Medical and Office
23895 Novi Rd, Novi, MI 48375
For Sale
Contact for pricing
Two-building office offering with frontage and signage on Novi Road near a signalized intersection.
Property Size14,127 SF
Price / SF$261.91
Days on Market155
Property Features for 23895 Novi Rd
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Road Access
Listing Agency:
Colliers
(248) 540-1000
Listed By:
Simon Jonna · License #6501357188
(249) 540-1000
Source:
Moodyscre
Added: Jun 8
Changed: Aug 8
Last Checked: Jun 11 at 2:29AM
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 two-building offering includes suites available for sale or lease, either together or separately. Available space ranges from 1,100 to 2,200 +/- square feet, providing flexible configurations for professional uses. The property is positioned for office and medical tenant requirements, with zoning designated OS-1 for medical, office, or commercial/service use.
The buildings are located in Novi on Novi Road, with frontage and signage available directly on Novi Road. The property sits just steps from the Novi Road and 10 Mile Road intersection, a signalized location with strong daily traffic counts. The surrounding area is described as an established commercial hub, with nearby national retailers including Twelve Oaks Mall, Busch’s Market, Ace Hardware, Walgreens, and CVS.
For tenants and buyers seeking an OS-1 location for medical, office, or commercial/service operations, these suites offer an adaptable footprint within a retail-heavy trade area. The visibility afforded by Novi Road frontage and signage, combined with immediate access to a major intersection, supports everyday business needs and customer-facing visibility for qualifying uses.
The buildings are located in Novi on Novi Road, with frontage and signage available directly on Novi Road. The property sits just steps from the Novi Road and 10 Mile Road intersection, a signalized location with strong daily traffic counts. The surrounding area is described as an established commercial hub, with nearby national retailers including Twelve Oaks Mall, Busch’s Market, Ace Hardware, Walgreens, and CVS.
For tenants and buyers seeking an OS-1 location for medical, office, or commercial/service operations, these suites offer an adaptable footprint within a retail-heavy trade area. The visibility afforded by Novi Road frontage and signage, combined with immediate access to a major intersection, supports everyday business needs and customer-facing visibility for qualifying uses.
Key Highlights
- Two‑building office offering at 23895 & 23875 Novi Rd
- Frontage and signage available directly on Novi Rd near a signalized Novi Rd & 10 Mile Rd intersection
- 1,100 to 2,200 +/- SF suites available for lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$191,172
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,823,440
$3.8M
Cap Rate 7%
$2,731,029
$2.7M
Cap Rate 9%
$2,124,133
$2.1M
Market Conditions
NOI Build-Up for 14,127 SF
Gross rent
$356.0K $25.20/SF
− Vacancy
−$37.4K −$2.65/SF
EGI
$318.6K $22.55/SF
− OpEx
−$127.4K −$9.02/SF
NOI
$191.2K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,823,440
Cap Rate 7%
$2,731,029
Cap Rate 9%
$2,124,133
Alternative Uses
Best Use
Healthcare Medical
$2.73M
$2.39M – $3.19M
NOI $191,172 @ 7.0% cap · market cap 5.17%
Second Best
Office B
$694.7K
$607.9K – $810.5K
NOI $48,632 @ 7.0% cap · market cap 1.31%
Theoretical Best
Specialty Retail
$3.05M
$2.67M – $3.55M
NOI $213,295 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
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
$348,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office Units in Oakland County, MI
Properties on Market for Office Units in Oakland County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Two-building office offering with frontage and signage on Novi Road near a signalized intersection.
Where is this office unit located?
The property is located at 23895 Novi Rd Novi, MI.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Two‑building office offering at 23895 & 23875 Novi Rd; Frontage and signage available directly on Novi Rd near a signalized Novi Rd & 10 Mile Rd intersection; 1,100 to 2,200 +/- SF suites available for lease
