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    Property profile & analytics

    23647-23881 Greenfield Rd Southfield, MI 48075

    • Neighborhood centers
    • 22,900 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 23647-23881 Greenfield Rd

    Property size
    22,900 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties

    Description

    Cornerstone Plaza, located at 23647-23881 Greenfield Road in Southfield, Michigan (zip code 48075), presents a unique retail investment opportunity. This strip center totals 22,900 square feet, currently 100% vacant and available for lease. Individual spaces range from a minimum of 3,500 square feet to a maximum contiguous space of 6,400 square feet. The property is situated in Oakland County, on the west side of Greenfield Road between 9 and 10 Mile Roads. Its strategic location offers significant advantages, including proximity to Providence Hospital, a major healthcare facility employing approximately 2,900 people. Furthermore, Cornerstone Plaza benefits from its close proximity to the Northland City Center redevelopment project, a substantial $403 million undertaking encompassing 1,500 residential units and additional commercial space. This development is expected to significantly increase foot traffic and consumer activity in the immediate area. The property includes a former restaurant space, ideal for a variety of food service concepts, and offers a prime anchor position for a business seeking high visibility and accessibility. This is an exceptional opportunity to establish a presence in a thriving Southfield retail corridor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.203
    Latitude
    42.4641

    Comparable in this City

    • Value Estimation
      $2,005,000
      17,619 SF

      25203 Evergreen Rd

      SHOPPING CENTER, STRIP CENTER • 17,619 SF
      25203 Evergreen Rd, Southfield, MI 48075-1735
      View Details
    • Value Estimation
      $1,280,000
      3,223 SF

      24785 Southfield Rd

      SHOPPING CENTER, STRIP CENTER • 3,223 SF
      24785 Southfield Rd, Southfield, MI 48075-2750
      View Details
    • Value Estimation
      $1,250,000
      12,000 SF

      18280 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 12,000 SF
      18280 10th Mile Rd, Southfield, MI 48075-2648
      View Details
    • Value Estimation
      $930,000
      8,000 SF

      25110 Evergreen Rd

      SHOPPING CENTER, STRIP CENTER • 8,000 SF
      25110 Evergreen Rd, Southfield, MI 48075-1759
      View Details
    • Value Estimation
      $1,085,000
      20,300 SF

      15600 10th Mile Rd

      SHOPPING CENTER, STRIP CENTER • 20,300 SF
      15600 10th Mile Rd, Southfield, MI 48075-2147
      View Details
    • Value Estimation
      $3,045,000
      11,600 SF

      25060 Southfield Rd

      SHOPPING CENTER, STRIP CENTER • 11,600 SF
      25060 Southfield Rd, Southfield, MI 48075-1902
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      36,000 SF

      Southfield Office Redevelopment Opportunity

      36,000 SF Office Space, High Visibility
      18000 Eight Mile Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      122 SF

      Cornerstone Plaza Retail Redevelopment

      Retail redevelopment underway with national tenants and outlot opportunities.
      23647-23881 Greenfield Rd, Southfield, MI 48075
      View Details
    • $240,000
      1,208 SF

      Versatile Building in Southfield, MI

      1,208 sq ft building suitable for various professional uses.
      16931 W 10 Mile Rd, Southfield, MI 48075
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    • $265,000

      Versatile Building Ready for Business

      Turnkey 1,208 sq ft building suitable for various businesses.
      16931 W 10 Mile Rd, Southfield, MI 48075
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    • Contact for pricing
      399,272 SF

      Northland Towers Redevelopment Opportunity

      Southfield Office Complex: Redevelopment Potential
      15565 Northland Dr, Southfield, MI 48075
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    • $595,000
      12,600 SF

      Southfield Executive Office Building

      12,600 SF Office, $595,000
      17600 Northland Park Ct, Southfield, MI 48075
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    Similar Nearby for Lease

    • $17 SF/Yr
      8,800 SF

      West Ten Mile Rd Retail Center

      Southfield, MI: 8,800 SF Retail Space Available
      18203 10 Mile Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      22,900 SF

      Southfield Retail Plaza Opportunity

      Prime Southfield location, 22,900 SF available.
      23647-23881 Greenfield Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      18,563 SF

      Southfield Retail Space - 18,563 SF

      Prime Southfield retail space, 18,563 sq ft, available now.
      4000 Town Ctr, Southfield, MI 48075
      View Details
    • $10 SF/Yr
      36,000 SF

      Southfield Office Space Available

      36,000 SF Office Building, Flexible Zoning
      18000 Eight Mile Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      104,650 SF

      Greenfield Plaza: Retail Space Available

      104,650 SF Retail Space - Oakland County
      22555 Greenfield Plz, Southfield, MI 48075
      View Details
    • $14 SF/Yr
      288,000 SF

      Advance Office Building: Medical Suites

      Oakland County medical office space for lease. High-demand location.
      23077 Greenfield Rd, Southfield, MI 48075
      View Details
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    Southfield, MI 48075
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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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