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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    24370 Northwestern Hwy Southfield, MI 48075

    • Office buildings
    • 16,616 SF
    • 1.10 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    $765,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1742005
    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.

    Current Use by Public Records

    • Knight Drugs / Pharmacy
    • Mortgage Builder / Mortgage Lender
    • Party Layne / Entertainment / Video Production Service
    • Law Offices of Joumana Kayrouz, P.L.L.C. / Bankruptcy Attorney / Criminal Justice Attorney
    • The Business Loan Connection / Mortgage Lender

    Property Details for 24370 Northwestern Hwy

    Year built
    1968
    Lot size
    1.10 lot acres
    Property size
    16,616 SF
    Zone code
    R-E
    Property type
    Office buildings
    APN
    76-24-26-177-016
    APU
    762426177016

    Description

    This exceptional Southfield, Michigan office property, located at 24370 Northwestern Highway, offers 24,000 square feet of prime office space available for lease. Built in 1968 and extensively renovated in 2013, the building provides a blend of classic charm and modern functionality. The property is zoned OS and features a convenient multiple tenancy structure, with a minimum divisible space of 8,000 square feet and a maximum contiguous space of 8,000 square feet. Currently, the entire 24,000 square feet is vacant, presenting a unique opportunity for a single tenant or multiple occupants. Ample parking is available with 100 spaces on-site. The property's Oakland County location, with an APN of 24-26-177-016, offers easy access to major transportation routes and amenities. This versatile space is ideal for businesses seeking executive office suites or coworking arrangements, providing a professional and efficient environment for their operations. The property's modern design and convenient location make it an attractive option for a variety of businesses. The zip code is 48075.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $480,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,015,000
      6.5%
      $940,000
      7%
      $870,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $990,000
      Market price range: $500k - $1.39M
      AI Estimate
      $656,000
      Market price range: $424k - $991k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $950,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2345
    Latitude
    42.4685
    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
    $30,297
    $69,150
    $360,640
    $429,790
    -
    $138,300
    $721,280
    $859,580

    Comparable in this City

    • Value Estimation
      $10,235,000
      354,782 SF

      23077 Greenfield Rd

      OFFICE BUILDING • 354,782 SF
      23077 Greenfield Rd, Southfield, MI 48075-3709
      View Details
    • Value Estimation by Request
      4,760 SF

      24500 Southfield Rd

      OFFICE BUILDING • 4,760 SF
      24500 Southfield Rd, Southfield, MI 48075-2700
      View Details
    • Value Estimation
      $1,100,000
      23,100 SF

      25755 Southfield Rd

      OFFICE BUILDING • 23,100 SF
      25755 Southfield Rd, Southfield, MI 48075-1876
      View Details
    • Value Estimation by Request
      8,024 SF

      23265 Northwestern Hwy

      OFFICE BUILDING • 8,024 SF
      23265 Northwestern Hwy, Southfield, MI 48075-7707
      View Details
    • Value Estimation by Request
      4,608 SF

      19068 10th Mile Rd

      OFFICE BUILDING • 4,608 SF
      19068 10th Mile Rd, Southfield, MI 48075-2401
      View Details
    • Value Estimation
      $4,400,000
      148,536 SF

      17515 9th Mile Rd

      OFFICE BUILDING • 148,536 SF
      17515 9th Mile Rd, Southfield, MI 48075-4403
      View Details

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      69,580 SF

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      Multi-tenant office building with renovated common areas and highway access.
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    Similar Nearby for Lease

    • $11,550 /Mo

      Updated Office Building For Lease

      Updated office building for lease in Southfield, priced to move.
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      Renovated Southfield Office Space Available

      Professionally managed office building with renovated common areas and highway access.
      24445 Northwestern Hwy, Southfield, MI 48075
      View Details
    • $2,350,000
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      Southfield Office Building with Cell Tower

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      Southfield Office Building Space Available

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    • Contact for pricing
      261,000 SF

      Class A Office Building For Lease

      Class A office building in prime location with state-of-the-art amenities.
      25800 Northwestern Hwy, Southfield, MI 48075
      View Details
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    24370 Northwestern Hwy
    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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