Novi, MI
Commercial Real Estate Market Trends & Data

$235 Avg asking sale price
$20 Avg asking lease rate
19,786 SF Avg unit lease size
38,741 SF Avg building size for sale
6.42% Average cap rate

Novi's Demographic Profile

Novi has 26,580 households and a median income of $106,393, providing context for rent absorption and tenant demand across retail and multifamily assets. A 0% five-year population trend is a key signal for evaluating long-term demand in this market.

Key Demographic Metric Value
Population 66,291
# Households 26,580
Median age 42
Median household income $106,393
Avg household size 2.0
Renter-occupied housing units 9,845
5-year population change 0%

{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Novi, MI

↻ Updated Monthly

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Nearby Office Markets Avg Cost/SF Typical Size Cap Max
Novi $332 36,747 SF 5.18%
Northville $351 16,136 SF 8.49%
Farmington Hills $156 28,042 SF 8.50%
Nearby Industrial Markets Avg Cost/SF Typical Size Cap Max
Novi $155 51,016 SF 7.59%
Wixom $181 39,260 SF 6.50%
Northville $281 18,348 SF 7.59%
Farmington Hills $151 18,423 SF 6.25%
Nearby Retail Markets Avg Cost/SF Typical Size
Novi $298 10,981 SF
Wixom $313 12,656 SF
Northville $271 4,887 SF
Walled Lake $220 6,005 SF
Farmington Hills $245 15,992 SF

Commercial Properties For Sale in Novi

The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale

42191 W 14 Mile Rd

Novi, MI 48377

  • 10,878 SF Retail Building
  • $1,900,000
For Sale

28525 Beck Rd

Wixom, MI 48393

  • 50,000 SF Industrial Building
  • $490,000
For Sale

345 E Cady St

Northville, MI 48167

  • 13,298 SF Office Building
  • $6,500,000
For Sale

49178 Alpha Ct

Wixom, MI 48393

  • 36,420 SF Industrial Building
  • $5,400,000
For Sale

28047 Grand Oaks Ct

Wixom, MI 48393

  • 23,934 SF Industrial Building
  • $2,752,410
For Sale

42925 W Nine Mile Rd

Novi, MI 48375

  • 30,030 SF Flex Building
  • $3,850,000

Average Price For Sale

↻ Updated Monthly

Average Size For Lease

↻ Updated Monthly

Number of Listings

↻ Updated Monthly

Cap Rate

↻ Updated Monthly

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Nearby Commercial Markets

Comparing nearby markets helps investors see whether Novi pricing and building scale sit above, below, or in line with surrounding areas.

Commercial Markets Avg Cost/SF Average Size
Novi $235 38,741 SF
Wixom $234 35,111 SF
Northville $280 19,747 SF
Walled Lake $136 61,962 SF
Farmington Hills $376 22,455 SF

Regional Demographic Comparison

This comparison places Novi alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Novi or distributed across surrounding areas.

City Population # Households Age Median Household Income Avg Household Size Renter Occupied Housing Units Five Yr Pop Growth %
Wixom 14,614 6,979 38 $68,366 2 3,843 -6%
Northville 5,658 2,417 48 $139,102 2 520 -3%
Walled Lake 7,231 3,563 44 $59,540 2 1,419 -1%
Farmington Hills 80,187 33,859 43 $96,417 2 13,050 -2%

Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Novi, MI and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.

FAQs About Commercial Investing in Novi

View All Commercial Real Estate For Sale in Novi
Is Novi a good market for a first-time commercial real estate investor?

Novi offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.

How can this market data help me decide whether to buy commercial property for my business in Novi?

The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Novi. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.

What should conservative investors focus on when evaluating commercial properties in Novi?

Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Novi. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.

How does Novi compare to nearby commercial real estate markets?

Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Novi. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.

How can this page support early-stage deal screening for Novi acquisitions?

This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Novi, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.

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