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    Property profile & analytics

    42191 14th Mile Rd Novi, MI 48377-1401

    • Commercial real estate
    • 10,878 SF
    • 1.54 lot acres
    OFF-MARKET
    Last Sale
    Jul 13, 2023
    Value Estimations
    $2,170,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1025115
    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

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    Property Details for 42191 14th Mile Rd

    Year built
    1999
    Lot size
    1.54 lot acres
    Property size
    10,878 SF
    Zone code
    R-A
    Property type
    Commercial real estate
    APN
    50-22-02-200-041
    APU
    502202200041

    Description

    This exceptional 10,878-square-foot retail property, located at 42191 W 14 Mile Rd in Novi, Michigan, 48377, presents a unique investment opportunity. The single-tenant building, constructed in 1999, sits on a 1.54-acre lot and is classified as Class B. Its convenient location at the southeast corner of 14 Mile Road and Novi Road ensures high visibility and accessibility. The property boasts ample parking, a significant advantage for attracting customers. The zoning is PUD. The building is a single-story structure with no elevators. Property taxes are $2.65 per square foot. This location is part of a thriving Novi neighborhood shopping center, with established businesses such as Starbucks, Little Caesars Pizza, and Flagstar Bank nearby. The property's size and location make it ideal for a variety of retail uses. This is a chance to establish a presence in a bustling Novi, Michigan community with excellent visibility and convenient access. The property offers significant potential for a discerning investor or business owner seeking a prime retail location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,289,000
      Market price range: $1.09M - $2.31M
      AI Estimate
      $2,047,000
      Market price range: $911k - $2.11M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,610,000
      Current use
      RESTAURANT
      $1,885,000
      Change: +17% Conversion: Difficult
      RETAIL STORES
      $1,835,000
      Change: +14% Conversion: Easy
      MEDICAL BUILDING
      $1,715,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,335,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4665
    Latitude
    42.526
    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
    $30,285
    $0.00
    $0.00
    $926,010
    -
    $0.00
    $0.00
    $1,852,020

    Comparable in this City

    • Value Estimation by Request
      5.00 Acres

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      7.02 Acres

      39525 Mackenzie Dr

      COMMERCIAL (GENERAL) • 7.02 Acres
      39525 Mackenzie Dr, Novi, MI 48377-1602
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      40333 14th Mile Rd

      COMMERCIAL (GENERAL)
      40333 14th Mile Rd, Novi, MI 48377-1609
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      72.63 Acres

      31170 Wellington Dr

      COMMERCIAL (GENERAL) • 72.63 Acres
      31170 Wellington Dr, Novi, MI 48377-1046
      View Details
    • Value Estimation
      $8,385,000
      76,252 SF

      31120 Beck Rd

      COMMERCIAL (GENERAL) • 76,252 SF
      31120 Beck Rd, Novi, MI 48377-1020
      View Details
    • Value Estimation
      $10,795,000
      58,430 SF

      28100 Cabot Dr

      COMMERCIAL (GENERAL) • 58,430 SF
      28100 Cabot Dr, Novi, MI 48377-2966
      View Details

    Similar Nearby for Sale

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      180,000 SF

      Haggerty Road Land For Sale

      Prime land available on Haggerty Rd, Novi, MI.
      27175 Haggerty Rd, Novi, MI 48377
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      Land For Sale

      Land available for sale.
      46735 W Twelve Mile Rd, Novi, MI 48377
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      Prime Development Land in Novi

      5-acre commercial land suitable for various development projects.
      27421 Meadowbrook Rd, Novi, MI 48377
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      Land For Sale

      Land available for sale.
      47000 Twelve Mile Rd, Novi, MI 48377
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    • $975,000

      Development Opportunity at Pontiac Trail

      Hard corner lot suitable for retail, office, or medical development.
      W Park Dr, Novi, MI 48377
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      Novi Flex Space Opportunity

      Flex space for sale, lease, or build-to-suit near I-96/696.
      27629 Haggerty Rd, Novi, MI 48377
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    Similar Nearby for Lease

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      Office and Medical Suites Available

      Move-in ready office and medical suites in desirable location.
      42450 Twelve Mile Rd, Novi, MI 48377
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      Office Space for Lease

      Office space available for lease in Novi, Michigan.
      28100 Cabot Dr, Novi, MI 48377
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Novi, Michigan.
      31202 Beck Rd, Novi, MI 48377
      View Details
    • Contact for pricing
      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
    • Contact for pricing

      Medical/Office Space For Lease

      2,330 SF medical/office space available for lease.
      39525 W 14 Mile Rd, Novi, MI 48377
      View Details
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    Novi, MI 48377-1401
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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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