Apartment Building with Geothermal
For Sale
$4,300,000
26095 Taft Road, Novi, MI 48374
Existing building offers 12 one-bedroom apartments with geothermal heating and cooling, plus community room and dining space.
Property Size17,359 SF
Lot Size11.53 Acres
Price / SF$247.71
Days on Market143
Property Features for 26095 Taft Road
General Information
Standard status
Active
Size
17,359 SF
Lot size
11.53 Acres
Property subtype
Land
Zoning
RT-PRO & R1 Residential
Additional Details
Multifamily Units
12
Amenities
community room
dining room
commercial kitchen
Building Details
Year Built
2009
Listing Agency:
Thomas Duke Company
Listed By:
Mark Schafer · License #6501271064
(248) 479-0124
Source:
Thomasduke
Added: Jun 2
Changed: Oct 21
Last Checked: Oct 20 at 5:25PM
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
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Investment Insights
Based on property information with market context.
The property is an apartment building totaling 17,359 square feet on 11.53 acres, with geothermal heating and cooling servicing 12 one-bedroom apartments. Common amenities include a community room and a dining room, along with a commercial kitchen. The building is further supported by a natural gas generator.
According to public remarks, the site presents a redevelopment opportunity and is zoned RT-PRO & R1 Residential. The property is located at 26095 Taft Road in Novi, Michigan.
The current configuration consists of residential units along with shared spaces for dining and community use, making the asset suited to either continued operation or redevelopment per the stated zoning.
According to public remarks, the site presents a redevelopment opportunity and is zoned RT-PRO & R1 Residential. The property is located at 26095 Taft Road in Novi, Michigan.
The current configuration consists of residential units along with shared spaces for dining and community use, making the asset suited to either continued operation or redevelopment per the stated zoning.
Key Highlights
- 17,359 SF building on 11.53 acres built in 2009
- Zoned RT‑PRO & R1 Residential
- 12 one‑bedroom apartments with geothermal heating and cooling
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$212,930
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,258,600
$4.3M
Cap Rate 7%
$3,041,857
$3.0M
Cap Rate 9%
$2,365,889
$2.4M
Market Conditions
NOI Build-Up for 17,359 SF
Gross rent
$404.1K $23.28/SF
− Vacancy
−$17.0K −$0.98/SF
EGI
$387.1K $22.30/SF
− OpEx
−$174.2K −$10.04/SF
NOI
$212.9K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,258,600
Cap Rate 7%
$3,041,857
Cap Rate 9%
$2,365,889
Alternative Uses
Best Use
Apartment 5plus
$3.04M
$2.66M – $3.55M
NOI $212,930 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.74M
$3.28M – $4.37M
NOI $262,093 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
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Business Placement
Demographics for 48374, MI
18,008
Population
5,840
Households
3.1
Avg Household Size
39
Median Age
69%
College-Educated
97%
High-School Grad
9.1 sq mi
ZIP Area
1,979
Density / Sq Mi
$185,203
Median Household Income
$99,962
Median Earnings
$2,849
Median Rent
$551,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Existing building offers 12 one-bedroom apartments with geothermal heating and cooling, plus community room and dining space.
Where is this apartment building located?
The property is located at 26095 Taft Road Novi, MI.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 17,359 SF building on 11.53 acres built in 2009; Zoned RT‑PRO & R1 Residential; 12 one‑bedroom apartments with geothermal heating and cooling
