Current Bid

$150,000

Reserve (info)
Not Met
What is the reserve?
The "Reserve" is the minimum selling price established by the Seller of a property prior to the auction. Most properties on Ten-X have an established Reserve. The Starting Bid is usually set below the Reserve. Note that a winning bidder can be declared whether or not the Reserve is met.
Bid Increment
$50,000
Participation Deposit
$5,000
Bidding ends in:
1d, 11h, 15m
OFFICE

SOUTHFIELD OFFICE

SOUTHFIELD OFFICE

24209 Northwestern Highway, Southfield, MI 48075

24209 Northwestern Highway, Southfield, MI 48075
Rentable Sq. Ft.

13,770

NOI

$69,700.5

Occupancy

52.8%

Year Built

1972

Transaction Fee
5% ($20K min)

Property Information

HIGHLIGHTS

  • Property tours are available by appointment ONLY. Please contact Barry Swatsenbarg to schedule at barry.swatsenbarg@colliers.com or 248-226-1660
  • ±13,770 SF, multi-tenant office building in Southfield, MI
  • ±53% occupied with strong historical occupancy and future value-add through rental rate increases
  • Ideal for owner user or value-add investor seeking to reposition the asset
  • Outfitted w/ high-speed fiber cabling and high-end security system with keypad access and cameras
  • Abundant parking with 61 surface spaces (4.42/1,000 SF)
Primary Property Type
Office
Occupancy
52.8%
Type of Ownership
Fee Simple
Year Renovated
2000
Buildings
1
Assessor's Parcel Number
24-26-176-003
Event Item
B233-137
Transaction Fee
5% of Winning Bid Amount (A $20K minimum applies)
Participation Deposit
$5,000
Gross Area (Sq. Ft.)
16,380
Occupancy as of Date
03/01/2018
Year Built
1972
Floors
2
Lot Size (Acres)
0.86
Property ID
1000006791
Starting Bid
$150,000
Rentable (Sq. Ft.)
13,770
Tenancy Type
Multiple
Primary Property Type
Office
Occupancy
52.8%
Occupancy as of Date
03/01/2018
Type of Ownership
Fee Simple
Year Built
1972
Year Renovated
2000
Buildings
1
Floors
2
Assessor's Parcel Number
24-26-176-003
Lot Size (Acres)
0.86
Event Item
B233-137
Property ID
1000006791
Transaction Fee
5% of Winning Bid Amount (A $20K minimum applies)
Starting Bid
$150,000
Participation Deposit
$5,000
Rentable (Sq. Ft.)
13,770
Gross Area (Sq. Ft.)
16,380
Tenancy Type
Multiple
Detailed Description

Southfield Office is a two story, ±13,770 SF office building located at 24209 Northwestern Highway in Southfield, Michigan. Built in 1972 and renovated in 2000, the Property is ±53% occupied, providing for a significant value-add opportunity buoyed by a stream of cash flow.

24209 Northwestern Highway has flexible lease terms, making it an ideal purchase for either an owner/user looking to occupy the building, or a value-add investor seeking to reposition the asset. Additionally, the second floor of the building can also be configured to suit a single tenant, if desired. The Property's Northwestern Highway frontage allows for superb signage visibility along M-10, one of Metro-Detroit's highest traffic thoroughfares (±128,000 VPD). In 2011, the Property's front entryway was renovated, adding both floor-to-ceiling glass doors and a marble walkway. 24209 Northwestern Highway is also outfitted with high-speed fiber cabling and a high-end security system, inclusive of keypad access and camera monitoring. Situated on ±0.86 AC, the building offers abundant parking with 61 free surface spaces equating to a ratio of 4.42 spaces per 1,000 square feet.

The Property offers both tenants and users a central location within the Southfield submarket. A Southfield address will allow occupants the ability to situate themselves within one of Metro-Detroit’s most desirable business environments as it relates to both size and employer base. The location delivers premiere access to Metro Detroit’s corporate network, with numerous Fortune 500 companies having a major presence within the submarket. Located just south of 10 Mile Road and 1-696 on Northwestern Highway (M-10), 24209 Northwestern Highway also provides convenient access to Metro-Detroit's extensive highway infrastructure. The location is centrally positioned within the greater region providing short travel times to other strong area submarkets such as Royal Oak, Birmingham, Troy, Auburn Hills, Rochester Hills, Bloomfield Township, and West Bloomfield Township. Tenants situated in Southfield can additionally capitalize on ready access to an educated and skilled workforce, with easy commutes from Metro-Detroit’s most densely populated communities. Additionally, the Property has approximately ±335,529 individuals residing within a five-mile radius of the property and an average HH income of ±$69,002. according to recent demographic studies, ±54% of households within 1 mile of the Property choose to rent versus own.

24209 Northwestern Highway offers investors an excellent opportunity to acquire an office building positioned within one of Metro-Detroit’s most desirable submarkets with significant value add through lease up and market rate increases.

