Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    115 Center St Northville, MI 48167

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Center St Northville, MI 48167

    View on Map
    • Office properties & Spaces
    • 13,600 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Law Offices of Dan D. McLean, PLC / Law Firm
    • Samhat Donald L / Law Firm
    • Tutto LLC / Interior Design / Home Decor Store
    • Dr. Jason Beers / Physician / Medical Clinic
    • Allante Burnell, MS, LLP | Tranquil Awakenings Counseling Center, PLLC / Crisis Center / Medical Clinic

    Property Details for 115 Center St

    Year built
    1940
    Property size
    13,600 SF
    Property type
    Office properties & Spaces
    Property subtype
    Office Units

    Description

    This exceptional 13,600 square foot, two-story office building, constructed in 1940, is situated in Northville's vibrant Central Business District (CBD) within the Southern I-275 Corridor. The property, located at 115 N Center St, Northville, MI 48167, sits on a 0.2-acre lot and offers multiple tenancy options. Currently, there are two available executive office suites. Suite 200, totaling 1,771 square feet, boasts four private offices, a conference room, a kitchenette, and a reception/lobby area. Suite 203 comprises 1,217 square feet and includes an open workspace along with five private offices. The building features exposed brick, adding to its historic charm. Access is convenient, with entry points from both N Center Street and a rear public parking lot. The property also offers the opportunity for exterior signage, providing excellent visibility for tenants. The building does not have elevators. This is a unique opportunity to lease space in a desirable downtown location with character and modern convenience. The property is zoned for CBD use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Northville
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4834
    Latitude
    42.4315

    Comparable in this City

    • Value Estimation by Request
      19,188 SF

      16350 Northville Place Dr

      Office Units • 19,188 SF
      16350 Northville Place Dr, Northville, MI 48167
      View Details
    • Value Estimation by Request

      170 Main St

      Office Units
      170 Main St, Northville, MI 48167
      View Details
    • Value Estimation by Request
      62,250 SF

      21800 Haggerty Rd

      Office Units • 62,250 SF
      21800 Haggerty Rd, Northville, MI 48167
      View Details
    • Value Estimation by Request
      75,000 SF

      21430 Haggerty Rd

      Office buildings • 75,000 SF
      21430 Haggerty Rd, Northville, MI 48167
      View Details
    • Value Estimation by Request
      21,746 SF

      137 Cadycentre

      Office properties & Spaces • 21,746 SF
      137 Cadycentre, Northville, MI 48167
      View Details
    • Value Estimation
      $885,000
      7,760 SF

      131 Cady St

      OFFICE BUILDING • 7,760 SF
      131 Cady St, Northville, MI 48167-1606
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,000 SF

      New Northville Multi-Tenant Building

      Newly constructed retail/office/medical building in affluent Northville, Michigan.
      40820 W 7 Mile Rd, Northville, MI 48167
      View Details
    • Contact for pricing
      4,826 SF

      Downtown Northville Office Building

      4,826 SF office building with parking in downtown Northville.
      332 E Main St, Northville, MI 48167
      View Details
    • $442,500
      0.40 Acres

      Northville Land Build Site

      Large lot in downtown Northville suitable for single-family home.
      635 N Center St, Northville, MI 48167
      View Details
    • $899,900

      Northville Township Land Opportunity

      3.91 acres across two parcels with scenic pond.
      19150 Beck Rd, Northville, MI 48167
      View Details
    • $442,500
      0.40 Acres

      Northville Land: Premier Build Site

      Large single-family home build-site in downtown Northville.
      621 N Center St, Northville, MI 48167
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Northville Office Spaces Available

      Office spaces for rent, ranging from 900 to 4,045 sq. ft.
      22260 Haggerty Rd, Northville, MI 48167
      View Details
    • Contact for pricing
      3,259 SF

      Downtown Northville Office Suite

      6,517 SF office suite in downtown Northville.
      311 E Main St, Northville, MI 48167
      View Details
    • $3,500 /Mo
      700 SF

      Northville Office Space Available

      Office space for rent in Northville, Michigan.
      104 W Main St, Northville, MI 48167
      View Details
    • $5,500 /Mo
      6,232 SF

      Northville Office Space For Rent

      Former chiropractic office suitable for healthcare or professional services.
      41074 7 Mile Rd, Northville, MI 48167
      View Details
    • Contact for pricing

      Renovated Office Space in Northville

      4000 sq ft renovated office space in downtown Northville.
      170 E Main St, Northville, MI 48167
      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.
    115 Center St
    Northville, MI 48167
    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!