Office Building With Attached
New
For Sale
$1,389,000
624 Livernois Street, Ferndale, MI 48220
Updated multi-suite office property with dedicated parking, storage, and an attached service garage.
Property Size7,120 SF
Price / SF$195.08
Days on Market2
Property Features for 624 Livernois Street
General Information
Standard status
Active
Size
7,120 SF
Total Parking Spaces
20
Additional Details
Office Units
6
Amenities
garage
ample storage
Building Details
Buildings
1
Construction
block
Tenancy
Multi
Listing Agency:
@properties Christie's Int'l R.E. Birmingham
(248) 850-8632
Listed By:
Susan M Lozano
(248) 421-7313
Source:
Alexmi
Added: Sep 13
Last Checked: Sep 14 at 12:19PM
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 Christie's Int'l R.E. Birmingham
Investment Insights
Based on property information with market context.
This office property at 624 Livernois Street includes six units within a block-structured building, with suite sizes ranging from 470 square feet to 2,200 square feet. The unit configuration includes 470 square feet, 850 square feet, 2,200 square feet across Units 300 and 400, 1,600 square feet, and 1,400 square feet. Several spaces also include storage, and some are leased under longer-term arrangements.
The property provides 20 on-site parking spaces in addition to street parking. An attached garage of approximately 600 square feet expands the building’s utility and includes a 12-foot by 10-foot garage door. The building has also received updates, supporting continued use as a multi-suite office asset.
The property provides 20 on-site parking spaces in addition to street parking. An attached garage of approximately 600 square feet expands the building’s utility and includes a 12-foot by 10-foot garage door. The building has also received updates, supporting continued use as a multi-suite office asset.
Key Highlights
- Six office units with sizes from 470 to 2,200 square feet
- Approximately 600‑square‑foot attached garage
- 12' x 10' garage door
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
$76,614
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
5.52%
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%
$1,532,280
$1.5M
Cap Rate 7%
$1,094,486
$1.1M
Cap Rate 9%
$851,267
$851.3K
Market Conditions
NOI Build-Up for 7,120 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
$119.6K $16.80/SF
− Vacancy
−$10.2K −$1.43/SF
EGI
$109.4K $15.37/SF
− OpEx
−$32.8K −$4.61/SF
NOI
$76.6K $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%
$1,532,280
Cap Rate 7%
$1,094,486
Cap Rate 9%
$851,267
Alternative Uses
Best Use
Retail
$1.09M
$957.7K – $1.28M
NOI $76,614 @ 7.0% cap · market cap 5.52%
Second Best
Office B
$350.2K
$306.4K – $408.5K
NOI $24,511 @ 7.0% cap · market cap 1.76%
Theoretical Best
Specialty Retail
$1.54M
$1.34M – $1.79M
NOI $107,501 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 48220, MI
21,564
Population
12,003
Households
1.8
Avg Household Size
37
Median Age
53%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,901
Density / Sq Mi
$86,095
Median Household Income
$54,557
Median Earnings
$1,191
Median Rent
$229,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Updated multi-suite office property with dedicated parking, storage, and an attached service garage.
Where is this office units located?
The property is located at 624 Livernois Street Ferndale, MI.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: Six office units with sizes from 470 to 2,200 square feet; Approximately 600‑square‑foot attached garage; 12' x 10' garage door
