Multi-Tenant Retail Shopping
24025-24095 Meadowbrook Road Novi, MI 48375
New
24025-24095 Meadowbrook Road, Novi, MI, 48375
$5,250,000
For Sale
$5,250,000
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 Market5
Property Features for 24025-24095 Meadowbrook Road
General Information
- Standard status
- Active
- Size
- 24,949 SF
- Lot size
- 2.70 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1986
Listing agency
Legacy Real Estate Advisors
(248) 717-1215
Listed by
Zainab Abikhodr · License ###6501453450
Source
Legacycrea
Added: Jul 17 Updated: Jul 18 at 3:20AM Checked: Jul 21 at 5:32AM
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
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $419.1k | $16.80 |
| − Vacancy | −$35.6k | −$1.43 |
| EGI | $383.5k | $15.37 |
| − OpEx | −$115.1k | −$4.61 |
| NOI | $268.5k | $10.76 |
24,949 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
Similar Off Market Nearby
- Novi Ten Shopping Center — W 10 Mile Rd, Novi, MI 48375
FAQs
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
