Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Lake Way Farmington, MI 48335

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $85,000

    LAND - Farmington, MI

    Lot size:
    0.37 Acres
    Added:
    Aug 21, 2025
    Days on Market:
    233
    Last Refresh:
    Apr 10 at 6:06 am

    Property Features for Lake Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    2327403140
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Description
    T1N, R9E, SEC 27 BROOKDALE SUB LOT 118 EXC W 64.30 FT DESC AS BEG AT W COR OF SD LOT, TH N 87-17-00 E 64.30 FT, TH S 02-42-26 E 40.93 FT, TH N 60-14-02 W 76.22 FT TO BEG 12-16-22 FR 136
    Tax Annual Amount
    2291

    We can help!

    Listing Contact
    Michael H Cutsinger
    Michael H Cutsinger

    Listing agent Michael H Cutsinger

    Listing office Preferred, Realtors(R) Ltd 44644 Ann Arbor Ste A, Plymouth, MI

    Listing date Aug 21, 2025

    MLS# 20251029578

    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.

    Overview

    Cleared Lot in Downtown Farmington

    This cleared and level 0.37-acre lot is located in Farmington, Michigan, and is zoned R1P. The property is equipped with utilities and is ready for immediate development. It is situated near Historic Downtown Farmington, offering a walkable neighborhood with convenient access to schools, parks, restaurants, shopping, and farmers markets. Several large trees have already been removed from the lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Farmington
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3602914
    Latitude
    42.4606058

    Nearby Similar for Sale

    • $249,000
      5,000 SF

      Established Custom Car Shop Business

      Full-service custom car shop with strong growth potential.
      32730 W 8 Mile Rd, Farmington, MI 48336
      View Details
    • $2,400,000
      28,148 SF

      Manufacturing and Office Space Available

      Two buildings on 2.75 acres, ideal for manufacturing.
      31666 W 8 Mile Road, Farmington, MI 48336
      View Details
    • $379,900
      2,942 SF

      Farmington Hills Four-Unit Building

      All-brick four-unit building in a residential area, close to amenities.
      30812 Fink Avenue, Farmington, MI 48336
      View Details
    • $2,300,000
      28,148 SF

      Farmington Commercial Property with Two Buildings

      Two buildings on a 2.75-acre lot, ideal for manufacturing.
      31666 W 8 Mile Road, Farmington, MI 48336
      View Details
    • $769,000

      Farmington Land for Residential Development

      Residential land for sale in Farmington, Oakland County, Michigan.
      33777 W 9 Mile Road, Farmington, MI 48335
      View Details
    • $1,925,000

      Residential Land in Farmington Hills

      Secluded 10+ acre residential parcel in Farmington Hills, Michigan.
      32500 Rockridge Lane, Farmington, MI 48334
      View Details
    • $989,900
      1,766 SF

      Grand River Avenue Redevelopment Opportunity

      Commercial land for redevelopment with high road frontage and exposure.
      31235 GRAND RIVER Avenue, Farmington City, MI 48336
      View Details
    • $185,000

      2.8 Acre Lot in Farmington

      Spectacular 2.8-acre lot with Rouge River ravine in Farmington, MI.
      29700 Belfast Street, Farmington, MI 48336
      View Details
    • $259,900

      Residential Land in Farmington Hills

      4.16 acres of wooded land in Farmington Hills, MI.
      36300 Howard Road, Farmington, MI 48331
      View Details
    • $150,000

      Land for Development Opportunity

      0.40-acre land near stores, shopping, and freeways.
      0000 RUNNYMEDE Street, Farmington Hills City, MI 48334
      View Details
    • $349,900
      1,975 SF

      Turn-Key Restaurant Opportunity

      Renovated restaurant with furniture, fixtures, and equipment included.
      W Jefferson Ave 33518, Farmington, MI
      View Details
    • Contact for pricing
      50 SF

      Downtown Farmington Retail Opportunity

      Retail space available in historic downtown Farmington building.
      33335 Grand River Avenue | Farmington, MI 48335, MI 48335
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Build-ready lot near historic downtown Farmington with utilities.
    Where is this residential land & home lot located?
    The property is located at Lake Way Farmington, MI.
    What is the asking price?
    The asking price for this property is $85,000.
    What are key features of this property?
    This property features: Build‑Ready Cleared and Level Lot: Saves time and money.; Prime Location Near Historic Downtown Farmington: Walk to restaurants, shopping, and farmers markets.; Zoned R1P with Utilities Ready: Facilitates immediate development.
    (734) 459-6000
    We can help!
    Listing Contact
    Michael H Cutsinger
    Michael H Cutsinger
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!