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    47440-47950 Grand River Ave Novi, MI 48374

    Sponsored
    For Lease
    $16 SF/Yr

    High-traffic retail space, excellent visibility.

    Lot size:
    303,962 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    Westmarket Square, located at 47440-47950 Grand River Ave in Novi, Michigan, presents a prime retail opportunity within the bustling Central I-96 Corridor. This single-story, 303,962 square foot shopping center sits on a 1.8-acre lot and is zoned B-2. The property boasts a strong tenant roster including national brands like Kroger and Home Depot, alongside local favorites such as Leo's Coney Island and Olga's. Currently, there are 7,832 square feet of vacant space available, divisible into units as small as 1,310 square feet, with a maximum contiguous space of 2,400 square feet. The center enjoys exceptional visibility at the northwest corner of Grand River Avenue and Beck Road, directly across from Providence Park Hospital and conveniently located at the I-96 and Beck Road exit. This location offers unparalleled access to a large and diverse customer base. The property's APN is 50-22-17-226-005, and it's situated in Oakland County, Michigan, zip code 48374. An additional 1.83-acre outlot is also available. This is an exceptional opportunity to establish or expand your retail presence in a high-demand location.

    Property Features for 47440-47950 Grand River Ave

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    303,962 SF
    Total Rate
    405282.67

    Building Details

    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Available Space 4
    Size
    2,400 SF
    Rate per SF
    $30
    Space
    Available Space 3
    Size
    1,958 SF
    Rate per SF
    $23
    Space
    Available Space 3
    Size
    20,388 SF
    Rate per SF
    $16

    HighLights

    • Westmarket Square, a 303,962 SF retail center in Novi, MI.
    • 7,832 SF of available retail space.
    • Divisible units from 1,310 SF to a maximum of 2,400 contiguous SF.
    • Rental rates: $23.00 - $30.00 NNN.
    • Net operating income (NOI) ranging from $7.22 to $7.60 per square foot.
    • 1.8‑acre outlot also available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Building Supply Hair Salon Auto Repair Shop Wholesale Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.5163867
    Latitude
    42.4903639

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    FAQs

    What type of property is this?
    Lifestyle center - High-traffic retail space, excellent visibility.
    Where is this lifestyle center located?
    The property is located at 47440-47950 Grand River Ave Novi, MI.
    What is the lease rate?
    The lease rate is $16-$30 SF/Yr.
    What are key features of this property?
    This property features: Westmarket Square, a 303,962 SF retail center in Novi, MI.; 7,832 SF of available retail space.; Divisible units from 1,310 SF to a maximum of 2,400 contiguous SF.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    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
    47440-47950 Grand River Ave Novi, MI 48374
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