Two-Story Office Building with
For Sale
$699,000
23999 W 10 Mile Road, Southfield, MI 48033
Commercial office property with multiple levels, parking, and potential for medical, professional, or institutional use.
Property Size14,296 SF
Price / SF$48.89
Days on Market172
Property Features for 23999 W 10 Mile Road
General Information
Standard status
Active
Size
14,296 SF
Property subtype
Commercial
Zoning
Commercial, Office
Lease Term
Cash, Contract, Conventional, Warranty Deed
Property Condition
Severity
Repairs Needed
Evidence
will need updates
Taxes and HOA fees
Annual Taxes
$20,318
Building Details
Building Size
14,296 SF
Year Built
1969
Buildings
1
Stories
2
Listing Agency:
My Realty LLC
(248) 207-6307
Listed By:
Joseph Manuel · License #6501302689
(248) 207-6307
Source:
Sabudarealty
Added: Mar 12
Changed: Aug 29
Last Checked: Aug 14 at 5:37AM
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 My Realty LLC
Investment Insights
Based on property information with market context.
The property is a 14,296-square-foot office building arranged across two stories with a full basement. It has been used as a CPA office for approximately 30 years and includes private offices. The building will require updates, while the existing configuration offers a foundation for continued office use or conversion to medical offices, subject to applicable requirements.
The site encompasses just less than one acre and provides substantial parking. Located at Telegraph Rd and 10 Mile Rd, the property carries Commercial, Office zoning. Constructed in 1969, it may suit an owner-user or an organization seeking space for professional, medical, or church-related operations.
The site encompasses just less than one acre and provides substantial parking. Located at Telegraph Rd and 10 Mile Rd, the property carries Commercial, Office zoning. Constructed in 1969, it may suit an owner-user or an organization seeking space for professional, medical, or church-related operations.
Key Highlights
- 14,296‑square‑foot office building on two stories plus a full basement
- Just less than one acre with substantial on‑site parking
- Commercial, Office zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,214
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$984,280
$984.3K
Cap Rate 7%
$703,057
$703.1K
Cap Rate 9%
$546,822
$546.8K
Market Conditions
NOI Build-Up for 14,296 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$85.8K $6.00/SF
− Vacancy
−$20.2K −$1.41/SF
EGI
$65.6K $4.59/SF
− OpEx
−$16.4K −$1.15/SF
NOI
$49.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$984,280
Cap Rate 7%
$703,057
Cap Rate 9%
$546,822
Alternative Uses
Best Use
Healthcare Medical
$2.76M
$2.42M – $3.22M
NOI $193,459 @ 7.0% cap · market cap 27.68%
Second Best
Office B
$703.1K
$615.2K – $820.2K
NOI $49,214 @ 7.0% cap · market cap 7.04%
Theoretical Best
Specialty Retail
$3.08M
$2.70M – $3.60M
NOI $215,847 @ 7.0% cap · market cap 30.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 48033, MI
17,207
Population
9,198
Households
1.9
Avg Household Size
47
Median Age
33%
College-Educated
93%
High-School Grad
9.1 sq mi
ZIP Area
1,891
Density / Sq Mi
$55,599
Median Household Income
$45,192
Median Earnings
$1,242
Median Rent
$195,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercial office property with multiple levels, parking, and potential for medical, professional, or institutional use.
Where is this office building located?
The property is located at 23999 W 10 Mile Road Southfield, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 14,296‑square‑foot office building on two stories plus a full basement; Just less than one acre with substantial on‑site parking; Commercial, Office zoning
