Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    24245 Northwestern Hwy Southfield, MI 48075-2551
    Property profile & analytics

    24245 Northwestern Hwy, Southfield, MI 48075-2551

    View on Map
    • Retail space
    • 15,288 SF
    • 0.86 lot acres
    Off-Market
    Property ID
    US43-1370758
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,325,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 123Net - Data Center 3 / Telecommunications Service / Data Center

    Property Details for 24245 Northwestern Hwy

    Year built
    1966
    Lot size
    0.86 lot acres
    Zone code
    OS
    Property type
    Retail space
    APN
    76-24-26-176-002
    APU
    762426176002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 19, 2024 — Northwestern Colo LLC — Deed · related —
    May 20, 2019 — Northwestern Colo LLC — Grant Deed · related $10M · Miscellaneous Ins Co
    Mar 3, 2009 — Northwestern Colo LLC Stomar Properties LLC Warranty Deed $495k · Huntington National Bank
    — — Stomar Properties — Deed Of Trust · related $450k · Comerica Bank
    — — Stomar Properties — Deed Of Trust · related $500k · Comerica Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,571,000
      Market price range: $1.17M - $4.69M

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

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2348
    Latitude
    42.4667
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $16,593
    $54,000
    $546,600
    $600,600
    -
    $108,000
    $1,093,200
    $1,201,200

    Comparable in this City

    • Value Estimation
      $2,695,000
      15,952 SF

      21700 Melrose Ave

      RETAIL STORES (PERSONAL SERVICES)
      21700 Melrose Ave, Southfield, MI 48075-5629
      View Details
    • Value Estimation
      $5,405,000
      51,246 SF

      24242 Northwestern Hwy

      RETAIL STORES (PERSONAL SERVICES)
      24242 Northwestern Hwy, Southfield, MI 48075-2549
      View Details
    • Value Estimation
      $580,000
      4,979 SF

      20380 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      20380 8th Mile Rd, Southfield, MI 48075-5626
      View Details
    • Value Estimation by Request
      4,752 SF

      20810 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      20810 8th Mile Rd, Southfield, MI 48075-5663
      View Details
    • Value Estimation
      $2,125,000
      23,400 SF

      21200 Melrose Ave

      RETAIL STORES (PERSONAL SERVICES)
      21200 Melrose Ave, Southfield, MI 48075-7901
      View Details
    • Value Estimation by Request
      8,933 SF

      20866 8th Mile Rd

      RETAIL STORES (PERSONAL SERVICES)
      20866 8th Mile Rd, Southfield, MI 48075-5663
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Cornerstone Plaza Retail Redevelopment

      Retail redevelopment underway with national tenants and outlot opportunities.
      23647-23881 Greenfield Rd, Southfield, MI 48075
      View Details
    • Contact for pricing
      36,000 SF

      Southfield Commercial Property for Sale

      Versatile commercial property with high visibility and flexible zoning.
      18000 Eight Mile Rd, Southfield, MI 48075
      View Details
    • $595,000
      12,600 SF

      Southfield Executive Office Building

      12,600 SF Office, $595,000
      17600 Northland Park Ct, Southfield, MI 48075
      View Details
    • Contact for pricing
      12,600 SF

      Southfield Office Building Opportunity

      12,600 SF office building in Southfield, MI for sale.
      17600 Northland Park Ct, Southfield, MI 48075
      View Details
    • Contact for pricing
      33,600 SF

      Two-Story Office Building For Sale

      Two-story office building with covered parking near M-10 freeway.
      24450 Evergreen Rd, Southfield, MI 48075
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      3,015 SF

      Prime Southfield Road Commercial Space

      3,015 SF commercial space with high visibility and flexible zoning.
      24758 Southfield Rd, Southfield, MI 48075
      View Details
    • $1,400 /Mo
      13,308 SF

      Southfield Commercial Building with Updates

      Updated commercial building suitable for a wide range of businesses.
      25820 Southfield Rd Rd, Southfield, MI 48075
      View Details
    • Contact for pricing

      Southfield Retail and Office Space

      Retail and office spaces available for lease in Southfield.
      18203 West 10 Mile Rd, Southfield, MI 48075
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24245 Northwestern Hwy
    Southfield, MI 48075-2551
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    24245 Northwestern Hwy, Southfield, MI, 48075
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!