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

    700 Tower Dr Troy, MI 48098

    • Commercial real estate
    • 245,371 SF
    • 15.93 lot acres
    For Lease
    View listing
    $21 SF/Yr
    Last Sale
    Sep 13, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0536929
    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

    • NAI Group, LLC / Industrial Manufacturer / Production Facility
    • HBPO North America Inc / Industrial Manufacturer / Production Facility
    • AmeriSave Mortgage Corporation / Loan Service / Bank
    • Effyis, Inc. / (Bike/Boat/Book/etc) Store / Corporate Office
    • RCM Technologies / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 700 Tower Dr

    Year built
    1986
    Lot size
    15.93 lot acres
    Property size
    245,371 SF
    Zone code
    R-C
    Property type
    Commercial real estate
    APN
    88-20-09-301-016
    APU
    882009301016

    Description

    North Troy Corporate Park - 700 offers exceptional executive office space in Troy, Michigan. This seven-story building, constructed in 1987, boasts a total of 242,000 square feet, with 40,027 square feet currently vacant and available for lease. The property is zoned R-C and situated at 700 Tower Drive, Troy, MI 48098. Multiple tenancy options are available, catering to businesses of various sizes. Units range from a minimum of 1,934 square feet to a maximum contiguous space of 21,953 square feet, providing flexibility for diverse occupancy needs. The building offers ample parking, with a ratio of 4.3 spaces per 1,000 square feet. Its location in Oakland County provides easy access to major transportation routes and amenities. This prime office location is ideal for businesses seeking a prestigious address and functional workspace. The building's executive office subtype offers a sophisticated and professional environment. The property is part of a larger shopping center, offering added convenience and accessibility for employees and clients. Interested parties are encouraged to inquire about available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $31,289,000
      Market price range: $31.3M - $60.0M
      AI Estimate
      $31,289,000
      Market price range: $31.3M - $60.0M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $44,810,000
      Current use
      RESTAURANT
      $42,475,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $41,415,000
      Change: -8% Conversion: Easy
      MEDICAL BUILDING
      $38,735,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1619
    Latitude
    42.5925
    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
    $145,781
    $0.00
    $0.00
    $9,643,910
    -
    $0.00
    $0.00
    $19,287,820

    Comparable in this City

    • Value Estimation by Request
      0.26 Acres

      5960 Livernois Rd

      COMMERCIAL (GENERAL) • 0.26 Acres
      5960 Livernois Rd, Troy, MI 48098-3141
      View Details
    • 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
      View Details
    • 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

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      Retail property on Rochester Road with overhead door and frontage.
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      Office Building on Crooks Road

      Office building located at 5600 Crooks Rd, Troy, MI 48098.
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    Similar Nearby for Lease

    • $21 SF/Yr
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      Troy Executive Office Space

      Premium Office Suites, Flexible Sizes
      700 Tower Dr, Troy, MI 48098
      View Details
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      Prime Troy Executive Office Space

      Class A Office Suites, 2,183 - 29,135 SF
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      Office Space in Timberlands Park

      Office building in Timberlands Office Park, Troy, Michigan.
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      Troy Office Space For Lease

      Class B Office, Multiple Suites Available
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    • Contact for pricing
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      Office Space with Lab and Café

      Office space featuring a lab, garage, and on-site café.
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      Renovated Office Space with Amenities

      Recently renovated office space with fitness center and convenient location.
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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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