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    Office Space with 24-Hour Access Title is generated by Realmo AI

    26440 Southfield Road, Lathrup Village, MI 48076

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    Claim this Listing
    For Lease
    $2,000/Mo $16 SF/Yr (calc)

    COMMERCIAL - Lathrup Village, MI

    Type:Retail
    Property size:
    1,500 SF
    Lot size:
    0.28 Acres
    Added:
    Jul 6, 2024
    Days on Market:
    700
    Last Refresh:
    Jun 5 at 9:06 am

    Property Features for 26440 Southfield Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    24-24-151-014
    Size
    1,500 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    T1N, R10E, SEC 24 LOUISE LATHRUP'S CALIFORNIA BUNGALOW SUB NO 5 LOTS 2997 TO 3002 INCL

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air

    Building Details

    Year built
    1966

    We can help!

    Listing Contact
    Jabari Long
    Jabari Long

    Listing agent Jabari Long License #6502351135

    Listing office Long Realty Group, LLC 15300 W 8 Mile Rd Ste 1, Bloomfield Hills, MI

    Listing date Jul 6, 2024

    MLS# 24034664

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location on a major thoroughfare with high traffic.
    • Rent includes water, 24‑hour building access, security system, snow removal, and yard maintenance.
    • Rent abatement possible for repairs, modifications, or upgrades.
    • Rent accrual starts upon tenant occupancy and opening for business.
    • Office space suitable for many different uses.
    • Utilities include electricity available and forced air heating.

    Overview

    This leased office space supports a variety of uses and is set up for day-to-day operations with 24-hour building access. Water is included, and the building offers a security system, along with snow removal and yard maintenance. Tenant is responsible for electricity and gas, as well as internet and phone service. A personal guarantee is required, and the security deposit is 1.5 months’ rent. The lease also allows for rent abatement that may be considered for certain repairs, modifications, or upgrades, and rent does not begin to accrue until the tenant takes occupancy and opens for business. The minimum lease term is 6 months.

    The property is located on Southfield Road in Lathrup Village, presented as a major thoroughfare setting with lots of traffic, which can be beneficial for businesses that want consistent exposure.

    This space can be a practical fit for tenants seeking flexible office use with included water and building-managed services such as security, snow removal, and yard maintenance. Because tenant responsibilities include utilities plus communications services, potential tenants should plan for electricity/gas and internet/phone costs when budgeting. With the 24-hour access feature, it may also work well for operations that require early, late, or extended access schedules.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lathrup Village
    County
    Oakland
    State
    Michigan
    Longitude
    -83.221131
    Latitude
    42.484386

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    FAQs

    What type of property is this?
    Office units - Lease an office space on a major thoroughfare with water included and 24-hour building access.
    Where is this office units located?
    The property is located at 26440 Southfield Road Lathrup Village, MI.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Prime location on a major thoroughfare with high traffic.; Rent includes water, 24‑hour building access, security system, snow removal, and yard maintenance.; Rent abatement possible for repairs, modifications, or upgrades.
    (313) 215-9000
    We can help!
    Listing Contact
    Jabari Long
    Jabari Long
    Real Estate License ID: 6502351135
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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