21455 Melrose AveSouthfield, MI 48075

Property Details for 21455 Melrose Ave

Year built

1987

Lot size

4.68 AC

Property size (Sq ft)

56,100 SF

Zone code

I-L

Property type

Industrial properties

Property subtype

Loft space

APN

76-24-34-351-050

APU

762434351050

Description

This exceptional Southfield, Michigan property, located at 21455 Melrose Ave, 48075, offers a diverse range of office and industrial spaces totaling 378,762 square feet. Built in 1986 and renovated in 1990, the property features multiple tenancies and currently has 20,529 square feet of vacant space available, ranging from 1,312 to 12,430 square feet. The building boasts a 16-foot ceiling height and abundant onsite parking. The property is classified as Traditional Office, Executive Office, Flex, Warehouse, and R&D space, making it suitable for a variety of businesses. Located in Oakland County, this property presents a unique opportunity for businesses seeking flexible and adaptable space. Rent is quoted on a triple-net (NNN) basis, with estimated NNN charges of approximately $4.25 per square foot annually, billed monthly. A $0.25 per square foot annual rent increase is subject to the lease. The quoted rent is for "as is" space and is subject to lease length and leasehold improvements. Gas and electric are separately metered and are the tenant's responsibility. The rental rate is subject to change based on tenant leasehold improvement requirements.

• CAP approach

  CAP return

  Valuation

  6%

  $11,908,518

  6.5%

  $10,992,478

  7%

  $10,207,301

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,133,770

  Geo Method

  $8,133,770

• Alternative Use

  Use

  Valuation

  Residential

  $10,992,478

  Hospitality

  $10,069,051

  Educational

  $8,377,332

  Medical

  $8,665,441

  Retail

  $13,031,405

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4471

Longitude

-83.2538

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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