200+/- SF. Units can be leased or purchased together or separately, giving operators flexibility based on their space needs. The property’s established setup and OS-1 zoning make it well suited for medical, office, or compatible commercial/service uses.

    Located in a prime Novi setting, the buildings sit directly on Novi Road with frontage and signage availability. The site is steps from the signalized intersection of Novi Rd and 10 Mile Rd, supporting convenient access and visibility. The immediate area is anchored by a dense retail presence, including Twelve Oaks Mall, Busch’s Market, Ace Hardware, Walgreens, and CVS, providing a high-traffic commercial environment.

    For tenants and investors, the mix of accessibility, signage potential, and flexible suite sizing supports a range of professional uses. Medical practices, service providers, and general office users that benefit from strong day-to-day exposure should find this location practical, particularly given the surrounding retail draw.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4753432
    Latitude
    42.4640416

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    FAQs

    What type of property is this?
    Office units - High-visibility Novi Road frontage with available signage supports strong exposure for medical, office, or service tenants.
    Where is this office units located?
    The property is located at 23875 & 23895 Novi Rd Novi, MI.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Two‑building offering at 23895 & 23875 Novi Rd available for sale or lease, together or separately; Novi Rd frontage with frontage and signage available for tenant exposure; Directly steps from the signalized Novi Rd & 10 Mile Rd intersection with strong daily traffic counts
    (248) 540-1000
    We can help!
    Listing Contact
    Arthur Itkis
    Arthur Itkis
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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