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    36111-36119 Schoolcraft Rd Livonia, MI 48150
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    36111-36119 Schoolcraft Rd, Livonia, MI 48150

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    • Office Spaces
    • 32,400 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 36111-36119 Schoolcraft Rd

    Year built
    1986
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    Westwood Medical Park, located at 36111-36119 Schoolcraft Road in Livonia, Michigan, offers a diverse range of office spaces ideal for various businesses. This 32,400 square foot property sits on a 7.98-acre lot and boasts a flexible layout suitable for executive offices, flex spaces, and medical practices. Multiple tenancy options are available, with spaces ranging from a minimum of 2,000 square feet up to a maximum contiguous space of 30,533 square feet. Currently, 37,673 square feet is vacant and ready for immediate occupancy. Built in 1986, the building features impressive 18-foot ceilings and ample parking with 366 spaces. The property is zoned M-1 and its Wayne County APN is 113-99-0001-006. This prime location in Livonia, MI (zip code 48150) provides excellent accessibility and visibility. The property's size and flexible space options make it an excellent choice for businesses seeking a versatile and well-equipped workspace. Inquire today to explore leasing opportunities and secure your ideal office space within this established medical and office park.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Livonia
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3992
    Latitude
    42.3805

    Comparable in this City

    • Value Estimation by Request
      10,000 SF

      31560 Schoolcraft Rd

      Medical Office Space
      31560 Schoolcraft Rd, Livonia, MI 48150
      View Details
    • Value Estimation by Request
      33,294 SF

      38019 Schoolcraft Service Rd

      Flex space
      38019 Schoolcraft Service Rd, Livonia, MI 48150
      View Details
    • Value Estimation by Request
      4,294 SF

      32238 Schoolcraft Rd, Unit 2

      MEDICAL BUILDING
      32238 Schoolcraft Rd, Livonia, MI 48150-4301
      View Details
    • Value Estimation by Request
      2,015 SF

      31632 Schoolcraft Rd

      DENTAL BUILDING
      31632 Schoolcraft Rd, Livonia, MI 48150-1819
      View Details
    • Value Estimation
      $830,000
      6,160 SF

      32472 Schoolcraft Rd

      MEDICAL BUILDING
      32472 Schoolcraft Rd, Livonia, MI 48150-4309
      View Details
    • Value Estimation
      $600,000
      8,342 SF

      9216 Middlebelt Rd

      DENTAL BUILDING
      9216 Middlebelt Rd, Livonia, MI 48150-4036
      View Details

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      14,750 SF office building available for purchase.
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      Livonia Office Building For Sale

      Office building with 109,264 square feet of space.
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    Similar Nearby for Lease

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      Livonia Industrial Building For Lease

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    • Contact for pricing
      2,840 SF

      Livonia Flex/Office Space For Rent

      Flex/office space in park-like setting with I-96 access.
      36123-36139 Schoolcraft Rd, Livonia, MI 48150
      View Details
    • $4,900 /Mo

      Plymouth Road Commercial Space Available

      7,392 SF space for lease in a busy area.
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    Livonia, MI 48150
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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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