Medical Office Building with Monument
For Sale
$3,500,000
40000 Eight Mile Road, Northville, MI 48167
OSC zoning supports medical, dental, office, and financial services uses.
Property Size21,144 SF
Lot Size2.31 Acres
Price / SF$165.53
Days on Market20
Property Features for 40000 Eight Mile Road
General Information
Standard status
Active
Size
21,144 SF
Total Parking Spaces
81
Lot size
2.31 Acres
Property subtype
Office
Zoning
OSC
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
21,144 SF
Year Built
1991
Year Renovated
1991
Buildings
1
Stories
2
Listing Agency:
Friedman Integrated Real Estate
Listed By:
Todd Hawley · License #6501265610
(248) 324-2000
Source:
Friedmanrealestate
Added: Aug 20
Changed: Sep 8
Last Checked: Sep 8 at 3:31AM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
This 21,144-square-foot medical office property occupies 2.31 acres and was constructed in 1991 for medical and professional office operations. The main building includes two 10,572-square-foot floors along with lower-level space. OSC zoning permits medical, dental, office, and financial services uses. The property was formerly anchored by Henry Ford Health Systems.
Positioned on Eight Mile Road west of Haggerty Road in Northville, the site offers access to I-275, Haggerty Road, and downtown Northville. The property includes 81 parking spaces, building signage, and monument signage. Its two-story configuration and lower-level area provide a substantial setting for a medical group or professional office user.
Positioned on Eight Mile Road west of Haggerty Road in Northville, the site offers access to I-275, Haggerty Road, and downtown Northville. The property includes 81 parking spaces, building signage, and monument signage. Its two-story configuration and lower-level area provide a substantial setting for a medical group or professional office user.
Key Highlights
- 21,144 SF medical office building on 2.31 acres
- Two 10,572‑square‑foot floors plus lower‑level space
- OSC zoning supports medical, dental, office, and financial services uses
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
$222,659
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
6.36%
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%
$4,453,180
$4.5M
Cap Rate 7%
$3,180,843
$3.2M
Cap Rate 9%
$2,473,989
$2.5M
Market Conditions
NOI Build-Up for 21,144 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
$423.7K $20.04/SF
− Vacancy
−$52.6K −$2.49/SF
EGI
$371.1K $17.55/SF
− OpEx
−$148.4K −$7.02/SF
NOI
$222.7K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /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%
$4,453,180
Cap Rate 7%
$3,180,843
Cap Rate 9%
$2,473,989
Alternative Uses
Best Use
Healthcare Medical
$3.18M
$2.78M – $3.71M
NOI $222,659 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$1.04M
$909.9K – $1.21M
NOI $72,788 @ 7.0% cap · market cap 2.08%
Theoretical Best
Specialty Retail
$3.91M
$3.43M – $4.57M
NOI $274,026 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
799
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48167, MI
25,071
Population
10,776
Households
2.3
Avg Household Size
43
Median Age
59%
College-Educated
98%
High-School Grad
19.4 sq mi
ZIP Area
1,292
Density / Sq Mi
$118,378
Median Household Income
$68,761
Median Earnings
$1,580
Median Rent
$430,500
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.
Similar Off Market Nearby
- VetIQ Petcare — 20401 Haggerty Rd, Township of Northville, MI 48167
Frequently Asked Questions
What type of property is this?
Medical Office Space - OSC zoning supports medical, dental, office, and financial services uses.
Where is this medical office space located?
The property is located at 40000 Eight Mile Road Northville, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 21,144 SF medical office building on 2.31 acres; Two 10,572‑square‑foot floors plus lower‑level space; OSC zoning supports medical, dental, office, and financial services uses
