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    Renovated Commercial Building in Waterford Title is generated by Realmo AI

    2701 Elizabeth Lake Suite 500, Waterford, MI 48328

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    Claim this Listing
    For Lease
    $1,350/Mo $2 SF/Yr (calc)

    Business And Real Estate - Waterford, MI

    Property size:
    5,985 SF
    Lot size:
    0.25 Acres
    Added:
    Sep 23, 2025
    Days on Market:
    232
    Last Refresh:
    May 12 at 2:06 pm

    Property Features for 2701 Elizabeth Lake Suite 500

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Commercial,Office
    Standard status
    Active
    APN
    1325326023
    Size
    5,985 SF
    Lot size
    0.25 Acres

    Utilities

    Heating system
    Central

    Building Details

    Year built
    1920
    Year renovated
    2025
    Floors in Building
    1
    Building materials
    Brick
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jamie Scheett

    Listing agent Jamie Scheett

    Listing office Keller Williams Premier 6521 Citation Dr, Clarkston, MI

    Listing date Sep 23, 2025

    MLS# 20251039326 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location on Elizabeth Lake Road with heavy traffic.
    • Proximity to Downtown Pontiac, M‑59, M1 Concourse, Orchard Lake, and West Bloomfield.
    • Four renovated suites available with flexible sizes and lease rates.
    • Each unit includes a private lavatory, separate hot water tank, individual heating controls, 220 electrical service, and new flooring.
    • Ample parking available in front and behind the building.
    • Unit 500 offers a wide‑open layout, double doors, and ramp access, suitable for various business types.

    Overview

    Located on Elizabeth Lake Road between Telegraph and Voorhies, this renovated commercial building offers high visibility with substantial daily traffic. It is situated minutes from Downtown Pontiac, M-59, M1 Concourse, Orchard Lake, and West Bloomfield. The property has four available suites: Unit 200 (672 sq ft), Unit 300 (1,084 sq ft), Unit 400 (1,053 sq ft), and Unit 500 (1,006 sq ft), an end unit with two entrances. Each unit includes a private lavatory, a separate hot water tank, individual heating controls, 220 electrical service, and new flooring. Unit 500 features a wide-open layout with double doors and ramp access, suitable for professional, service, or retail uses. The property provides ample parking in front and behind the building. The building is located in Waterford Township and has a lot size of 0.25 acres. The property is zoned for commercial and office use and has a total size of 5,985 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3400171
    Latitude
    42.6393499

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    FAQs

    What type of property is this?
    Office units - Renovated commercial building with high visibility and ample parking.
    Where is this office units located?
    The property is located at 2701 Elizabeth Lake Suite 500 Waterford, MI.
    What is the lease rate?
    The lease rate is $1,350 /Mo.
    What are key features of this property?
    This property features: High‑visibility location on Elizabeth Lake Road with heavy traffic.; Proximity to Downtown Pontiac, M‑59, M1 Concourse, Orchard Lake, and West Bloomfield.; Four renovated suites available with flexible sizes and lease rates.
    (248) 394-0400
    We can help!
    Listing Contact
    Jamie Scheett
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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