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    M-5 Mile Rd Commerce Charter Township, MI 48377
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    M-5 Mile Rd, Commerce Charter Township, MI 48377

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    • Land
    • 5.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for M-5 Mile Rd

    Lot size
    5.00 lot acres
    Property type
    Land

    Description

    This exceptional 5-acre commercial land parcel presents a unique investment opportunity in Novi, Michigan. Strategically located at the high-traffic intersection of M-5 and 14 Mile Road, this property boasts unparalleled visibility and convenient access to major thoroughfares including I-696 and I-275. The site comprises two parcels, 4.08 acres (Parcel ID: 50-22-01-200-021) and 1.14 acres (Parcel ID: 50-22-01-22-020), totaling 5.22 acres. Its prime location makes it ideal for a wide range of commercial developments. Potential uses include, but are not limited to, the construction of an office building, medical facility, recreational facility, daycare center, or bank branch. The asking price for this exceptional property is $1,000,000. This is a rare opportunity to acquire a significant commercial land holding in a thriving Oakland County market with excellent access to major transportation arteries. Don't miss this chance to secure a prominent location for your next venture. The property is located in Commerce Charter Township, Novi, MI, 48377.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Commerce Charter Township
    County
    Oakland
    State
    Michigan
    Longitude
    -83.445
    Latitude
    42.5269

    Comparable in this City

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      17.56 Acres

      40705 13 Mile Rd

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      40705 13 Mile Rd, Novi, MI 48377
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      14.50 Acres

      26822 Meadowbrook Rd

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      26822 Meadowbrook Rd, Novi, MI 48377
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      11.12 Acres

      40695 13 Mile Rd

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      40695 13 Mile Rd, Novi, MI 48377
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      3.61 Acres

      13 Mile & Haggerty

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      4.99 Acres

      28331 Haggerty Rd

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      28331 Haggerty Rd, Novi, MI 48377
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      2.40 Acres

      42131 14 Mile Rd

      Land
      42131 14 Mile Rd, Novi, MI 48377
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    Similar Nearby for Sale

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      Land For Sale

      Land available for sale.
      46735 W Twelve Mile Rd, Novi, MI 48377
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      Land For Sale

      Land available for sale.
      47000 Twelve Mile Rd, Novi, MI 48377
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      Vacant Land For Sale

      11.12 acres of vacant land at 13 Mile and M-5.
      40695 Thirteen Mile Rd, Novi, MI 48377
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      Land For Sale

      Land available for sale.
      42131 14 Mile Rd, Novi, MI 48377
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      Land For Sale

      Land available for purchase.
      42295 W Thirteen Mile Rd, Novi, MI 48377
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      Land For Sale

      1.09 acres of land available for purchase.
      29580 Hudson Dr, Novi, MI 48377
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    Similar Nearby for Lease

    • $9 SF/Yr

      Industrial Space with Extra Land

      48,010 SF Class B industrial space on 5.2 acres.
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      Novi Flex Space Available

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      Office and Medical Suites Available

      Move-in ready office and medical suites in desirable location.
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      1,623 SF

      Novi Office Space For Lease

      Office suites available in Novi, Michigan, up to 6,000 SF.
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      5,000 SF

      Novi Retail Space Available

      Retail space available for lease in Novi, Michigan.
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    M-5 Mile Rd
    Commerce Charter Township, MI 48377
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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.

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