Multi-Tenant Retail Shopping
For Sale
$5,250,000
24025-24095 Meadowbrook Road, Novi, MI 48375
Multi-tenant retail building on a 2.7-acre site with 172 surface parking spaces in a dense retail corridor.
Property Size24,949 SF
Lot Size2.70 Acres
Price / SF$210.43
Days on Market50
Property Features for 24025-24095 Meadowbrook Road
General Information
Standard status
Active
Size
24,949 SF
Total Parking Spaces
172
Lot size
2.70 Acres
Property subtype
Retail
Building Details
Building Size
24,949 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
Legacy Real Estate Advisors
Listed By:
Zainab Abikhodr
(248) 717-1215
Source:
Legacycrea
Added: Jul 17
Changed: Aug 21
Last Checked: Sep 4 at 4:12AM
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 Legacy Real Estate Advisors
Investment Insights
Based on property information with market context.
Peachtree Center is a multi-tenant retail shopping center located in Novi. The property consists of a 24,949 SF building on a 2.7-acre lot, supported by 172 surface parking spaces.
The center is situated in a dense retail corridor surrounded by national tenants including Walmart, Hobby Lobby, Walgreens, and IHOP. The site is positioned within a densely populated area, with 11,400+ people within a 1-mile radius and 69,500+ people within a 3-mile radius. Daytime employment totals 66,000+ within 3 miles, and average household income exceeds $123,000 within 1 mile, with projected population growth of +2.38% over the next five years within 1 mile.
The center is situated in a dense retail corridor surrounded by national tenants including Walmart, Hobby Lobby, Walgreens, and IHOP. The site is positioned within a densely populated area, with 11,400+ people within a 1-mile radius and 69,500+ people within a 3-mile radius. Daytime employment totals 66,000+ within 3 miles, and average household income exceeds $123,000 within 1 mile, with projected population growth of +2.38% over the next five years within 1 mile.
Key Highlights
- 1986‑built 24,949 SF multi‑tenant retail building
- Set on a 2.7‑acre lot with 172 surface parking spaces
- Located in a dense retail corridor with national tenants including Walmart, Hobby Lobby, and Walgreens
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
$268,461
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
5.11%
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%
$5,369,220
$5.4M
Cap Rate 7%
$3,835,157
$3.8M
Cap Rate 9%
$2,982,900
$3.0M
Market Conditions
NOI Build-Up for 24,949 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
$419.1K $16.80/SF
− Vacancy
−$35.6K −$1.43/SF
EGI
$383.5K $15.37/SF
− OpEx
−$115.1K −$4.61/SF
NOI
$268.5K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$5,369,220
Cap Rate 7%
$3,835,157
Cap Rate 9%
$2,982,900
Alternative Uses
Best Use
Retail
$3.84M
$3.36M – $4.47M
NOI $268,461 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.38M
$4.71M – $6.28M
NOI $376,690 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Novi Ten Shopping Center — W 10 Mile Rd, Novi, MI 48375
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail building on a 2.7-acre site with 172 surface parking spaces in a dense retail corridor.
Where is this shopping center located?
The property is located at 24025-24095 Meadowbrook Road Novi, MI.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 1986‑built 24,949 SF multi‑tenant retail building; Set on a 2.7‑acre lot with 172 surface parking spaces; Located in a dense retail corridor with national tenants including Walmart, Hobby Lobby, and Walgreens
