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

    42481 13th Mile Rd Novi, MI 48377-2009

    • Commercial real estate
    • 11,239 SF
    • 2.27 lot acres
    OFF-MARKET
    Last Sale
    Aug 23, 2021
    Value Estimations
    $1,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1165119
    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 real estate

    Property Details for 42481 13th Mile Rd

    Year built
    2006
    Lot size
    2.27 lot acres
    Property size
    11,239 SF
    Zone code
    R-A
    Property type
    Commercial real estate
    APN
    50-22-11-126-004
    APU
    502211126004

    Description

    This exceptional 11,180-square-foot retail or medical office space presents a unique investment opportunity. Located at 42481 W 13 Mile Road in Novi, Michigan (Oakland County, zip code 48377), this freestanding building sits on a 2.27-acre lot and boasts approximately 60 parking spaces. Built in 2006, the property is ideally situated on a hard corner at the intersection of 13 Mile and Novi Road, offering excellent visibility and accessibility. The property is zoned within a Planned Urban Development (PUD) featuring new housing developments, and it's the only location within the PUD permitted to have a drive-thru, presenting a significant advantage. The high-traffic location is further enhanced by an average household income exceeding $100,000 within a three-mile radius. This former Rite Aid building is easily adaptable for medical office use, catering to the growing healthcare needs of the community. The property's strategic location serves as a gateway to Novi and Walled Lake, placing it within a thriving retail corridor considered among the best in Southeastern Michigan. The APN is 22-11-126-004. This property offers significant potential for a variety of uses and represents a compelling investment opportunity in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,325,000
      Market price range: $1.12M - $2.39M
      AI Estimate
      $1,185,000
      Market price range: $942k - $2.18M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,665,000
      Current use
      RESTAURANT
      $1,945,000
      Change: +17% Conversion: Difficult
      RETAIL STORES
      $1,895,000
      Change: +14% Conversion: Easy
      MEDICAL BUILDING
      $1,775,000
      Change: +7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,380,000
      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
    -83.4676
    Latitude
    42.5095
    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
    $25,909
    $0.00
    $0.00
    $536,120
    -
    $0.00
    $0.00
    $1,072,240

    Comparable in this City

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      17.56 Acres

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    • Value Estimation by Request

      27740 Novi Rd

      COMMERCIAL (GENERAL)
      27740 Novi Rd, Novi, MI 48377-3422
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    • Value Estimation by Request
      0.11 Acres

      2219 Old Novi Rd

      COMMERCIAL (GENERAL) • 0.11 Acres
      2219 Old Novi Rd, Novi, MI 48377-2074
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    • Value Estimation by Request
      0.30 Acres

      2205 Old Novi Rd

      COMMERCIAL (GENERAL) • 0.30 Acres
      2205 Old Novi Rd, Novi, MI 48377-2092
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      8.05 Acres

      45182 Park Dr

      COMMERCIAL (GENERAL) • 8.05 Acres
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    • Value Estimation by Request
      26.54 Acres

      30995 Springlake Blvd

      COMMERCIAL (GENERAL) • 26.54 Acres
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    Similar Nearby for Sale

    • Contact for pricing

      Novi, MI Master Planned Land

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      View Details
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      Novi Office Land Development Opportunity

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    • $3,150,000
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      Prime Novi land, high growth potential.
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      High-Visibility Novi Commercial Land

      5 Acres, Prime Location, $1M
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    • $1,200,000
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      Novi Commercial Land - 3.61 Acres

      Prime Novi location, buildable land, excellent access.
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    • $1,950,000
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      Novi Commercial Land - M-5 Frontage

      11 Acres, High Visibility, Development Potential
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    Similar Nearby for Lease

    • $35 SF/Yr
      10,000 SF

      Novi Restaurant Space - 10,000 SF

      Prime Novi restaurant, fully built-out.
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    • $12 SF/Yr
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      Novi Executive Office Space

      14,142 SF Available, Prime Location
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    • Contact for pricing

      Novi Commercial Property For Rent

      Commercial property available for rent in Novi, Michigan.
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    • $13 SF/Yr
      11,834 SF

      Novi High-Tech/R&D Space Available

      Flexible high-tech/R&D space with heavy power and high-bay.
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    • $14 SF/Yr
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      Novi Executive Office Space

      Class A Office Suites, ±22,000 SF Available
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    • Contact for pricing
      37,397 SF

      Novi Retail Space - Beck Road

      Prime Novi location, 3,690 sq ft available.
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      View Details
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    Novi, MI 48377-2009
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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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