Former CVS Pharmacy Retail
42191 W 14 Mile Rd Novi, MI 48377
42191 W 14 Mile Rd, Novi, MI, 48377
$2,099,000
For Sale
$2,099,000
Former CVS Pharmacy space anchors a shopping center with adjacent retail and medical tenants.
Property Size10,878 SF
Price / SF$192.96
Days on Market393
Property Features for 42191 W 14 Mile Rd
General Information
- Standard status
- Active
- Size
- 10,878 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1999
Listing agency
Insite Commercial
(248) 996-0346
Listed by
Mojahed Abubars
(248) 996-0346
Source
Cpix.resimplifi
Added: Jun 25, 2025 Updated: Jul 21 at 5:35AM Checked: Jul 21 at 5:35AM
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 Insite Commercial
Investment Insights
Based on property information with market context.
This former CVS Pharmacy serves as an anchor for the Novi Summit Shopping Center. The property is a retail-oriented building within the center’s tenant mix.
The center is located at the hard corner of Novi and 14 Mile Rd, and it is surrounded by both retail and medical uses. Adjacent tenants listed include Little Caesars, Flagstar Bank, and Starbucks, along with medical tenants such as JMG Dentistry, Michigan Eye, Miracle Ear, Advanced Wound Care, and Excel Physical Therapy.
The property is also positioned across the street from Maple Manor Rehab Center of Novi, providing additional nearby demand drivers from surrounding healthcare activity.
The center is located at the hard corner of Novi and 14 Mile Rd, and it is surrounded by both retail and medical uses. Adjacent tenants listed include Little Caesars, Flagstar Bank, and Starbucks, along with medical tenants such as JMG Dentistry, Michigan Eye, Miracle Ear, Advanced Wound Care, and Excel Physical Therapy.
The property is also positioned across the street from Maple Manor Rehab Center of Novi, providing additional nearby demand drivers from surrounding healthcare activity.
Key Highlights
- Former CVS Pharmacy space anchors the Novi Summit Shopping Center
- Located at the hard corner of Novi Rd & 14 Mile Rd
- Adjacent retail tenants include Little Caesars, Flagstar Bank, and Starbucks
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $235.0k | $21.60 |
| − Vacancy | −$16.0k | −$1.47 |
| EGI | $219.0k | $20.13 |
| − OpEx | −$54.7k | −$5.03 |
| NOI | $164.2k | $15.10 |
10,878 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.35M
$2.05M – $2.74M
NOI $164,240 @ 7.0% cap · market cap 7.82%
Second Best
Retail
$1.67M
$1.46M – $1.95M
NOI $117,052 @ 7.0% cap · market cap 5.58%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
CDReload - Online Bitcoin ...
Crypto Atm
MoneyGram
Bank
Citizens ATM
Atm
Coinhub Bitcoin ATM ...
Atm
UPS Access Point ...
Courier Service
Similar For Sale Nearby
Similar Off Market Nearby
- Rite Aid Pharmacy — 42481 W 13 Mile Rd, Novi, MI 48377
FAQs
What type of property is this?
Drug store - Former CVS Pharmacy space anchors a shopping center with adjacent retail and medical tenants.
Where is this drug store located?
The property is located at 42191 W 14 Mile Rd Novi, MI.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Former CVS Pharmacy space anchors the Novi Summit Shopping Center; Located at the hard corner of Novi Rd & 14 Mile Rd; Adjacent retail tenants include Little Caesars, Flagstar Bank, and Starbucks
