Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    38215 Mile Rd Farmington Hills, MI 48335
    Property profile & analytics

    38215 Mile Rd Farmington Hills, MI 48335

    View on Map
    • Neighborhood centers
    • 12,575 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 38215 Mile Rd

    Year built
    1973
    Property size
    12,575 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Invest in this prime Farmington Hills, Michigan medical office space at Freeway Plaza. This single-story, 12,575 square foot building, situated on a 5-acre lot at the crossroads of Novi and Farmington Hills, offers multiple tenancy options. Two suites are currently available, ranging from 1,036 to 2,028 contiguous square feet, with a total of 3,064 square feet currently vacant. The building boasts 200 parking spaces and is conveniently located on 10 Mile Road, near West 10 Mile Rd and Haggerty Rd, ensuring high visibility and accessibility for patients and staff. Built in 1973, this B-3 zoned property (APN 23-30-127-038) in the Farmington submarket is surrounded by thriving businesses and residential areas, creating a strong customer base. A prominent monument sign is included with lease. Current tenants include diverse businesses such as restaurants, a salon, and an auto sales business, creating a vibrant and well-established community. This property presents a unique opportunity for medical professionals seeking a well-located, established space in a high-traffic area of South East Oakland County, Michigan, with a zip code of 48335.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Farmington Hills
    County
    South East Oakland
    State
    Michigan
    Longitude
    -83.4255
    Latitude
    42.4676

    Comparable in this City

    • Value Estimation
      $1,465,000
      14,746 SF

      24345 Halsted Rd

      SHOPPING CENTER, STRIP CENTER • 14,746 SF
      24345 Halsted Rd, Farmington Hills, MI 48335-1609
      View Details
    • Value Estimation
      $3,495,000
      34,838 SF

      35550 Grand Riv Ave

      SHOPPING CENTER, STRIP CENTER • 34,838 SF
      35550 Grand Riv Ave, Farmington, MI 48335-3123
      View Details
    • Value Estimation
      $690,000
      4,320 SF

      34505 Grand Riv Ave

      DENTAL BUILDING • 4,320 SF
      34505 Grand Riv Ave, Farmington, MI 48335-3311
      View Details
    • Value Estimation
      $1,035,000
      10,413 SF

      36650 Grand Riv Ave

      DENTAL BUILDING • 10,413 SF
      36650 Grand Riv Ave, Farmington, MI 48335-2919
      View Details
    • Value Estimation
      $935,000
      7,807 SF

      33466 8th Mile Rd

      MEDICAL BUILDING • 7,807 SF
      33466 8th Mile Rd, Farmington, MI 48335-5208
      View Details
    • Value Estimation
      $4,500,000
      47,445 SF

      38215 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 47,445 SF
      38215 10th Mile Rd, Farmington, MI 48335-2866
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Downtown Farmington Retail Opportunity

      Retail space available in historic downtown Farmington building.
      33335 Grand River Ave, Farmington, MI 48335
      View Details
    • $3,615,000

      Showroom and Office Space

      Well-located building with showroom and office space available for sale.
      24404 Indoplex Cir, Farmington Hills, MI 48335
      View Details
    • Contact for pricing
      20,968 SF

      Industrial Property with Modern Office

      Industrial property featuring renovated office space and warehouse upgrades.
      23936 Industrial Park Dr, Farmington Hills, MI 48335
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,600 SF

      Retail Space in Farmington Hills

      Multi-tenant strip center with spaces available for lease.
      34701 Grand River Ave, Farmington Hills, MI 48335
      View Details
    • Contact for pricing

      Retail Space on Grand River

      Retail properties available for lease on Grand River Avenue.
      34701- Grand River Ave, Farmington Hills, MI 48335
      View Details
    • Contact for pricing

      Office Space Available For Lease

      Office property available for lease in Farmington, Michigan.
      33566 W Eight Mile Rd, Farmington, MI 48335
      View Details
    • Contact for pricing

      Retail Center on Grand River

      Retail center on Grand River Avenue with high traffic.
      35103 Grand River Ave, Farmington, MI 48335
      View Details
    • Contact for pricing

      Class A Mixed-Use Building

      Class A mixed-use building with retail and office space.
      37085 Grand River Ave, Farmington, MI 48335
      View Details
    • Contact for pricing

      Office and Retail Space Available

      Office and retail spaces with prominent signage and private entrances.
      Farmington, MI 48335
      View Details
    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.
    38215 Mile Rd
    Farmington Hills, MI 48335
    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

    Thank You for Inquiry
    38215 Mile Rd, Farmington Hills, MI, 48335
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!