Single-Story Office
For Sale
Contact for pricing
23875 & 23895 Novi Rd, Novi, MI 48375
Office building offered for sale with stated 7.42% cap rate and approximately 6,000 square feet of space.
Property Size2,200 SF
Price / SF$0.01
Days on Market151
Property Features for 23875 & 23895 Novi Rd
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Office
Zoning
OS-1
Additional Details
Cap Rate
7.42%
Building Details
Building Size
2,200 SF
Listing Agency:
Colliers
Listed By:
Arthur Itkis
(248) 540-1000
Source:
Cpix.resimplifi
Added: May 28
Changed: Oct 7
Last Checked: Oct 24 at 1:41PM
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
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Investment Insights
Based on property information with market context.
This offering is an office building with approximately 6,000 square feet of space. It is presented for sale with a stated 7.42% cap rate, offering a straightforward option for buyers seeking an income-oriented office asset.
The property is located at 23875 Novi Rd in Novi, Michigan. As an office building, it is intended to support professional and administrative uses that require dedicated workspace within a commercial setting.
For tenants, an office building of this size can support a range of professional operations, depending on their space planning needs. For owner-operators and investors, the asset’s office focus and the availability for purchase provide a basis to evaluate it alongside comparable office properties. Interested parties should review the property details and lease or income information directly with the broker to confirm operating assumptions and fit for their specific requirements.
The property is located at 23875 Novi Rd in Novi, Michigan. As an office building, it is intended to support professional and administrative uses that require dedicated workspace within a commercial setting.
For tenants, an office building of this size can support a range of professional operations, depending on their space planning needs. For owner-operators and investors, the asset’s office focus and the availability for purchase provide a basis to evaluate it alongside comparable office properties. Interested parties should review the property details and lease or income information directly with the broker to confirm operating assumptions and fit for their specific requirements.
Key Highlights
- Office building built in 1993
- Approximately 6,000 sq ft office space
- Stated 7.42% cap rate (as provided)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,574
Suggested Prices Based on Cap Rates
Cap Rate 5%
$151,480
$151.5K
Cap Rate 7%
$108,200
$108.2K
Cap Rate 9%
$84,156
$84.2K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$13.2K $6.00/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$10.1K $4.59/SF
− OpEx
−$2.5K −$1.15/SF
NOI
$7.6K $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%
$151,480
Cap Rate 7%
$108,200
Cap Rate 9%
$84,156
Alternative Uses
Best Use
Office B
$108.2K
$94.7K – $126.2K
NOI $7,574 @ 7.0% cap · market cap 39,863.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 174,821.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
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Business Placement
Demographics for 48375, MI
23,237
Population
10,223
Households
2.3
Avg Household Size
40
Median Age
63%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$112,978
Median Household Income
$70,326
Median Earnings
$1,880
Median Rent
$348,900
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
Frequently Asked Questions
What type of property is this?
Office building - Office building offered for sale with stated 7.42% cap rate and approximately 6,000 square feet of space.
Where is this office building located?
The property is located at 23875 & 23895 Novi Rd Novi, MI.
What are key features of this property?
This property features: Office building built in 1993; Approximately 6,000 sq ft office space; Stated 7.42% cap rate (as provided)
