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32004772
32004771

2 Locations

PM
MI 6501333084
P.A. Commercial Corporate & Investment Real Estate
Listed by P.A. Commercial Corporate & Investment Real Estate
$3,950,000
37 days on market
Updated 37 days ago

24450 Evergreen Road

Details
APN 24-26-151-005; 24-26-151-006; 24-26-151-007
Property Type Office, Land
Sub Type Commercial, Executive Office
Square Footage 33,600
Units 16
Cap Rate 8.01%
NOI $272,388
Occupancy 88%
Tenancy Multi
Year Built 1971
Year Renovated 2020
Acreage 1.8 - 3.59
Zoning OS
Parking Spaces 193 spaces
Parking Per SqFt 5.74
Investment Type Value Add

Office | 8.01% CAP | 33,600 SqFt

Marketing description

A rare opportunity to acquire a 33,600 SF office property in the heart of Michigan's premier business hub - stabilized income today with clear upside tomorrow.

Positioned in one of metro Detroit's most established office corridors, the 33,600 SF multi-tenant office building at 24450 Evergreen Road presents a stabilized investment opportunity with meaningful upside. The property is 88% occupied by a diverse mix of professional, medical, and service-oriented tenants, generating strong in-place income with the ability to enhance returns through lease-up and strategic repositioning.

The asset has benefited from significant recent capital improvements totaling approximately $600,000, including a full roof replacement in 2022 and the installation of a high-efficiency HVAC system with air balancing and digital controls in 2025. These upgrades materially reduce near-term capital expenditure risk while improving operational efficiency and tenant comfort—key drivers of long-term occupancy and retention.

Situated on a 1.80-acre site, the building offers flexible suite configurations that appeal to a broad tenant base, supported by abundant natural light, efficient layouts, and professional on-site management. In addition to the existing income stream, investors have the rare opportunity to acquire the adjacent 3.59-acre parcel, providing future expansion or redevelopment potential in a high-demand submarket.

Supported by over 147,000 daytime employees within a five-mile radius and immediate access to major thoroughfares, this offering combines stability, scalability, and long-term growth potential through lease-up and strategic repositioning.

Investment highlights


Listing Contacts

PM
MI 6501333084
P.A. Commercial Corporate & Investment Real Estate
Listed by P.A. Commercial Corporate & Investment Real Estate

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$272,388.15
$22,699.01/mo

Valuation Metrics

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DSCR
6.9%
Cap Rate
6.9%
ROI

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