Multi-Tenant Retail
28841-28859 Orchard Lake Road Farmington Hills, MI 48334
New
For Sale
$6,233,150
Multi-tenant retail building on a 2-acre lot with surface parking for 141 vehicles.
Property Size34,091 SF
Lot Size2.00 Acres
Price / SF$182.84
Days on Market2
Property Features for 28841-28859 Orchard Lake Road
General Information
- Standard status
- Active
- Size
- 34,091 SF
- Lot size
- 2.00 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1976
Listing Agency:
Legacy Real Estate Advisors
(248) 717-1215
Listed By:
Zainab Abikhodr · License ###6501453450
Source:
Legacycrea
Added: Jul 23
Changed: Jul 24
Last Checked: Jul 24 at 6:31AM
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 Legacy Real Estate Advisors
Investment Insights
Based on property information with market context.
Market Place Plaza is a multi-tenant retail building offering a total of 34,091 SF on a 2-acre lot. The property includes 141 surface parking spaces.
Located on Orchard Lake Rd in Farmington Hills, the center is positioned in a dense retail corridor. Public remarks indicate 48,400+ vehicles pass the site per day and the tenant mix includes national operators such as Home Depot, CVS, McDonald’s, and Taco Bell.
The offering is presented for sale as a multi-tenant retail asset with established parking and frontage on Orchard Lake Rd.
Located on Orchard Lake Rd in Farmington Hills, the center is positioned in a dense retail corridor. Public remarks indicate 48,400+ vehicles pass the site per day and the tenant mix includes national operators such as Home Depot, CVS, McDonald’s, and Taco Bell.
The offering is presented for sale as a multi-tenant retail asset with established parking and frontage on Orchard Lake Rd.
Key Highlights
- 34,091 SF multi‑tenant retail building on a 2‑acre lot
- Year built: 1976
- 141 surface parking spaces
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $572.7k | $16.80 |
| − Vacancy | −$48.7k | −$1.43 |
| EGI | $524.0k | $15.37 |
| − OpEx | −$157.2k | −$4.61 |
| NOI | $366.8k | $10.76 |
34,091 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$5.24M
$4.59M – $6.11M
NOI $366,833 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.35M
$6.43M – $8.58M
NOI $514,720 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
Similar Off Market Nearby
- Orchard 12 Plaza Shopping Center — Farmington Hills, MI 48334
- Mortgage — 30002 w 12 mile rd, farmington hills, mi 48334
FAQs
What type of property is this?
Shopping center - Multi-tenant retail building on a 2-acre lot with surface parking for 141 vehicles.
Where is this shopping center located?
The property is located at 28841-28859 Orchard Lake Road Farmington Hills, MI.
What is the asking price?
The asking price for this property is $6,233,150.
What are key features of this property?
This property features: 34,091 SF multi‑tenant retail building on a 2‑acre lot; Year built: 1976; 141 surface parking spaces
