Building Details

Tenancy Multi

Listing Agency: Havn Real Estate & Appr LLC a***@mywrealty.com Show Phone

Listed By: Ryan Weston · License #6501375949 Show Phone

Source: Exprealty

Added: Jan 29 Changed: Oct 11 Last Checked: Oct 14 at 11:56PM

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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 Havn Real Estate & Appr LLC

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Investment Insights

Based on property information with market context.

This 1,547-square-foot office property includes two lower-level suites arranged with open floorplans, tall ceilings, and a dedicated private entrance. One suite has updated carpeting and interior paint, while the other remains unfinished and is currently used for storage. The second area may be converted into an additional finished office suite, subject to the applicable requirements.

The property is located just north of Downtown Milford on N Milford Rd. Male and female ADA bathrooms provide on-site restroom access for occupants and visitors. The two-suite layout offers a practical configuration for a small business, including professional service users such as real estate, insurance, legal, or accounting firms.

Key Highlights

• 1,547‑square‑foot office property with two lower‑level suites
• Open floorplans, tall ceilings, and a private entrance
• One suite recently updated with new carpeting and interior paint

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$5,326

Cap Rate

3.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$106,520 $106.5K

Cap Rate 7%

$76,086 $76.1K

Cap Rate 9%

$59,178 $59.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,547 SF

Gross rent

$9.3K $6.00/SF

− Vacancy

−$2.2K −$1.41/SF

EGI

$7.1K $4.59/SF

− OpEx

−$1.8K −$1.15/SF

NOI

$5.3K $3.44/SF

Area

Oakland County, MI

Vacancy

23.50%

Lease Rate

$6.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$106,520

Cap Rate 7%

$76,086

Cap Rate 9%

$59,178

Alternative Uses

Best Use

Office B

$76.1K

$66.6K – $88.8K (±1% cap)

NOI $5,326 @ 7.0% cap · market cap 3.13%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$333.7K

$292.0K – $389.3K (±1% cap)

NOI $23,357 @ 7.0% cap · market cap 13.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Auto Repair Shop Building Supply Big Box & Wholesale Store Auto Parts Store HVAC Service Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

378

Businesses Nearby

Explore this area Business Placement

Demographics for 48381, MI

13,794

Population

5,588

Households

2.5

Avg Household Size

45

Median Age

45%

College-Educated

96%

High-School Grad

19.5 sq mi

ZIP Area

707

Density / Sq Mi

$103,156

Median Household Income

$61,929

Median Earnings

$1,146

Median Rent

$386,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Lower-level commercial space combines open layouts, tall ceilings, private access, and flexible suite configuration.

Where is this office units located?

The property is located at 8-9-1550 N Milford Rd Milford, MI.

What is the asking price?

The asking price for this property is $169,900.

What are key features of this property?

This property features: 1,547‑square‑foot office property with two lower‑level suites; Open floorplans, tall ceilings, and a private entrance; One suite recently updated with new carpeting and interior paint