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    Property profile & analytics

    24555 Novi Rd Novi, MI 48375

    • Commercial real estate
    • 4,948 SF
    • 4.68 lot acres
    For Lease
    View listing
    Last Sale
    Jun 13, 2023
    $1,950,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0220048
    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

    • Detroit Indian Center / Tutoring Service
    • ATM / Atm

    Property Details for 24555 Novi Rd

    Year built
    1986
    Lot size
    4.68 lot acres
    Property size
    4,948 SF
    Zone code
    B-3
    Property type
    Commercial real estate
    APN
    50-22-22-400-010
    APU
    502222400010

    Description

    This exceptional ground lease opportunity presents three contiguous one-acre parcels totaling approximately three acres, located at 24555 Novi Road in Novi, Michigan, 48375. The property is zoned B-3, one of the few remaining parcels with this designation in the city. This prime location offers unparalleled access to major transportation arteries, including Interstates 96, 696, and 275, as well as M-5 and M-102 (8 Mile Road). Its proximity to the Novi Road exit off I-96, and the convergence of these major roadways, provides convenient access to all Midwest and Canadian destinations. The Detroit Metropolitan Wayne County Airport is less than 30 minutes away, further enhancing its logistical advantages. The site benefits from its strategic position just north of the intersection of Novi Road and 10 Mile Road, and just south of Grand River Avenue. Parcel lines are currently illustrative and can be adjusted to accommodate various development needs, ranging from smaller to larger footprints than the current one-acre divisions. A Quick Pass Car Wash is slated to begin construction in Spring 2024 on a portion of the land. Potential uses are diverse and include, but are not limited to, auto service, retail, restaurants, financial institutions, and medical facilities. The possibility of drive-thru windows exists for all three parcels. Novi, located in Oakland County, is a highly desirable community known for its suburban atmosphere, abundant amenities (restaurants, coffee shops, parks), and highly-rated public schools. This presents a unique chance to establish a presence in a thriving and strategically important location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $958,000
      Market price range: $495k - $958k
      AI Estimate
      $958,000
      Market price range: $415k - $958k

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4767
    Latitude
    42.4687
    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
    2023
    $27,389
    $0.00
    $0.00
    $671,190
    -
    $0.00
    $0.00
    $1,342,380

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      COMMERCIAL (GENERAL) • 8.88 Acres
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    Similar Nearby for Sale

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      Novi Road Commercial Land

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      2.00 Acres

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      Novi Industrial Building - 56,700 SF

      Large industrial space, Novi, MI. 1.31 acres. $200,000.
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      Vacant Land Parcels in Novi

      Four vacant land parcels available near I-696 and I-275.
      & Meadowbrook Grand River Ave, Novi, MI 48375
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
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      Novi Medical Office Building For Lease

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    Novi, MI 48375
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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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