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    Property profile & analytics

    24450 Evergreen Rd Southfield, MI 48075

    • Office buildings
    • 33,600 SF
    • 1.80 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5247227
    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

    • Rita Banno / Dentist
    • Stines Dental Associates / Prosthodontist
    • Lipton Teo DDS / Dentist
    • Empowered Smiles & Implants Center, Oscar Gagoh, DDS,FDS, RCPS / Dentist / Dental Implants Periodontist
    • Exfinity Home Care / Security System Supplier / Cable Company

    Property Details for 24450 Evergreen Rd

    Year built
    1970
    Lot size
    1.80 lot acres
    Property size
    33,600 SF
    Zone code
    OS
    Property type
    Office buildings
    APN
    76-24-26-151-005
    APU
    762426151005

    Description

    This exceptional 33,600 square foot office building, situated on a 5.39-acre lot in Southfield, Michigan, presents a compelling investment opportunity. The property, built in 1971 and renovated in 1995, is classified as Class C and currently operates as a multi-tenant executive office space with a net lease structure. The building offers 5,000 square feet of net rentable space, priced at $80.36 per square foot, with an asking price of $2,700,000. The property boasts ample parking, providing 4.3 spaces per 1,000 square feet. Its (OS) Office Service zoning designation opens doors to diverse redevelopment possibilities. A significant advantage is the inclusion of an undeveloped 3.59-acre parcel adjacent to the existing office building, further enhancing its potential. This owner/user opportunity is ideally located in the heart of Southfield, MI, at 24450 Evergreen Rd, zip code 48075, within Oakland County. The substantial lot size and existing building structure provide a unique blend of immediate income potential and long-term development prospects. This is a rare chance to acquire a significant property in a thriving Michigan market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $740,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,010,000
      Market price range: $1.01M - $2.82M
      AI Estimate
      $856,000
      Market price range: $856k - $2.00M

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

    Location Insight

    • Map
    • Local Demand
    City
    Southfield
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2394
    Latitude
    42.4682
    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
    $26,815
    $113,110
    $324,720
    $437,830
    -
    $226,220
    $649,440
    $875,660

    Comparable in this City

    • Value Estimation
      $1,195,000
      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 by Request
      23,100 SF

      25755 Southfield Rd

      OFFICE BUILDING • 23,100 SF
      25755 Southfield Rd, Southfield, MI 48075-1876
      View Details
    • Value Estimation
      $415,000
      8,024 SF

      23265 Northwestern Hwy

      OFFICE BUILDING • 8,024 SF
      23265 Northwestern Hwy, Southfield, MI 48075-7707
      View Details
    • Value Estimation
      $265,000
      4,608 SF

      19068 10th Mile Rd

      OFFICE BUILDING • 4,608 SF
      19068 10th Mile Rd, Southfield, MI 48075-2401
      View Details
    • Value Estimation
      $915,000
      148,536 SF

      17515 9th Mile Rd

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

    Similar Nearby for Sale

    • $375,000
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      Southfield Office Building For Sale

      Office building with 12,056 square feet of space.
      23555 Northwestern Hwy, Southfield, MI 48075
      View Details
    • $649,900

      High-Visibility Southfield Office Building

      Two-story office building with versatile space on a busy corner.
      25755 Southfield Rd, Southfield, MI 48075
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      21,630 SF

      Southfield Office Building Investment Opportunity

      21,630 SF office building with long-term tenant in Southfield.
      21840 W 9 Mile Rd, Southfield, MI 48075
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    • Contact for pricing
      33,600 SF

      33,600 SF Office Building

      33,600 SF office building for sale with flexible leasing options.
      24450 Evergreen Rd, Southfield, MI 48075
      View Details
    • $825,000
      11,000 SF

      Southfield Road Multi-Tenant Office

      11,000 SF multi-tenant office building on Southfield Road.
      25625 Southfield Rd, Southfield, MI 48075
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    • 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

    Similar Nearby for Lease

    • $11,550 /Mo

      Updated Office Building For Lease

      Updated office building for lease in Southfield, priced to move.
      23875 Northwestern Hwy #A & Or, Southfield, MI 48075
      View Details
    • $11 SF/Yr
      6,300 SF

      Updated Office Building For Lease

      Updated Southfield office building with flexible leasing options.
      23875 Northwestern Hwy, Southfield, MI 48075
      View Details
    • $12 SF/Yr
      748 SF

      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
      538 SF

      Southfield Office Building with Cell Tower

      Centrally located office building with cell tower and fiber.
      18311 W 10 Mile Rd, Southfield, MI 48075
      View Details
    • $11 SF/Yr
      2,800 SF

      Southfield Office Building Space Available

      Cornerstone Southfield location with flexible office suite configurations.
      20800 Southfield Rd, Southfield, MI 48075
      View Details
    • $13 SF/Yr
      5,360 SF

      Southfield Executive Office Space

      Prime Southfield Office, 2600 SF Available
      18470 10 Mile Rd, Southfield, MI 48075
      View Details
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    24450 Evergreen Rd
    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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