Residential Development
For Sale
$799,999
31111 Lahser Road, Franklin, MI 48025
LAND - Beverly Hills Vlg, MI
Property Size3,300 SF
Lot Size2.26 Acres
Price / SF$242.42
Days on Market62
Property Features for 31111 Lahser Road
General Information
Property type
Land
Property subtype
Other
Zoning
Residential
Lot features
Irregular, Split Possible
Elementary school district
Birmingham
Middle school district
Birmingham
High school district
Birmingham
Directions
LASHER NORTH OF 13 MILE ON THE WEST SIDE OF LASHER
Subdivision
Beverly Hills Vlg
Standard status
Active
APN
2404478018
Lot size
2.26 Acres
Taxes and HOA fees
Tax Description
T1N, R10E, SEC 4 PART OF SE 1/4 BEG AT PT DIST S 89-30-55 W 242.98 FT FROM SE SEC COR, TH S 89-30-55 W 230.03 FT, TH N 26-05-05 W 160.47 FT, TH N 20-17-55 E 238.09 FT, TH N 89-30-55 E 440.82 FT, TH S 03-40-35 E 30.05 FT, TH S 89-30-55 W 225.92 FT, TH S 00-51-05 E 345.43 FT TO BEG 2.42 A
Legal Description
T1N, R10E, SEC 4 PART OF SE 1/4 BEG AT PT DIST S 89-30-55 W 242.98 FT FROM SE SEC COR, TH S 89-30-55 W 230.03 FT, TH N 26-05-05 W 160.47 FT, TH N 20-17-55 E 238.09 FT, TH N 89-30-55 E 440.82 FT, TH S 03-40-35 E 30.05 FT, TH S 89-30-55 W 225.92 FT, TH S 00-51-05 E 345.43 FT TO BEG 2.42 A
Listing Agency:
RE/MAX Dream Properties · RE/MAX International
(248) 374-7700
Listed By:
Rakesh Gangwani · License #6501385624
(248) 374-7700
Added: Jun 11
Changed: Jul 15
Last Checked: Aug 11 at 6:06AM
MLS# 20261040910
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.
Investment Insights
Based on property information with market context.
This listing offers a residential land parcel in Beverly Hills Village, MI, totaling 2.26 acres. The property includes an existing ranch home described as ADA compliant and sized at approximately 3,300 square feet, with 3 bedrooms and 1.2 baths. The seller states the home is being offered in as-is condition, with a focus on the opportunity for a new build or renovation, subject to approvals and site planning requirements.
The site is positioned at the corner of Lahser Road and 13 Mile Road. The location is described as steps from Detroit Country Day School and Brother Rice, as well as Marian and downtown Birmingham. The property is also described as being close to major highways and shopping areas. The listing notes that municipal approval would be required for any plan to develop multiple properties.
For buyers and builders looking for a residential redevelopment option, the combination of a sizable corner lot and an existing home provides flexibility to either construct a new residence or renovate the current structure. Prospective purchasers should review the available documentation for details and confirm all measurements, and note that showings require a 24-hour notice for appointment confirmation, with the licensee physically present during showings. BATVAI and measurements are approximate.
The site is positioned at the corner of Lahser Road and 13 Mile Road. The location is described as steps from Detroit Country Day School and Brother Rice, as well as Marian and downtown Birmingham. The property is also described as being close to major highways and shopping areas. The listing notes that municipal approval would be required for any plan to develop multiple properties.
For buyers and builders looking for a residential redevelopment option, the combination of a sizable corner lot and an existing home provides flexibility to either construct a new residence or renovate the current structure. Prospective purchasers should review the available documentation for details and confirm all measurements, and note that showings require a 24-hour notice for appointment confirmation, with the licensee physically present during showings. BATVAI and measurements are approximate.
Key Highlights
- 2.2‑acre property on the corner of Lasher and 13 Mile Rd in Beverly Hills
- Existing 3‑bedroom, 1.2‑bath 3,300 sq ft ranch home
- ADA compliant home
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,619
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,380
$692.4K
Cap Rate 7%
$494,557
$494.6K
Cap Rate 9%
$384,656
$384.7K
Market Conditions
NOI Build-Up for 3,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$67.3K $20.40/SF
− Vacancy
−$4.4K −$1.33/SF
EGI
$62.9K $19.07/SF
− OpEx
−$28.3K −$8.58/SF
NOI
$34.6K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$692,380
Cap Rate 7%
$494,557
Cap Rate 9%
$384,656
Alternative Uses
Best Use
Apartment 5plus
$494.6K
$432.7K – $577.0K
NOI $34,619 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.0K
$637.0K – $849.3K
NOI $50,959 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
Explore this area
Business Placement
Demographics for 48025, MI
14,878
Population
5,866
Households
2.5
Avg Household Size
45
Median Age
75%
College-Educated
98%
High-School Grad
8.0 sq mi
ZIP Area
1,860
Density / Sq Mi
$177,126
Median Household Income
$97,095
Median Earnings
$2,397
Median Rent
$514,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Corner residential site in Beverly Hills with an existing ranch home and room to build or renovate on 2+ acres.
Where is this single family property located?
The property is located at 31111 Lahser Road Franklin, MI.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: 2.2‑acre property on the corner of Lasher and 13 Mile Rd in Beverly Hills; Existing 3‑bedroom, 1.2‑bath 3,300 sq ft ranch home; ADA compliant home
