24450 Evergreen RdSouthfield, MI 48075

Property Details for 24450 Evergreen Rd

Year built

1970

Lot size

1.80 AC

Property size (Sq ft)

33,600 SF

Zone code

OS

Property type

Office properties

Property subtype

Office buildings

APN

76-24-26-151-005

APU

762426151005

Description

This exceptional 33,600 square foot office building, situated on a 5.39-acre lot in Southfield, Michigan, presents a compelling investment opportunity. The property, built in 1971 and renovated in 1995, is classified as Class C and currently operates as a multi-tenant executive office space with a net lease structure. The building offers 5,000 square feet of net rentable space, priced at $80.36 per square foot, with an asking price of $2,700,000. The property boasts ample parking, providing 4.3 spaces per 1,000 square feet. Its (OS) Office Service zoning designation opens doors to diverse redevelopment possibilities. A significant advantage is the inclusion of an undeveloped 3.59-acre parcel adjacent to the existing office building, further enhancing its potential. This owner/user opportunity is ideally located in the heart of Southfield, MI, at 24450 Evergreen Rd, zip code 48075, within Oakland County. The substantial lot size and existing building structure provide a unique blend of immediate income potential and long-term development prospects. This is a rare chance to acquire a significant property in a thriving Michigan market.

• CAP approach

  CAP return

  Valuation

  6%

  $5,751,915

  6.5%

  $5,309,460

  7%

  $4,930,212

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,142,944

  Geo Method

  $3,142,944

• Alternative Use

  Use

  Valuation

  Residential

  $6,583,730

  Hospitality

  $6,030,662

  Educational

  $5,017,440

  Medical

  $5,189,997

  Retail

  $7,804,906

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4682

Longitude

-83.2394

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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