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

    31074 Novi Rd Novi, MI 48377

    • Commercial land
    • 0.42 lot acres
    OFF-MARKET
    Last Sale
    Apr 12, 2021
    $149,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2653938
    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

    • Commercial land

    Property Details for 31074 Novi Rd

    Lot size
    0.42 lot acres
    Zone code
    R-A
    Property type
    Commercial land
    APN
    50-22-02-200-043
    APU
    502202200043

    Description

    This exceptional 0.42-acre commercial lot in Novi, Michigan, presents a turnkey opportunity for a medical office development. Located on Novi Road, just south of 14 Mile Road, this property boasts high visibility and convenient access. The City of Novi has already approved plans for a state-of-the-art 2,600 square foot medical office building. All necessary city approvals, surveys, and final construction drawings are complete, eliminating significant hurdles and expediting the development process. This significantly reduces the time and cost typically associated with obtaining permits and approvals. The property is priced at $350,000, representing a price per square foot of $134.62. This investment-ready site offers a streamlined path to establishing a thriving medical facility within Novi's dynamic community. The existing approvals and plans minimize upfront costs and delays, allowing for a quick transition from purchase to construction. This is an unparalleled opportunity to capitalize on the high demand for medical services in this thriving area. Don't miss this chance to build a successful medical practice in a prime Novi location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4669
    Latitude
    42.5238
    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
    $2,971
    $0.00
    $0.00
    $61,490
    -
    $0.00
    $0.00
    $122,980

    Comparable in this City

    • Value Estimation by Request
      30.87 Acres

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      27101 Cabaret Dr, Novi, MI 48377-3312
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    • Value Estimation by Request
      36.28 Acres

      Haggerty Rd

      VACANT COMMERCIAL LAND • 36.28 Acres
      Haggerty Rd, Novi, MI 48377
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    • Value Estimation by Request
      0.51 Acres

      Novi, MI 48377

      VACANT COMMERCIAL LAND • 0.51 Acres
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      26.00 Acres

      Novi, MI 48377

      VACANT COMMERCIAL LAND • 26.00 Acres
      Novi, MI 48377
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    • Value Estimation by Request
      0.10 Acres

      Novi, MI 48377

      VACANT COMMERCIAL LAND • 0.10 Acres
      Novi, MI 48377
      View Details
    • Value Estimation by Request
      0.10 Acres

      Novi, MI 48377

      VACANT COMMERCIAL LAND • 0.10 Acres
      Novi, MI 48377
      View Details

    Similar Nearby for Sale

    • $495,000

      Land Pad Site For Sale

      Vacant land near M-5, approved for medical or office.
      42131 W 14 Mile Rd, Novi, MI 48377
      View Details
    • $450,000

      4.2 Acre Novi Parcel

      4.2 acre parcel in Novi/Wixom corridor, build-to-suit opportunity.
      West Rd, Novi, MI 48377
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    • $899,999

      Novi Land Parcel For Sale

      Five-acre parcel zoned for medical office use in Novi.
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    • $975,000

      Corner Land Development Opportunity

      2.48 acres of vacant land for retail or office.
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    • $1,950,000

      Land in Novi Shopping District

      Commercial land with redevelopment potential near Twelve Oaks Mall.
      27145 S Karevich Dr, Novi, MI 48377
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      Development Opportunity at Pontiac Trail

      Hard corner lot suitable for retail, office, or medical development.
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    Similar Nearby for Lease

    • $14 SF/Yr
      58,430 SF

      Novi Executive Office Space

      Class A Office Suites, ±22,000 SF Available
      28100 Cabot Dr, Novi, MI 48377
      View Details
    • Contact for pricing
      37,397 SF

      Novi Retail Space - Beck Road

      Prime Novi location, 3,690 sq ft available.
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    • $21 SF/Yr
      4,158 SF

      Novi Office Space For Lease

      Office suites available in Novi, Michigan, up to 6,000 SF.
      39475 13 Mile Rd, Novi, MI 48377
      View Details
    • $13 SF/Yr
      10,250 SF

      Novi R&D Park Suites

      R&D park suites available with frontage on Haggerty Road.
      27275 Haggerty Rd, Novi, MI 48377
      View Details
    • $2,629 /Mo

      Office and Medical Suites Available

      Move-in ready office and medical suites in a desirable location.
      42450 W 12 Mile Rd Rd, Novi, MI 48377
      View Details
    • $35 SF/Yr
      10,000 SF

      Novi Restaurant Space - 10,000 SF

      Prime Novi restaurant, fully built-out.
      44325 Twelve Mile Rd, Novi, MI 48377
      View Details
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    31074 Novi Rd
    Novi, MI 48377
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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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