Property profile

31074 Novi Rd Novi, MI 48377

OFF-MARKET
Commercial land
Property ID
US43-2653938
0.42 ac lot
Entity Owned 5-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Commercial land
Use group VACANT COMMERCIAL LAND
Lot 0.42 ac (18,295 SF)
Zoning code R-A
APN 50-22-02-200-043
UPID US43-2653938

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

31074 Novi Rd Novi, MI 48377
Novi metro Census 136800 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$150k

Owner & transaction history

since 2021
Last sale
$149,900
3 recorded transactions
2021
$149,900
2021
Price N/A
2009
$12,500

Zoning & alternative use

R-A · Novi, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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