2548 Elizabeth Lake Rd, Waterford, MI 48328

Building Details

Building Size 1,100 SF More

Year Built 1948 More

Buildings 1 More

Listing Agency: Keller Williams Legacy

Listed By: Haitham Garallah Show Phone

Source: Elliman

Added: Nov 12 Last Checked: Nov 12 at 2:40PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This freestanding restaurant building dates to 1948 and is arranged for food service, with furnishings, dine-in seating, a drive-through, and prominent signage. Its existing setup provides a range of customer service options within one building.

The property is situated on Elizabeth Lake Road in an area with established residential neighborhoods and local businesses nearby.

Key Highlights

• Freestanding restaurant building constructed in 1948
• Existing restaurant furnishings and dine‑in seating
• Drive‑through service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,608

Cap Rate

5.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$332,160 $332.2K

Cap Rate 7%

$237,257 $237.3K

Cap Rate 9%

$184,533 $184.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,100 SF

Gross rent

$23.8K $21.60/SF

− Vacancy

−$1.6K −$1.47/SF

EGI

$22.1K $20.13/SF

− OpEx

−$5.5K −$5.03/SF

NOI

$16.6K $15.10/SF

Area

Oakland County, MI

Vacancy

6.80%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$332,160

Cap Rate 7%

$237,257

Cap Rate 9%

$184,533

Alternative Uses

Best Use

Specialty Retail

$237.3K

$207.6K – $276.8K (±1% cap)

NOI $16,608 @ 7.0% cap · market cap 5.54%

Second Best

—

—

no second resolved use

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Big Box & Wholesale Store HVAC Service Cafe & Coffee Shop

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

511

Businesses Nearby

15k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 64% Shops & Services 36%

Buscemi's Dining

4,860 visits/mo 0.4 miles

Applebee's Dining

4,616 visits/mo 0.1 miles

Dollar General Shops & Services

3,606 visits/mo 0.1 miles

Firestone Complete Auto Care Shops & Services

1,831 visits/mo 0.2 miles

Demographics for 48328, MI

24,178

Population

11,938

Households

2

Avg Household Size

43

Median Age

27%

College-Educated

93%

High-School Grad

8.9 sq mi

ZIP Area

2,717

Density / Sq Mi

$69,788

Median Household Income

$42,084

Median Earnings

$1,041

Median Rent

$210,800

Median Home Value

Market

Average Price Trend$/SF for Conventional restaurants in Oakland County, MI

$277 Jul

$191 Aug

$202 Sep

$241 Oct

Properties on Market for Conventional restaurants in Oakland County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - The existing restaurant configuration includes dining space and prominent roadside signage.

Where is this conventional restaurant located?

The property is located at 2548 Elizabeth Lake Rd Waterford, MI.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Freestanding restaurant building constructed in 1948; Existing restaurant furnishings and dine‑in seating; Drive‑through service