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    46735 12 Mile Rd Novi, MI 48377
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    46735 12 Mile Rd Novi, MI 48377

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    • Land
    Off-Market
    Property ID
    US43-0866027
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 46735 12 Mile Rd

    Property type
    Land
    Property subtype
    Industrial properties

    Description

    This exceptional 2.85-acre land parcel in Novi, Michigan, presents a remarkable opportunity for development. Comprising two lots (1.89 acres and 0.96 acres respectively), located at 46735 & 46745 W Twelve Mile Rd, 48377, this property is master-planned for a diverse range of uses. The approved zoning allows for the construction of office, service, technology R&D, medical facilities, and even a hotel, with a retail service overlay. The site benefits from its strategic location within an established area featuring a blend of residential, industrial, and medical office buildings, ensuring a vibrant and dynamic environment. Its convenient access to major thoroughfares, including I-96, I-696, and I-275, provides excellent connectivity and accessibility. Furthermore, the property boasts the advantage of readily available municipal sewer and water services, simplifying the development process and reducing infrastructure costs. This prime location and flexible zoning make this land an ideal investment for developers seeking a high-impact project in a thriving Michigan community. The property's size and zoning flexibility offer significant potential for a variety of development scenarios, catering to a wide range of commercial and potentially residential needs. This is a rare opportunity to acquire a substantial land parcel in a desirable location with pre-approved mixed-use zoning.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.5083
    Latitude
    42.4942

    Comparable in this City

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      1.09 Acres

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      1.14 Acres

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      14.50 Acres

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      5.00 Acres

      M-5 Mile Rd

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      M-5 Mile Rd, Commerce Charter Township, MI 48377
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      176,160 SF

      27175-27275 Haggerty Rd

      Lifestyle centers • 176,160 SF
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      17.56 Acres

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      Land • 17.56 Acres
      40705 13 Mile Rd, Novi, MI 48377
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    Similar Nearby for Sale

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      Land For Sale

      Land available for sale.
      46735 W Twelve Mile 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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      Land For Sale

      1.09 acres of land available for purchase.
      29580 Hudson Dr, Novi, MI 48377
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      14.5 Acres Prime Land

      14.5 acres of land with high visibility and frontage.
      26822 Meadowbrook Rd, Novi, MI 48377
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      Land For Sale

      Land available for purchase.
      42295 W Thirteen Mile Rd, Novi, MI 48377
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      Vacant Land For Sale

      11.12 acres of vacant land at 13 Mile and M-5.
      40695 Thirteen Mile Rd, Novi, MI 48377
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    Similar Nearby for Lease

    • Contact for pricing

      Novi Commercial Spaces for Lease

      Mixed-use, office, industrial, and restaurant spaces available for lease.
      27175-27275 Haggerty Rd, Novi, MI 48377
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    • $9 SF/Yr

      Industrial Space with Extra Land

      48,010 SF Class B industrial space on 5.2 acres.
      46480 Magellan Dr, Novi, MI 48377
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      3,500 SF

      Novi Flex Space Available

      Flex space with high ceilings and direct parking access.
      28850 Cabot Dr, Novi, MI 48377
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      10,250 SF

      Novi R&D Park Suites

      R&D park suites available with frontage on Haggerty Road.
      27275 Haggerty Rd, Novi, MI 48377
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      45,676 SF

      Novi Flex/Industrial Space Available

      Flex/industrial space available for lease in Novi, Michigan.
      39600 Lewis Dr, Novi, MI 48377
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      Class A R&D Flex Building

      High image flex building with excellent access to major highways.
      39575-39625 Lewis Dr, Novi, MI 48377
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    46735 12 Mile Rd
    Novi, MI 48377
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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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