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    23975-24015 Novi Rd Novi, MI 48375
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    23975-24015 Novi Rd Novi, MI 48375

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    • Office Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 23975-24015 Novi Rd

    Property type
    Office Spaces

    Description

    This exceptional opportunity presents two proposed, single-story office buildings totaling 6,140 square feet each, located in the thriving Novi Professional Village at 23975-24015 Novi Road, Novi, Michigan, 48375. The property is zoned OS-1, Office Service, allowing for both general office and medical uses. Each building features direct entry suites, providing convenient access and privacy for tenants. The development boasts a prime location on the west side of Novi Road, just south of 10 Mile Road, offering unparalleled convenience and visibility. Benefit from the close proximity to a wide array of retailers and restaurants, enhancing the appeal for employees and clients alike. Furthermore, the location provides easy access to Twelve Oaks Mall and I-96, ensuring seamless commutes and convenient access to major transportation arteries. Monument signage is available, providing excellent branding opportunities for businesses. This is an ideal opportunity for businesses seeking modern, efficient office space in a highly desirable location within Oakland County. The property consists of five buildings in total, offering flexibility for various business needs. Consider leasing existing space or exploring the build-to-suit option to perfectly tailor your workspace.

    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
    -83.4751
    Latitude
    42.4653

    Comparable in this City

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      1,373 SF

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    • Value Estimation by Request
      120,075 SF

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    Similar Nearby for Sale

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      Approved Site Plan in Novi

      Site plan approved for a 6,658 SF building.
      43455 West Ten Mile Rd, Novi, MI 48375
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      5,700 SF

      Land for Retail or Office

      Land ideal for fast food, service, retail, or office.
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    • $1,350,000
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      Single Story Office/Medical Building

      18,370 SF office/medical building, west of Haggerty Road.
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      Novi Land For Sale

      Land suitable for retail, office, or restaurant development.
      9 Nine Mile Rd, Novi, MI 48375
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    • $1,375,000
      13,187 SF

      Novi Road Frontage Buildings

      Industrial and office buildings with frontage on Novi Road.
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      37,260 SF

      Novi Mixed-Use Investment Opportunity

      Mixed-use property in Novi, Michigan, with value-add potential.
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    Similar Nearby for Lease

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      Prime Novi Road Commercial Land

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      Office Space Available For Lease

      Office property available for lease in Novi, Michigan.
      39500 High Pointe Blvd, Novi, MI 48375
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    • $18 SF/Yr

      Office Space for Lease

      Office space available for lease in Novi, Michigan.
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      Office Space for Lease

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      Novi Commercial Space For Lease

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      Fountain View Professional Center

      Professional office spaces available for lease in Novi, Michigan.
      44244 W Twelve Mile Rd, Novi, MI 48375
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    Novi, MI 48375
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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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