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28841 28859 Orchard Lake Road, Farmington, MI 48334
Established retail plaza with surface parking and a position along a heavily traveled commercial corridor.
Property Size23,937 SF
Lot Size2.00 Acres
Price / SF$260.40
Days on Market4
Property Features for 28841 28859 Orchard Lake Road
General Information
Standard status
Active
Size
23,937 SF
Total Parking Spaces
141
Lot size
2.00 Acres
Property subtype
RETAIL
Additional Details
Traffic Count
48,400 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
Legacy Real Estate Advisors
(248) 717-1215
Listed By:
Zainab Abikhodr · License ###6501453450
(248) 717-1215
Source:
Moodyscre
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 7:37AM
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 shopping center on a 2-acre site along Orchard Lake Road. The property includes 141 surface parking spaces and occupies a location within an established retail corridor serving surrounding residential and employment populations.
The site records traffic of 48,400+ vehicles per day on Orchard Lake Road. Within 1 mile, more than 8,200 people reside and average household income exceeds $113,000; the 3-mile area includes 63,800+ residents and 42,000+ daytime employees. Nearby national retailers and restaurants include Home Depot, CVS, McDonald's, and Taco Bell.
The site records traffic of 48,400+ vehicles per day on Orchard Lake Road. Within 1 mile, more than 8,200 people reside and average household income exceeds $113,000; the 3-mile area includes 63,800+ residents and 42,000+ daytime employees. Nearby national retailers and restaurants include Home Depot, CVS, McDonald's, and Taco Bell.
Key Highlights
- Multi‑tenant shopping center on a 2‑acre site
- 141 surface parking spaces
- 48,400+ vehicles pass the site daily on Orchard Lake Road
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
$257,572
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
4.13%
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%
$5,151,440
$5.2M
Cap Rate 7%
$3,679,600
$3.7M
Cap Rate 9%
$2,861,911
$2.9M
Market Conditions
NOI Build-Up for 23,937 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
$402.1K $16.80/SF
− Vacancy
−$34.2K −$1.43/SF
EGI
$368.0K $15.37/SF
− OpEx
−$110.4K −$4.61/SF
NOI
$257.6K $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%
$5,151,440
Cap Rate 7%
$3,679,600
Cap Rate 9%
$2,861,911
Alternative Uses
Best Use
Retail
$3.68M
$3.22M – $4.29M
NOI $257,572 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.16M
$4.52M – $6.02M
NOI $361,410 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
48,400 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48334, MI
18,731
Population
8,528
Households
2.2
Avg Household Size
45
Median Age
59%
College-Educated
96%
High-School Grad
9.1 sq mi
ZIP Area
2,058
Density / Sq Mi
$98,937
Median Household Income
$56,067
Median Earnings
$1,511
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Established retail plaza with surface parking and a position along a heavily traveled commercial corridor.
Where is this shopping center located?
The property is located at 28841 28859 Orchard Lake Road Farmington, 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: Multi‑tenant shopping center on a 2‑acre site; 141 surface parking spaces; 48,400+ vehicles pass the site daily on Orchard Lake Road
