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24033-24099 Meadowbrook Rd, Novi, MI 48375
Retail property offering multiple tenant spaces and substantial surface parking in a dense Novi commercial corridor.
Property Size24,949 SF
Lot Size2.70 Acres
Price / SF$210.43
Days on Market4
Property Features for 24033-24099 Meadowbrook Rd
General Information
Standard status
Active
Size
24,949 SF
Total Parking Spaces
172
Lot size
2.70 Acres
Property subtype
RETAIL
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Legacy Real Estate Advisors
(248) 717-1215
Listed By:
Zainab Abikhodr · License ###6501453450
(248) 717-1215
Source:
Moodyscre
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 5:42AM
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 24,949-square-foot multi-tenant retail property situated on 2.7 acres in Novi, Michigan. The site includes 172 surface parking spaces and is configured for multiple retail occupants within a single commercial building.
The property is positioned within a dense retail corridor that includes national tenants such as Walmart, Hobby Lobby, Walgreens, and IHOP. The surrounding trade area includes more than 11,400 residents within 1 mile and more than 69,500 residents within 3 miles, along with over 66,000 daytime employees within 3 miles. Average household income within 1 mile exceeds $123,000, while the Detroit MSA is ranked #14 in the U.S.A.
The property is positioned within a dense retail corridor that includes national tenants such as Walmart, Hobby Lobby, Walgreens, and IHOP. The surrounding trade area includes more than 11,400 residents within 1 mile and more than 69,500 residents within 3 miles, along with over 66,000 daytime employees within 3 miles. Average household income within 1 mile exceeds $123,000, while the Detroit MSA is ranked #14 in the U.S.A.
Key Highlights
- 24,949 SF multi‑tenant retail building on 2.7 acres
- 172 surface parking spaces
- 11,400+ residents within 1 mile and 69,500+ within 3 miles
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
324
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail property offering multiple tenant spaces and substantial surface parking in a dense Novi commercial corridor.
Where is this strip mall located?
The property is located at 24033-24099 Meadowbrook Rd 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: 24,949 SF multi‑tenant retail building on 2.7 acres; 172 surface parking spaces; 11,400+ residents within 1 mile and 69,500+ within 3 miles
