Anchored Shopping
For Sale
$6,850,302
47200-47340 W 10 Mile Rd, Novi, MI 48374
Neighborhood retail center with CVS, medical users, and NNN lease structure at a major Novi intersection.
Property Size29,908 SF
Price / SF$229.05
Days on Market104
Property Features for 47200-47340 W 10 Mile Rd
General Information
Standard status
Active
Size
29,908 SF
Property subtype
Retail
Net Operating Income
$431,569
Financials
Asking Price
$6,850,302
Cap Rate
6.3%
Additional Details
Anchor Co-Tenants
CVS
Building Details
Tenancy
Multi
Listing Agency:
Birmingham, MI
(248) 226-1610
Listed By:
Simon Jonna · License #6501357188
(248) 226-1610
Source:
Colliers
Added: May 19
Changed: Aug 30
Last Checked: Aug 30 at 1:05PM
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 Birmingham, MI
Investment Insights
Based on property information with market context.
Briar Pointe Plaza is a 29,908 SF neighborhood shopping center with CVS as an anchor and a tenant roster spanning retail and medical services. Existing occupants include Martinizing Dry Cleaners and Briar Pointe Dentistry. The property is leased on an NNN basis and combines retail and medical-oriented space within an established plaza configuration.
The center occupies the intersection of Ten Mile Road and Beck Road in Novi, Michigan, with access from 47200–47340 W 10 Mile Road. Providence Park Hospital is nearby, and the surrounding 1-mile area reports an average household income of $236,812.
The center occupies the intersection of Ten Mile Road and Beck Road in Novi, Michigan, with access from 47200–47340 W 10 Mile Road. Providence Park Hospital is nearby, and the surrounding 1-mile area reports an average household income of $236,812.
Key Highlights
- 29,908 SF neighborhood shopping center
- CVS serves as the property anchor
- Tenant mix includes retail and medical businesses
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
$321,822
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
4.70%
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%
$6,436,440
$6.4M
Cap Rate 7%
$4,597,457
$4.6M
Cap Rate 9%
$3,575,800
$3.6M
Market Conditions
NOI Build-Up for 29,908 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
$502.5K $16.80/SF
− Vacancy
−$42.7K −$1.43/SF
EGI
$459.7K $15.37/SF
− OpEx
−$137.9K −$4.61/SF
NOI
$321.8K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$6,436,440
Cap Rate 7%
$4,597,457
Cap Rate 9%
$3,575,800
Alternative Uses
Best Use
Retail
$4.60M
$4.02M – $5.36M
NOI $321,822 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.45M
$5.64M – $7.53M
NOI $451,563 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with CVS, medical users, and NNN lease structure at a major Novi intersection.
Where is this shopping center located?
The property is located at 47200-47340 W 10 Mile Rd Novi, MI.
What is the asking price?
The asking price for this property is $6,850,302.
What are key features of this property?
This property features: 29,908 SF neighborhood shopping center; CVS serves as the property anchor; Tenant mix includes retail and medical businesses
