Southfield Freestanding Office/Medical
For Sale
Contact for pricing
24725 Greenfield Rd, Southfield, MI 48075
Renovated office/medical building near Henry Ford Providence Southfield Hospital.
Property Size4,836 SF
Price / SF$164.39
Days on Market160
Property Features for 24725 Greenfield Rd
General Information
Standard status
Active
Size
4,836 SF
Class
C
Property subtype
Office
Zoning
OS
Building Details
Year Built
1966
Stories
1
Listing Agency:
Signature Associates
(248) 359-0650
Listed By:
Steve Gordon · License #MI 6502134760
Source:
Crexi
Added: Mar 14
Changed: Aug 8
Last Checked: Aug 8 at 2:39PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This recently renovated freestanding office/medical building offers visibility on Greenfield Road in Southfield. The property is strategically located with access to major regional freeways and is 1.5 miles from Henry Ford Providence Southfield Hospital. The 4,836-square-foot building features modernized common areas, updated finishes, and a layout suitable for medical and office configurations. Ample on-site parking and frontage provide convenience and visibility. This property is suitable for an owner-occupant, a medical practice, or an investor.
Key Highlights
- Strategically located in the heart of Southfield with immediate access to major regional freeways.
- Recently renovated freestanding office/medical building with modernized common areas and updated finishes.
- Located 1.5 miles from Henry Ford Providence Southfield Hospital, ideal for medical users.
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
$65,443
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
8.23%
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%
$1,308,860
$1.3M
Cap Rate 7%
$934,900
$934.9K
Cap Rate 9%
$727,144
$727.1K
Market Conditions
NOI Build-Up for 4,836 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
$121.9K $25.20/SF
− Vacancy
−$12.8K −$2.65/SF
EGI
$109.1K $22.55/SF
− OpEx
−$43.6K −$9.02/SF
NOI
$65.4K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,308,860
Cap Rate 7%
$934,900
Cap Rate 9%
$727,144
Alternative Uses
Best Use
Healthcare Medical
$934.9K
$818.0K – $1.09M
NOI $65,443 @ 7.0% cap · market cap 8.23%
Second Best
Office B
$237.8K
$208.1K – $277.5K
NOI $16,648 @ 7.0% cap · market cap 2.09%
Theoretical Best
Specialty Retail
$1.04M
$912.7K – $1.22M
NOI $73,016 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48075, MI
22,967
Population
10,757
Households
2.1
Avg Household Size
42
Median Age
39%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,146
Density / Sq Mi
$67,630
Median Household Income
$43,417
Median Earnings
$1,284
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated office/medical building near Henry Ford Providence Southfield Hospital.
Where is this medical office space located?
The property is located at 24725 Greenfield Rd Southfield, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Strategically located in the heart of Southfield with immediate access to major regional freeways.; Recently renovated freestanding office/medical building with modernized common areas and updated finishes.; Located 1.5 miles from Henry Ford Providence Southfield Hospital, ideal for medical users.
