15565 Northland DrSouthfield, MI 48075

Property Details for 15565 Northland Dr

Year built

1963

Lot size

1.98 AC

Property size (Sq ft)

113,625 SF

Zone code

RS

Property type

Office properties

Property subtype

Office buildings

APN

76-24-36-477-002

APU

762436477002

Description

This exceptional 13.78-acre property in Southfield, Michigan, presents a compelling redevelopment opportunity. The site encompasses four office buildings totaling 399,272 square feet, with 354,955 square feet of net rentable space. Constructed between 1963 and 1968, and renovated in 2010, the nine-story buildings are situated on four individual parcels, offering flexibility for future development. The property boasts high visibility from three sides, with excellent access to the Lodge Freeway (M-10), 8 Mile Road, and Greenfield Road, experiencing significant daily traffic volume. Its strategic location is adjacent to the former Northland Mall, now undergoing a major city-led redevelopment project, and a newly constructed Costco, creating a dynamic and evolving neighborhood. The B-1 zoning allows for diverse mixed-use possibilities, including corporate headquarters, R&D, retail, and residential components. The Michigan Economic Development Corporation offers various tax incentives to support redevelopment projects, further enhancing the financial upside potential. This prime location within Southfield's largest office submarket, coupled with the surrounding revitalization efforts, makes this a unique investment opportunity with significant potential for substantial returns. The existing buildings, while currently diminished in economic viability due to market factors, provide a solid foundation for a transformative project.

• CAP approach

  CAP return

  Valuation

  6%

  $23,632,342

  6.5%

  $21,814,468

  7%

  $20,256,292

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,628,482

  Geo Method

  $10,628,482

• Alternative Use

  Use

  Valuation

  Residential

  $27,049,942

  Hospitality

  $24,777,600

  Educational

  $20,614,672

  Medical

  $21,323,644

  Retail

  $32,067,268

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4471

Longitude

-83.2029

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@realmo.com and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@realmo.com.