Building Details

Building Size 3,299 SF

Year Built 1940

Listing Agency: Keller Williams Paint Creek b***@gmail.com Show Phone

Listed By: Evan Bassy Show Phone

Source: Elliman

Added: Mar 10 Changed: Aug 15 Last Checked: Aug 20 at 11:59AM

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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 Keller Williams Paint Creek

Investment Insights

Based on property information with market context.

This is a 2,860 square foot commercial property located in Union Lake. Formerly a liquor store, the building is in excellent condition and offers high visibility and traffic flow. The property is currently vacant and suitable for retail or service-based businesses. Business financials from the prior operation are available upon submission of a Letter of Intent. Showings must be scheduled in advance and accompanied by proof of funds or a commitment letter.

Key Highlights

• High‑visibility location in the heart of Union Lake with phenomenal traffic flow.
• Well‑maintained, 2,860 square foot commercial space.
• Turnkey opportunity requiring minimal changes.

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

$30,775

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

6.48%

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%

$615,500 $615.5K

Cap Rate 7%

$439,643 $439.6K

Cap Rate 9%

$341,944 $341.9K

Market Conditions

NOI Build-Up for 2,860 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

$48.0K $16.80/SF

− Vacancy

−$4.1K −$1.43/SF

EGI

$44.0K $15.37/SF

− OpEx

−$13.2K −$4.61/SF

NOI

$30.8K $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%

$615,500

Cap Rate 7%

$439,643

Cap Rate 9%

$341,944

Alternative Uses

Best Use

Retail

$439.6K

$384.7K – $512.9K (±1% cap)

NOI $30,775 @ 7.0% cap · market cap 6.48%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$616.9K

$539.8K – $719.7K (±1% cap)

NOI $43,181 @ 7.0% cap · market cap 9.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Hair Salon Building Supply Big Box & Wholesale Store HVAC Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

499

Businesses Nearby

134k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 43% Dining 32% Shops & Services 24% Beauty & Spa 1%

Kroger Groceries

57,129 visits/mo 0.4 miles

Kroger Fuel Center Shops & Services

17,023 visits/mo 0.4 miles

Burger King Dining

14,284 visits/mo 0.4 miles

Wendy's Dining

11,651 visits/mo 0.2 miles

Scooter's Coffee Dining

6,360 visits/mo 0.3 miles

Demographics for 48382, MI

23,334

Population

8,857

Households

2.6

Avg Household Size

42

Median Age

49%

College-Educated

97%

High-School Grad

16.6 sq mi

ZIP Area

1,406

Density / Sq Mi

$132,602

Median Household Income

$59,784

Median Earnings

$1,685

Median Rent

$404,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Storefront property - Well-maintained 2,860 SF commercial property in high-traffic area.

Where is this storefront property located?

The property is located at 2515 Union Lake Rd Commerce Township, MI.

What is the asking price?

The asking price for this property is $475,000.

What are key features of this property?

This property features: High‑visibility location in the heart of Union Lake with phenomenal traffic flow.; Well‑maintained, 2,860 square foot commercial space.; Turnkey opportunity requiring minimal changes.