M24 Corridor
For Sale
$1,250,000
1559 N LAPEER Rd, Oxford, MI 48371
Two buildings on one site with manufacturing/retail space.
Property Size6,455 SF
Lot Size0.82 Acres
Price / SF$193.65
Days on Market151
Property Features for 1559 N LAPEER Rd
General Information
Standard status
Active
Size
6,455 SF
Lot size
0.82 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,753
Building Details
Building Size
6,455 SF
Year Built
1989
Listing Agency:
Millennium Realty, LLC
(248) 394-0464
Listed By:
Amie Leszczynski · License #6501139656
(248) 394-0464
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 2:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Millennium Realty, LLC
Investment Insights
Based on property information with market context.
This property presents an opportunity along the M24 corridor, featuring two buildings on a single site. The combined area of both buildings totals 6455 square feet. The primary building offers 5216 square feet of manufacturing or retail space, while the second building provides an additional 1239 square feet for storage purposes. The property includes a large, fenced area suitable for outdoor storage. A sizable parking lot is available, and the location offers visibility on M24, situated 2.5 miles north of the Village of Oxford. The property is currently tenant-occupied under a long-term lease.
Key Highlights
- High‑visibility location on M24 corridor.
- Two buildings totaling 6455 sq ft (5216 sq ft manufacturing/retail, 1239 sq ft storage).
- Large fenced area for outdoor storage.
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
$69,458
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
5.56%
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%
$1,389,160
$1.4M
Cap Rate 7%
$992,257
$992.3K
Cap Rate 9%
$771,756
$771.8K
Market Conditions
NOI Build-Up for 6,455 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
$108.4K $16.80/SF
− Vacancy
−$9.2K −$1.43/SF
EGI
$99.2K $15.37/SF
− OpEx
−$29.8K −$4.61/SF
NOI
$69.5K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,389,160
Cap Rate 7%
$992,257
Cap Rate 9%
$771,756
Alternative Uses
Best Use
Retail
$992.3K
$868.2K – $1.16M
NOI $69,458 @ 7.0% cap · market cap 5.56%
Second Best
Industrial
$456.9K
$399.8K – $533.0K
NOI $31,982 @ 7.0% cap · market cap 2.56%
Theoretical Best
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,460 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Two buildings on one site with manufacturing/retail space.
Where is this manufacturing property located?
The property is located at 1559 N LAPEER Rd Oxford, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High‑visibility location on M24 corridor.; Two buildings totaling 6455 sq ft (5216 sq ft manufacturing/retail, 1239 sq ft storage).; Large fenced area for outdoor storage.
