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    19601 Vernier Rd Harper Woods, MI 48225

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    For Lease
    $16 SF/Yr ($4,562 /Mo)

    Prime Medical Office Building - 3,230 SF Available

    Lot size:
    3,230 SF

    Property Features for 19601 Vernier Rd

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,230 SF
    Total Rate
    4562.38

    Building Details

    Year Built
    1982

    Spaces For Lease

    at 19601 Vernier Rd, Harper Woods, MI 48225 Contact us
    Unit Available Space

    $16 /Mo

    Size
    3,230 SF
    Contact us

    We can help!

    Listing Contact
    James Diehl
    James Diehl

    Listing Agency: Pilot Property Group Listing Agent: James Diehl

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional medical office building, located at 19601 Vernier Rd, Harper Woods, MI 48225, presents a unique leasing opportunity. Situated on a 0.603-acre lot at the intersection of Vernier Road and Beaconsfield, this property offers a total of 3,230 square feet of versatile space, currently entirely vacant and ready for immediate occupancy. The building, constructed in 1982, is zoned RO-1 and features multiple tenancy options, with a minimum divisible space of 1,000 square feet and a maximum contiguous space of 3,230 square feet. Ample parking is provided with 23 spaces available for tenants and their clients. The property's classification as both retail and office space, along with its medical office subtype, makes it ideal for a variety of healthcare practices or related businesses. Its convenient location in Wayne County offers easy access for patients and staff. This is a rare opportunity to secure a fully vacant, well-located medical office building in a thriving community. The property is available for lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Harper Woods
    County
    Wayne
    State
    Michigan
    Longitude
    -82.92850794
    Latitude
    42.44949646

    Nearby Similar for Lease

    • Contact for pricing
      1,500 SF

      Retail Storefront on Kelly Road

      Retail storefront property available for rent.
      19566 Kelly Rd, Harper Woods, MI
      View Details
    • Contact for pricing
      2,200 SF

      Restaurant/Retail Space Available

      Restaurant or retail space for rent in Harper Woods.
      19558 Kelly Rd, Harper Woods, MI
      View Details

    FAQs

    What type of property is this?
    Medical office - Prime Medical Office Building - 3,230 SF Available
    Where is this medical office located?
    The property is located at 19601 Vernier Rd Harper Woods, MI.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Former bank branch with two drive-thru lanes.; Excellent location near Saint Clair Shores, Eastpointe, and Grosse Pointe communities; easy I-94 access; across from the new Eastland Commerce Center.; 175 feet of frontage on Vernier Road.
    (586) 254-0900
    Request Owner's contact information
    19601 Vernier Rd Harper Woods, MI 48225
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    Harper Woods, MI 48225
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    19601 Vernier Rd Harper Woods, MI 48225
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    We can help!
    Listing Contact
    James Diehl
    James Diehl
    Real Estate License ID: 6501368863
    (586) 254-0900
    Learn more
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