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Property profile

422 N Center St Northville, MI 48167

FOR SALE
Medical Office Space
Property ID
US43-4892034
2,558 SF 0.22 ac lot Built 1974
Entity Owned 18-yr Hold ~ Est. High Equity
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For Sale
$580,000 2,558 SF
422 N Center St, Northville, MI 48167
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Property summary

AI-generated overview

This exceptional investment opportunity presents a portfolio of two Class A medical office buildings totaling 18,300 square feet, strategically located in the thriving communities of Northville and South Lyon, Michigan. The portfolio boasts a strong 94% occupancy rate, generating a substantial net operating income (NOI) of $254,835 and an attractive 8.22% capitalization rate. One building, situated at 422 N Center St in Northville, is a single-tenant, stabilized property fully occupied by a strong regional medical office operator. This building offers excellent visibility with road-front signage and benefits from its location in a highly desirable area of Michigan, close to Ascension Providence Hospital - Novi. The second building, located at 12660 10 Mile Rd in South Lyon, is a multi-tenant property with 80% occupancy, featuring two national healthcare providers as tenants. This newer construction building is impeccably maintained and enjoys high-end curb appeal and prominent road-front signage. It also benefits from its proximity to major hospitals within a 15-mile radius. The portfolio includes a total of 58 parking spaces and sits on approximately 1.22 acres of land. Both buildings are two stories and feature a mix of square footage ranging from 4,500 to 13,800 square feet. Leases are NNN, with a current lease commencement date of December 2, 2021, and expiration date of December 2, 2026, leaving a remaining lease term of two years. The permitted zoning is OS

Property profile

Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Year built 1974
Total area 2,558 SF
Lot 0.22 ac (9,583 SF)
Zoning code PBO
APN 48 001 04 0647 000
UPID US43-4892034

Cap rate & NOI

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

Current use

Occupant on record · Public records
  • Physician
  • Medical Clinic
  • Medical Clinic
  • Physician
  • Medical Clinic

Location

422 N Center St Northville, MI 48167
Northville metro Census 560100 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
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Comparable Approach Comparable
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Blend (final) Blend
$580k

Owner & transaction history

since 2008
2 recorded transactions
2008
$645,000
1969
Price N/A

Zoning & alternative use

PBO · Northville, MI
Zoning description

The PBO District is designed to encourage the grouping of similarly related structures and land uses for offices of one kind or another

General category COMMERCIAL

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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