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Property profile & analytics
OFF-MARKET
Estimated value
$8,135,000
Commercial real estate
42700 11th Mile Rd, Novi, MI 48375-1712
Entity Owned
Free & Clear
Property ID
US43-1730301
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1999
Total area
68,887 SF
Lot
9.86 ac (429,502 SF)
Zoning code
OSC
APN
50-22-14-376-014
UPID
US43-1730301
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.42M
Blend (final)
Blend
$8.14M
Owner & transaction history
HPTMI III PROPERTIES TRUST · 1 yrs held
HPTMI III PROPERTIES TRUST
since 2025
1 recorded transaction
Zoning & alternative use
OSC · Novi, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$11.9M
+28.0%
Retail stores
$11.6M
+24.8%
Medical building
$10.9M
+16.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Novi submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Novi submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$9,315,000
Current use
RESTAURANT
$11,925,000
Change: +28% · Conversion: Difficult
RETAIL STORES
$11,625,000
Change: +25% · Conversion: Easy
MEDICAL BUILDING
$10,875,000
Change: +17% · Conversion: Easy
AUTO REPAIR, GARAGE
$8,445,000
Change: -9% · Conversion: Difficult
OFFICE BUILDING
$8,080,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$8.14M
Range $7.32M – $8.95M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$118 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$150,778
Tax year 2023
Assessed value
$3,615,940
Assessed 2023
Previous assessed
$3,615,940
+0.0% YoY
Effective rate
4.17%
On assessed value
Total market value
$7,231,880
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1999
Heating
FORCED AIR
Stories
4
Total area
68,887 SF
Lot
9.86 ac (429,502 SF)
Zoning code
OSC
APN
50-22-14-376-014
UPID
US43-1730301
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
OSC · Novi, MI
Zoning OSC · permitted uses
OSC · Novi, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Novi. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$9.3M
RESTAURANT
Est. value
$11.9M
RETAIL STORES
Est. value
$11.6M
MEDICAL BUILDING
Est. value
$10.9M
AUTO REPAIR, GARAGE
Est. value
$8.4M
OFFICE BUILDING
Est. value
$8.1M
COMMERCIAL (GENERAL) Current
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Heating
FORCED AIR
Stories
4
Lot
9.86 ac
Current owner
From public records · entity-resolved
HPTMI III PROPERTIES TRUST
Entity
Free & Clear · 1 yrs held
Mailing address
PO BOX 460389, HOUSTON, TX 77056-8389
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 25, 2025
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Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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