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Twelve Oaks Professional Center

Off-Market

41935 West 12 Mile Road, Novi, MI 48377

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  • Property Type Office - General Office
  • Property Size 93,558 Sqft
  • Lot Size 7.43 Acre
  • Parking Spaces Avail. 362
  • Parking Ratio 3.87/ 1,000 SF
  • Property Tenancy Single Tenant
  • Building Class B
  • Year Built 1980

Location

  • City Novi, MI
  • Neighborhood Novi
  • Zip Code 48377
  • Market Detroit

Contacts

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Owner

  • True Owner

Tenants

Suite Name Tenant Leased
Space
Rent Price Lease
Type
Space
Type
Lease Term
370 17th Street #5500 MERRILL, (303) 446-5500 23,824 SF $23/SF/YR Modified
Gross
General
Office
11/01/2014-
N/A
370 17th Street
#6000
Morrison & Foerster,
(303) 592-1500
10,710 SF $26/SF/YR Full
Service
General
Office
08/01/2013-
07/31/2023
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Documents

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Sales

  • Purchase Date 24 Apr, 2019
  • Purchase Price $18,750,000
  • Arm's Length
  • Buyer Name

Mortgages

  • Current Lender
  • Loan Amount
  • Loan Origination Date

Market Trends

Average Actual Rents in Novi

Average rents use actual signed leases, aggregated for your specific search area and asset type with Yardi Market Insight. Be confident your price is competitive, with CommercialEdge.

Current Average Rent
Net Rent
$44.3/SF/YR
Recoverables Show detailsHide details
$16.7/SF/YR
CAM
$3.54/SF/YR
Insurance
$0.59/SF/YR
Taxes
$9.52/SF/YR
Utilities
$1.76/SF/YR
Management Fees
$1.3/SF/YR
Total Rent
$61/SF/YR
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Occupancy & Leasing Activity
Occupancy
83.5%
Lease Spread
-20.5%
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Asking Rents in Novi Office Market

Office rental rates are based on aggregated data of asking rates.

  • 2020 Avg. Asking Rent $23.25
  • 2020 Office Vacancy Rate 14.25 %
  • 2020 Office Completions (Sqft) 269,869
View more Novi market trends

Tax

  • Market Value $7,913,600
  • Assessed Value $7,913,600

Find more tax info, including assessment history and abatements, on CommercialEdge

Frequently Asked Questions

What is the total square footage of Twelve Oaks Professional Center?

Twelve Oaks Professional Center totals 93,558 square feet.

When was this property built?

Twelve Oaks Professional Center was built in 1980.

When was Twelve Oaks Professional Center last sold?

Twelve Oaks Professional Center was last sold on 24 Apr, 2019.

What was the last purchase price for Twelve Oaks Professional Center?

Twelve Oaks Professional Center was last sold for $18,750,000.

What is the market value for Twelve Oaks Professional Center?

The market value for Twelve Oaks Professional Center in 2021 was $7,913,600.

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