Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23895 Novi Rd Novi, MI 48375

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime location in Novi, Michigan, suitable for medical office.

    Type:Office
    Added:
    Feb 5, 2024
    Days on Market:
    794
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 23895 Novi Rd

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 23895 Novi Rd Contact us

    Available Space 2 $19 /Mo

    Size
    1,130 SF
    Type
    Office
    Contact us

    Available Space 1 $19 /Mo

    Size
    1,100 SF
    Type
    Office
    The lease space in Novi, Michigan, offers a prime location with excellent visibility,...
    show more
    Contact us

    We can help!

    Listing Contact
    Simon Jonna

    Listing agent Simon Jonna License #MI 6501357188

    Listing office The Jonna Group at Colliers International

    Listing date Feb 5, 2024

    Source Crexi

    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 The Jonna Group at Colliers International

    Overview

    Novi, MI Lease Space

    The lease space in Novi, Michigan, benefits from excellent visibility and proximity to a busy intersection. The property's zoning status is favorable, making it a compelling choice, particularly for those in the medical office sector, within a dynamic and affluent community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Goldstein Dental Group Dental Office Dr. Raphael V. ... Dental Office Chris Barbas Agency- ... Insurance Agency SOFT TOUCH CHIROPRACTIC ... Alternative Medicine Practice Legacy Periodontics & Implant ... Dental Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Animal Emergency Center - Novi — 24360 Novi Rd suite a, Novi, MI 48375
    • Veterinary Cardiology Consultants — 24360 Novi Rd Suite B, Novi, MI 48375
    • Animal Behavior Consultants of Michigan — 24360 Novi Rd Suite B, Novi, MI 48375
    • Christlieb Morris DVM — 41782 W 10 Mile Rd, Novi, MI 48375

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4753608
    Latitude
    42.4643836

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      MI, Novi - Grand River Ave

      41430 Grand River Ave, Novi, MI 41430
      View Details
    • Contact for pricing

      Crystal Glen

      39555 Orchard Hill Pl, Unit 600, Novi, MI 48375
      View Details
    • $14/mo

      Novi Medical Office Suites Available

      Medical office suites for lease in a remodeled building.
      39500 W Ten Mile Road, Novi, MI 48375
      View Details
    • Contact for pricing

      Office and Medical Suites Available

      Move-in ready office and medical suites in desirable location.
      42450 W 12 Mile Rd 220, Novi, MI 48377
      View Details
    • $8/mo

      Well-Maintained Manufacturing and Headquarters Facility

      Manufacturing/headquarters facility with cranes, heavy power, and build-to-suit option.
      22750 Heslip Dr, Novi, MI 48375
      View Details
    • $25/mo

      Medical Office Space For Lease

      Medical office suites available for lease on hospital campus.
      26750 Providence Parkway , Novi, MI 48374
      View Details
    • $7/mo

      Industrial Buildings on 7.61 Acres

      Two industrial buildings totaling 26,861 SF on 7.61 acres.
      45237 Grand River Avenue, Novi, MI 48375
      View Details
    • $16/mo

      Novi Office Space Available

      Office space available for lease in Novi, Michigan.
      24900 Joseph Drive, Novi, MI, 48375
      View Details
    • Contact for pricing

      Retail Space with Premium Interiors

      Retail space featuring premium interiors and convenient location.
      39555 Orchard Hill Pl, Novi, MI 48375
      View Details
    • Contact for pricing

      Class A R&D Flex Building

      High image flex building with excellent access to major highways.
      39575-39625 Lewis Drive, Novi, MI 48377
      View Details
    • Contact for pricing

      Office and Medical Suites Available

      Move-in ready office and medical suites in desirable location.
      42450 12 Mile Rd, Novi, Novi, MI 48377
      View Details
    • Contact for pricing

      Novi Office Space Available

      Office space for rent at 26850 Providence Parkway, Novi.
      26850 Providence Parkway , Novi, MI 48374
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Prime location in Novi, Michigan, suitable for medical office.
    Where is this medical office space located?
    The property is located at 23895 Novi Rd Novi, MI.
    What are key features of this property?
    This property features: Prime location in Novi, Michigan.; Excellent visibility.; Proximity to a busy intersection.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Simon Jonna
    Real Estate License ID: MI 6501357188
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!