LOCATION HIGHLIGHTS

  • Superb signage visibility along M-10 with ±128,000 VPD
  • Located within one of Metro-Detroit’s most desirable submarkets
  • 2017 demographics of ±335,529 with Avg HH Income of ±$69,002 within a 5-mile radius
  • Located on the south side of the Northwestern Highway along the service drive for the M-10 freeway
  • A proximate location to the region's extensive highway system places the Property 20 minutes from Detroit Metro Airport, 10 minutes from downtown Detroit, 35 minutes from Ann Arbor and 25 minutes from Auburn Hills

SITE/LAND DETAILS

Parking Stalls
61
Zoning Designation
OC (Office Service District)
Parking Type
Surface
Site Access
Parking Type
Surface
Parking Stalls
61
Zoning Designation
OC (Office Service District)
Site Access

STRUCTURE DETAILS

Construction Type
Steel
Utility Provider: Electric
DTE Electric
Utility Provider: Sewer
City of Southfield
Fire and Life Safety
Sprinklers
Utility Provider: Water
Southfield Water Dept
Utility Provider: Gas
Consumers Energy
HVAC
Zoned Ac warm & cool air
Security
Keypad Access
Construction Type
Steel
Utility Provider: Water
Southfield Water Dept
Utility Provider: Electric
DTE Electric
Utility Provider: Gas
Consumers Energy
Utility Provider: Sewer
City of Southfield
HVAC
Zoned Ac warm & cool air
Fire and Life Safety
Sprinklers
Security
Keypad Access

Document Vault

+
Broker Offering Memorandum (1)
0
+
Investigations (4)
0
+
Market and Valuations (4)
0
+
Operating and Financial (12)
0
+
Purchase Agreement_Auction Terms (5)
0
+
Third Party Reports (2)
0
+
Title and Insurance (1)
0
+
Visuals and Graphics (12)
0

Financials

HistoricIn PlaceProjected
Revenue
Expenses
NOI

Contact

  • Harrison Rein
    Ten-X Commercial
    Client Management
    (305) 600-1060

Market Information

Market Overview
Oakland County is one of the most affluent counties in the country. It is home to a highly skilled labor force and a favorable manufacturing composition. The presence or General Motors, Chrysler and Oakland University will continue to provide stability to the metro-area's economy. The ever-changing face of the health care and automotive sectors will drive demand for goods and services in industries such as manufacturing and will be a major driver of income growth while helping to attract skilled labor from other parts of Michigan and neighboring states. Oakland County offers a vibrant and stimulating business and research environment that contends with any submarket. The county is consistently one of the leaders in Michigan for new business start-ups and among the top counties in the nation for overall new businesses and job creation. In all, there are almost 42,000 businesses that employ over 690,000 people. International presence consists of over 1,000 businesses with foreign parent companies from 39 different countries. International corporations with locations in Oakland County include Fiat Chrysler, BorgWarner, SAIC USA, Brose, Magna, Denso, Autoliv, and Valeo all have their North American headquarters in Oakland County. The county offers first- rate educational institutions, internationally renowned entertainment venues and top-of the-line medical facilities. Shopping in Oakland County features 7 shopping malls with many classic downtown retail dis1ricts. There are 35 public libraries in Oakland County, many with the latest in modern library technology offering a variety of programs and services for all ages. Medical care in the county is among the country's best wi1h several state-of-the-art hospitals and facilities that include some of the newest, most modern in the stale.
Sub Market Overview
The identity of the Southfield Office submarket centers around its attractive pairing of affordability and location. Intersected by Northwestern Highway M-10 and 1-696, the submarket is centrally located within the heart of Metro-Detroit. The location provides proximity to major surrounding submarkets, a dense tenant base, and a strong talent pool. This centric location becomes more appealing when considering that a large portion of the region's employers prefer more cost effective options as compared to pricier submarkets such as Birmingham, Farmington Hills, and Downtown Detroit. Consisting of 24 million square feet across 586 buildings, the Southfield submarket accounts for approximately 13% of the metro region's total office product. Key indicators have steadily trended in a positive direction since the last recession, with vacancy rate and rent growth seeing consistent year-over-year improvement. The submarket's vacancy rate has experienced a 5% compression since a 2013 high, settling to approximately 20%. While still remaining competitive among its peers, Southfield's average rental rate has followed suit. Over the same period of time, average rental rates have grown 11% ($1.86/SF>. finishing 04'2017 with an average rental rate of $18.45 per square foot. Demand has also remained positive in the submarket, with 400,000 square feet of office space being absorbed between 2016 and 2017. The positive trend relating to key indicators will remain steady into the future, largely driven by space in the region's "trendier" submarkets becoming exponentially more scarce and expensive. The appeal of Southfield's office product as a competitive alternative will continue to grow, providing tenants a functional location at much more compelling rates. Recent market news has been positive for the submarket. This past October, Beaumont Health announced the purchase of the 686,000 square foot First Center Office Plaza The location will serve as the health system's new corporate headquarters. Which will be home to 3,000 employees by the end of 2018. Southfield-based Credit Acceptance is also seeking to expand its headquarters, adding in excess of 500 jobs to the Southfiield.

Auctioneer License

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