Flex Building with Shop
For Sale
Contact for pricing
42700 W 10 Mile Rd, Novi, MI 48375
Office and lobby improvements connect with dedicated shop and storage space for adaptable business operations.
Property Size3,825 SF
Price / SF$176.47
Days on Market184
Property Features for 42700 W 10 Mile Rd
General Information
Standard status
Active
Size
3,825 SF
Class
C
Total Parking Spaces
18
Property subtype
Industrial, Mixed Use, Office
Additional Details
Road Access
Yes
Warehouse Space
950 SF
Building Details
Year Built
1979
Year Renovated
1995
Buildings
1
Stories
1
Listing Agency:
@properties
Listed By:
Michael Stroud · License #6501376693
(248) 406-0620
Source:
Crexi
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 9:01PM
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 @properties
Investment Insights
Based on property information with market context.
This 3,825-square-foot flex property combines an office suite and lobby with approximately 950 square feet of shop and storage area. The clean support space complements the office configuration and accommodates a range of business functions within one building. Constructed in 1979, the property offers an established commercial layout with practical separation between office and work areas.
Access is available from W 10 Mile Rd, with on-site signage and 18 parking spaces supporting arrival, customer access, and daily operations. The existing configuration is suited to businesses such as construction, landscaping, R&D, real estate, and other flexible operations, as identified in the property information.
Access is available from W 10 Mile Rd, with on-site signage and 18 parking spaces supporting arrival, customer access, and daily operations. The existing configuration is suited to businesses such as construction, landscaping, R&D, real estate, and other flexible operations, as identified in the property information.
Key Highlights
- 3,825‑square‑foot flex property with office suite, lobby, shop, and storage areas
- Approximately 950 square feet of shop and storage space
- 18 on‑site parking spaces
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
$39,561
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
5.86%
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%
$791,220
$791.2K
Cap Rate 7%
$565,157
$565.2K
Cap Rate 9%
$439,567
$439.6K
Market Conditions
NOI Build-Up for 3,825 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
$68.9K $18.00/SF
− Vacancy
−$8.0K −$2.09/SF
EGI
$60.9K $15.91/SF
− OpEx
−$21.3K −$5.57/SF
NOI
$39.6K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$791,220
Cap Rate 7%
$565,157
Cap Rate 9%
$439,567
Alternative Uses
Best Use
Flex RnD
$565.2K
$494.5K – $659.4K
NOI $39,561 @ 7.0% cap · market cap 5.86%
Second Best
Warehouse
$328.8K
$287.7K – $383.6K
NOI $23,013 @ 7.0% cap · market cap 3.41%
Theoretical Best
Specialty Retail
$825.0K
$721.9K – $962.5K
NOI $57,751 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48375, MI
23,237
Population
10,223
Households
2.3
Avg Household Size
40
Median Age
63%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,766
Density / Sq Mi
$112,978
Median Household Income
$70,326
Median Earnings
$1,880
Median Rent
$348,900
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?
Flex space - Office and lobby improvements connect with dedicated shop and storage space for adaptable business operations.
Where is this flex space located?
The property is located at 42700 W 10 Mile Rd Novi, MI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,825‑square‑foot flex property with office suite, lobby, shop, and storage areas; Approximately 950 square feet of shop and storage space; 18 on‑site parking spaces
