Single Story Office/Medical
For Sale
Contact for pricing
24245 Karim Blvd, Novi, MI 48375
18,370 SF office/medical building, west of Haggerty Road.
Property Size18,370 SF
Price / SF$73.49
Days on Market379
Property Features for 24245 Karim Blvd
General Information
Standard status
Active
Size
18,370 SF
Total Parking Spaces
75
Property subtype
Office
Zoning
OS-1 Office Service District
Lease Type
NNN
Building Details
Year Built
1988
Stories
1
Tenancy
Multi
Listing Agency:
Thomas Duke Company
(248) 476-3700
Listed By:
Mark Szerlag · License #MI 6502342846
Source:
Crexi
Added: Aug 8, 2025
Changed: Aug 16
Last Checked: Aug 20 at 4:24AM
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 Thomas Duke Company
Investment Insights
Based on property information with market context.
This is an 18,370 square foot single-story building suitable for office or medical use. The property is located north of 10 Mile Road and just west of Haggerty Road.
Key Highlights
- 18,370 SF Single Story Building ideal for your business needs.
- Suitable for Office/Medical Use, offering flexibility for various professional practices.
- Built in 1988.
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
$63,239
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
4.68%
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%
$1,264,780
$1.3M
Cap Rate 7%
$903,414
$903.4K
Cap Rate 9%
$702,656
$702.7K
Market Conditions
NOI Build-Up for 18,370 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
$110.2K $6.00/SF
− Vacancy
−$25.9K −$1.41/SF
EGI
$84.3K $4.59/SF
− OpEx
−$21.1K −$1.15/SF
NOI
$63.2K $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%
$1,264,780
Cap Rate 7%
$903,414
Cap Rate 9%
$702,656
Alternative Uses
Best Use
Healthcare Medical
$3.55M
$3.11M – $4.14M
NOI $248,590 @ 7.0% cap · market cap 18.41%
Second Best
Office B
$903.4K
$790.5K – $1.05M
NOI $63,239 @ 7.0% cap · market cap 4.68%
Theoretical Best
Specialty Retail
$3.96M
$3.47M – $4.62M
NOI $277,358 @ 7.0% cap · market cap 20.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Balanced
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 18,370 SF office/medical building, west of Haggerty Road.
Where is this medical office space located?
The property is located at 24245 Karim Blvd Novi, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 18,370 SF Single Story Building ideal for your business needs.; Suitable for Office/Medical Use, offering flexibility for various professional practices.; Built in 1988.
