Multi-Office Condo
For Sale
$49,000
C232-25140 Lahser Rd, Southfield, MI 48033
Lease-up office condo suite with multiple individual offices, providing current occupancy and space to expand leasing.
Property Size1,010 SF
Price / SF$48.51
Days on Market92
Property Features for C232-25140 Lahser Rd
General Information
Standard status
Active
Size
1,010 SF
Occupancy
67%
Additional Details
Highway Access
Yes
Office Units
6
Taxes and HOA fees
Annual Taxes
$2,514
Building Details
Tenancy
Multi
Listing Agency:
Front Page Properties
(313) 435-8550
Listed By:
Ebony Cochran · License #6501456182
(313) 435-8550
Source:
Exprealty
Added: May 22
Changed: Aug 20
Last Checked: Aug 20 at 9:30AM
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 Front Page Properties
Investment Insights
Based on property information with market context.
Suite C-232 is an approximately 1,010-square-foot office condo located within the Matterhorn Office Condominium complex. The suite is currently configured as six individual rentable office spaces, with four offices occupied and two offices vacant, resulting in about 66.67% leased. The offering is suited for an investor seeking existing rental income as well as a buyer who may want the option to occupy part of the suite while continuing to lease the remaining offices.
The property is conveniently located near Lahser Rd, 10 Mile Rd, Telegraph, Northwestern Hwy, and I-696, supporting access for clients, staff, and professional service users. Monthly condo association dues are approximately $350 and cover certain building and common area expenses; buyers should verify the exact scope of coverage during due diligence.
From a tenant or owner perspective, this configuration can support a range of professional uses that benefit from separate offices within one suite. For buyers, it also presents the practical opportunity to align in-suite occupancy with their operating plan by leasing the currently vacant offices or customizing usage after acquiring the suite. Buyer to verify all lease terms, rental income, taxes, association dues, square footage, suite configuration, bylaws, and all information deemed material.
The property is conveniently located near Lahser Rd, 10 Mile Rd, Telegraph, Northwestern Hwy, and I-696, supporting access for clients, staff, and professional service users. Monthly condo association dues are approximately $350 and cover certain building and common area expenses; buyers should verify the exact scope of coverage during due diligence.
From a tenant or owner perspective, this configuration can support a range of professional uses that benefit from separate offices within one suite. For buyers, it also presents the practical opportunity to align in-suite occupancy with their operating plan by leasing the currently vacant offices or customizing usage after acquiring the suite. Buyer to verify all lease terms, rental income, taxes, association dues, square footage, suite configuration, bylaws, and all information deemed material.
Key Highlights
- 1,010 SF office condo suite (Suite C‑232) in the Matterhorn Office Condominium complex at 25140 Lahser Rd
- Configured as 6 individual rentable offices: 4 occupied and 2 vacant, for approximately 66.67% leased
- Approx. $1,250/month current rental income with upside from leasing the remaining vacant offices
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
$3,477
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
7.10%
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%
$69,540
$69.5K
Cap Rate 7%
$49,671
$49.7K
Cap Rate 9%
$38,633
$38.6K
Market Conditions
NOI Build-Up for 1,010 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
$6.1K $6.00/SF
− Vacancy
−$1.4K −$1.41/SF
EGI
$4.6K $4.59/SF
− OpEx
−$1.2K −$1.15/SF
NOI
$3.5K $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%
$69,540
Cap Rate 7%
$49,671
Cap Rate 9%
$38,633
Alternative Uses
Best Use
Office B
$49.7K
$43.5K – $58.0K
NOI $3,477 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$217.8K
$190.6K – $254.2K
NOI $15,249 @ 7.0% cap · market cap 31.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
66.7%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Explore this area
Business Placement
Demographics for 48033, MI
17,207
Population
9,198
Households
1.9
Avg Household Size
47
Median Age
33%
College-Educated
93%
High-School Grad
9.1 sq mi
ZIP Area
1,891
Density / Sq Mi
$55,599
Median Household Income
$45,192
Median Earnings
$1,242
Median Rent
$195,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Lease-up office condo suite with multiple individual offices, providing current occupancy and space to expand leasing.
Where is this office units located?
The property is located at C232-25140 Lahser Rd Southfield, MI.
What is the asking price?
The asking price for this property is $49,000.
What are key features of this property?
This property features: 1,010 SF office condo suite (Suite C‑232) in the Matterhorn Office Condominium complex at 25140 Lahser Rd; Configured as 6 individual rentable offices: 4 occupied and 2 vacant, for approximately 66.67% leased; Approx. $1,250/month current rental income with upside from leasing the remaining vacant offices
