Building Details

Tenancy Multi

Listing Agency: Legacy Real Estate Advisors Show Phone

Listed By: Zainab Abikhodr Show Phone

Source: Moodyscre

Added: Aug 18 Changed: Sep 9 Last Checked: Oct 5 at 6:35PM

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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.

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 / Yr

$257,572

Cap Rate

4.13%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $361,410 @ 7.0% cap · market cap 5.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Damas Cuisine & Catering Restaurant

Suggested Use

Top Pick Storage Facility Furniture & Home Goods Parking Lot & Garage Plumbing Service (Bike/Boat/Book/etc) Store Locksmith

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

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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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