Absolute NNN Ground-Lease
For Sale
$5,950,000
29425 Orchard Lake Rd, Farmington Hills, MI 48334
CVS-occupied retail property with corporate tenancy, extended lease options, and landlord expenses assigned to the tenant.
Property Size13,210 SF
Price / SF$450.42
Days on Market128
Property Features for 29425 Orchard Lake Rd
General Information
Standard status
Active
Size
13,210 SF
Property subtype
Retail
Zoning
B-2
Occupancy
100%
Site & Location
Corner Location
Yes
Traffic Count
32,115 vehicles/day
Building Details
Building Size
13,210 SF
Year Built
2008
Buildings
1
Tenancy
Single Tenant
Listing Agency:
APEX Commercial Real Estate Advisors
Listed By:
Ayson Shammami · License #6502433307
(248) 554-5709
Source:
Cpix.resimplifi
Added: Jun 10
Changed: Oct 4
Last Checked: Oct 14 at 7:50PM
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 APEX Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This 13,210 SF retail property in Farmington Hills, Michigan, was constructed in 2008 for CVS Pharmacy and is subject to an absolute NNN ground lease. The tenant is responsible for the roof, structure, parking lot, HVAC, taxes, insurance, and all operating expenses. The lease extends through January 2035 and includes five additional 5-year renewal options, with 5% rent increases during each option period.
The property occupies a hard-corner position at Orchard Lake Road near 13 Mile Road, with reported traffic volumes of 32,115 VPD and 14,815 VPD, respectively. It is located near Farmington Hills Golf Club and Heritage Park and is surrounded by households with average incomes exceeding $139,000 within a 5-mile radius. The site is zoned B-2 and includes the purpose-built CVS building, parking, and signage.
The property occupies a hard-corner position at Orchard Lake Road near 13 Mile Road, with reported traffic volumes of 32,115 VPD and 14,815 VPD, respectively. It is located near Farmington Hills Golf Club and Heritage Park and is surrounded by households with average incomes exceeding $139,000 within a 5-mile radius. The site is zoned B-2 and includes the purpose-built CVS building, parking, and signage.
Key Highlights
- Absolute NNN ground lease with CVS responsible for roof, structure, parking lot, HVAC, taxes, insurance, and operating expenses
- 13,210 SF CVS Pharmacy building constructed in 2008
- Lease runs through January 2035 with five additional 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$199,450
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,989,000
$4.0M
Cap Rate 7%
$2,849,286
$2.8M
Cap Rate 9%
$2,216,111
$2.2M
Market Conditions
NOI Build-Up for 13,210 SF
Gross rent
$285.3K $21.60/SF
− Vacancy
−$19.4K −$1.47/SF
EGI
$265.9K $20.13/SF
− OpEx
−$66.5K −$5.03/SF
NOI
$199.4K $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%
$3,989,000
Cap Rate 7%
$2,849,286
Cap Rate 9%
$2,216,111
Alternative Uses
Best Use
Specialty Retail
$2.85M
$2.49M – $3.32M
NOI $199,450 @ 7.0% cap · market cap 3.35%
Second Best
Retail
$2.03M
$1.78M – $2.37M
NOI $142,145 @ 7.0% cap · market cap 2.39%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
32,115 VPD
Traffic count
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - CVS-occupied retail property with corporate tenancy, extended lease options, and landlord expenses assigned to the tenant.
Where is this nnn property located?
The property is located at 29425 Orchard Lake Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Absolute NNN ground lease with CVS responsible for roof, structure, parking lot, HVAC, taxes, insurance, and operating expenses; 13,210 SF CVS Pharmacy building constructed in 2008; Lease runs through January 2035 with five additional 5‑year renewal options
