Southfield Office/Medical Portfolio For
For Sale
Contact for pricing
Pending
21751 W Eleven Mile Rd, Southfield, MI 48076
Five-building office/medical portfolio available in Southfield, Michigan.
Property Size31,189 SF
Days on Market889
Property Features for 21751 W Eleven Mile Rd
General Information
Standard status
Pending
Size
31,189 SF
Property subtype
Office
Zoning
OS - Office Services
Building Details
Year Built
1967
Buildings
5
Stories
2
Listing Agency:
Thomas Duke Company
(248) 476-3700
Listed By:
Andrew Battersby · License #6501384188
Source:
Crexi
Added: Mar 21, 2024
Changed: Aug 26
Last Checked: Aug 25 at 8:55AM
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 Thomas Duke Company
Investment Insights
Based on property information with market context.
A five-building office/medical portfolio is available for sale in Southfield, Michigan. The property encompasses a total size of 31189 square feet.
Key Highlights
- Five building portfolio
- Office/medical use
- Located in Southfield, MI
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
$107,368
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
3.30%
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%
$2,147,360
$2.1M
Cap Rate 7%
$1,533,829
$1.5M
Cap Rate 9%
$1,192,978
$1.2M
Market Conditions
NOI Build-Up for 31,189 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
$187.1K $6.00/SF
− Vacancy
−$44.0K −$1.41/SF
EGI
$143.2K $4.59/SF
− OpEx
−$35.8K −$1.15/SF
NOI
$107.4K $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 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%
$2,147,360
Cap Rate 7%
$1,533,829
Cap Rate 9%
$1,192,978
Alternative Uses
Best Use
Healthcare Medical
$6.03M
$5.28M – $7.03M
NOI $422,062 @ 7.0% cap · market cap 12.99%
Second Best
Office B
$1.53M
$1.34M – $1.79M
NOI $107,368 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$6.73M
$5.89M – $7.85M
NOI $470,904 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,291
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48076, MI
26,062
Population
11,016
Households
2.4
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
3,671
Density / Sq Mi
$85,171
Median Household Income
$50,210
Median Earnings
$1,451
Median Rent
$251,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Greenfield Animal Hospital — 21600 W Eleven Mile Rd, Southfield, MI 48076
- Michael P. Hood, DVM — 21600 W Eleven Mile Rd, Southfield, MI 48076
- Greenfield Animal Hospital: Zerbel J DVM — 21600 W Eleven Mile Rd, Southfield, MI 48076
Frequently Asked Questions
What type of property is this?
Medical Office Space - Five-building office/medical portfolio available in Southfield, Michigan.
Where is this medical office space located?
The property is located at 21751 W Eleven Mile Rd Southfield, MI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Five building portfolio; Office/medical use; Located in Southfield, MI
