15565 Northland DrSouthfield, MI 48075

Property Details for 15565 Northland Dr

Year built

1963

Lot size

1.98 AC

Property size (Sq ft)

113,625 SF

Zone code

RS

Property type

Office buildings

APN

76-24-36-477-002

APU

762436477002

Description

This exceptional 13.78-acre property in Southfield, Michigan, presents a compelling redevelopment opportunity. The site encompasses four office buildings totaling 399,272 square feet, with 354,955 square feet of net rentable space. Constructed between 1963 and 1968, and renovated in 2010, the nine-story buildings are situated on four individual parcels, offering flexibility for future development. The property boasts high visibility from three sides, with excellent access to the Lodge Freeway (M-10), 8 Mile Road, and Greenfield Road, experiencing significant daily traffic volume. Its strategic location is adjacent to the former Northland Mall, now undergoing a major city-led redevelopment project, and a newly constructed Costco, creating a dynamic and evolving neighborhood. The B-1 zoning allows for diverse mixed-use possibilities, including corporate headquarters, R&D, retail, and residential components. The Michigan Economic Development Corporation offers various tax incentives to support redevelopment projects, further enhancing the financial upside potential. This prime location within Southfield's largest office submarket, coupled with the surrounding revitalization efforts, makes this a unique investment opportunity with significant potential for substantial returns. The existing buildings, while currently diminished in economic viability due to market factors, provide a solid foundation for a transformative project.

• CAP approach

  CAP return

  Valuation

  6%

  $26,783,300

  6.5%

  $24,723,100

  7%

  $22,957,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,628,500

  Geo Method

  $10,628,500

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $46,602,000

  Retail / Commercial

  $24,302,900

  Mixed-Use / Specialty

  $24,535,900

  Hospitality / Lodging

  $18,417,400

  Institutional / Educational

  $25,621,700

  Residential Income

  $29,977,400

  Multifamily

  $34,181,200

  Automotive / Energy

  $21,961,400

  Parking / Income-Based Land

  $7,262,830

  Restaurant / Food Service

  $13,443,500

  Healthcare / Senior Housing

  $24,833,300

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.4471

Longitude

-83.2029

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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