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    9 Mile & Haggerty Novi, MI 48335
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    9 Mile & Haggerty, Novi, MI 48335

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    • Retail properties & Spaces
    • 5,700 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 9 Mile & Haggerty

    Property type
    Retail properties & Spaces

    Description

    This exceptional 5,700 square foot retail center, located at the northwest corner of 9 Mile and Haggerty Roads in Farmington Hills, Michigan (zip code 48335), offers four available spaces ranging from 1,000 to 5,700 contiguous square feet. Currently entirely vacant, this new development is perfectly suited for a variety of uses, including fast food, service-oriented businesses, retail establishments, or office space. The property boasts an ideal location within Oakland County, surrounded by densely populated residential areas and conveniently situated within walking distance of a high-volume Lifetime Fitness center. Its strategic position provides easy access to major thoroughfares such as I-275, I-96, M-5, I-696, and the bustling Haggerty Road retail corridor, ensuring high visibility and accessibility for businesses. Originally slated for completion in 2022, this property presents a unique opportunity for businesses seeking a prime location in a thriving community. The entire 5,700 square foot building is also available for sale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4343
    Latitude
    42.4535

    Comparable in this City

    • Value Estimation by Request
      25,288 SF

      35200 Grand River Ave

      Restaurants
      35200 Grand River Ave, Farmington Hills, MI 48335
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    • Value Estimation by Request
      12,575 SF

      38215 Mile Rd

      Neighborhood centers
      38215 Mile Rd, Farmington Hills, MI 48335
      View Details
    • Value Estimation by Request
      36,661 SF

      35200 Grand River Ave

      Retail properties & Spaces
      35200 Grand River Ave, Farmington Hills, MI 48335
      View Details
    • Value Estimation
      $4,880,000
      57,948 SF

      39050 Grand Riv Ave

      SHOW ROOM, WAREHOUSE
      39050 Grand Riv Ave, Farmington, MI 48335-1500
      View Details
    • Value Estimation by Request

      24684 Hathaway St

      COMMERCIAL (GENERAL)
      24684 Hathaway St, Farmington Hills, MI 48335-1547
      View Details
    • Value Estimation by Request

      24138 Industrial Park Dr

      COMMERCIAL (GENERAL)
      24138 Industrial Park Dr, Farmington, MI 48335
      View Details

    Similar Nearby for Sale

    • $1,740,000

      Two-Story Retail/Office Building

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      Farmington Retail Opportunity For Sale

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    Similar Nearby for Lease

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      Former Dealership in Farmington Hills

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    9 Mile & Haggerty
    Novi, MI 48335
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    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
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