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    5607 New King Dr Troy, MI 48098
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    Property profile & analytics

    5607 New King Dr Troy, MI 48098

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    • Commercial real estate
    • 93,300 SF
    • 7.39 lot acres
    For Lease
    $12,605,000
    View Listing →
    Office Space Available For Lease For Lease
    $12,605,000

    Office Space Available For Lease

    Office space available for lease in Troy, Michigan.

    5607 New King Dr, Troy, MI 48098
    View Listing
    Property ID
    US43-0663641
    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

    • Dunham's Sports Headquarters / (Bike/Boat/Book/etc) Store
    • Regents Financial / Loan Service / Bank
    • The Body Principle Integrative Health Organization / Wellness Program
    • Loan Craft / Loan Service
    • Little Griddle Innovations / Industrial Manufacturer / Production Facility

    Property Details for 5607 New King Dr

    Year built
    1983
    Lot size
    7.39 lot acres
    Property size
    93,300 SF
    Zone code
    R-C
    Property type
    Commercial real estate
    APN
    88-20-08-476-007
    APU
    882008476007

    Description

    North Troy Corporate Park offers exceptional executive office space for lease in Troy, Michigan. This Class B building, located at 5607 New King Dr, 48098, boasts a total of 20,904 square feet, with a significant 28,441 square feet currently vacant. The property is ideally suited for businesses seeking flexible space options, with units ranging from a minimum of 1,248 square feet to a maximum contiguous space of 12,703 square feet. Seven individual suites are currently available, providing ample opportunity for businesses of various sizes to establish a presence in this thriving Michigan location. The building's multiple tenancy structure ensures a diverse and vibrant community of professionals. The property's convenient location in Troy offers easy access to major transportation routes, enhancing connectivity and accessibility for employees and clients alike. This is a fantastic opportunity to secure high-quality office space in a well-established business park. Interested parties are encouraged to inquire about available suites and lease terms. The property's latitude and longitude coordinates are 42.6011471, -83.1732172 respectively.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,607,000
      Market price range: $11.9M - $22.8M
      AI Estimate
      $12,607,000
      Market price range: $11.9M - $22.8M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $17,040,000
      Current use
      RESTAURANT
      $16,150,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $15,750,000
      Change: -8% Conversion: Easy
      MEDICAL BUILDING
      $14,730,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1734
    Latitude
    42.6012
    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
    2022
    $121,953
    $0.00
    $0.00
    $4,255,150
    -
    $0.00
    $0.00
    $8,510,300

    Comparable in this City

    • Value Estimation by Request
      0.26 Acres

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      5960 Livernois Rd, Troy, MI 48098-3141
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    • Value Estimation
      $16,380,000
      79,754 SF

      2045 Ss W Blvd, Unit 2129

      COMMERCIAL (GENERAL) • 79,754 SF
      2045 Ss W Blvd, Troy, MI 48098-6540
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    • Value Estimation
      $4,035,000
      28,198 SF

      4967 Crooks Rd

      COMMERCIAL (GENERAL) • 28,198 SF
      4967 Crooks Rd, Troy, MI 48098-5801
      View Details
    • Value Estimation
      $28,740,000
      199,672 SF

      1301 Long Lk Rd Ste, Unit 100

      COMMERCIAL (GENERAL) • 199,672 SF
      1301 Long Lk Rd Ste, Troy, MI 48098-6348
      View Details
    • Value Estimation
      $25,970,000
      203,656 SF

      850 Tower Dr

      COMMERCIAL (GENERAL) • 203,656 SF
      850 Tower Dr, Troy, MI 48098-2845
      View Details
    • Value Estimation by Request
      490,748 SF

      750 Tower Dr

      COMMERCIAL (GENERAL) • 490,748 SF
      750 Tower Dr, Troy, MI 48098-2863
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Renovated Office Building For Sale

      Office building with renovations underway, suitable for office or medical use.
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    • $2,400,000
      4,600 SF

      Landscaping Business and Real Estate

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      Class A Office Building

      Class A office building with covered parking and signage.
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      Office Building on Crooks Road

      Office building located at 5600 Crooks Rd, Troy, MI 48098.
      5600 Crooks Rd, Troy, MI 48098
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      48,772 SF

      Troy Office Building For Sale

      48,772 SqFt office building available in Troy, Michigan.
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      Established Dry Cleaning Business

      High-traffic Troy location, turnkey operation, established clientele.
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    Similar Nearby for Lease

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      Class A Office Space Available

      Class A office suites available with modern amenities and freeway access.
      1301 West Long Lake Rd, Troy, MI 48098
      View Details
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      4,297 SF

      Available Office Suites in Troy

      Office suites available for lease, close to amenities and I-75.
      5455 Corporate Dr, Troy, MI 48098
      View Details
    • Contact for pricing

      Med Spa Ready for Lease

      Fully built-out Med Spa available for lease in Troy.
      5296 Crooks Rd, Troy, MI 48098
      View Details
    • Contact for pricing
      94,439 SF

      Office Space in Timberlands Park

      Office building with tenant lounge, conference facility, and outdoor patio.
      5435 Corporate Dr, Troy, MI 48098
      View Details
    • Contact for pricing
      5,908 SF

      Office Space in Timberlands Park

      Office building in Timberlands Office Park, Troy, Michigan.
      5445 Corporate Dr, Troy, MI 48098
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    View Listing
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    Troy, MI 48098
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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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