Freestanding Drive-Through
For Sale
Contact for pricing
3170 ELIZABETH LAKE RD, Waterford, MI 48328
C-3-zoned site with established vehicle access, restaurant improvements, and prominent roadside signage.
Property Size2,845 SF
Lot Size0.90 Acres
Price / SF$307.56
Days on Market9
Property Features for 3170 ELIZABETH LAKE RD
General Information
Standard status
Active
Size
2,845 SF
Lot size
0.90 Acres
Property subtype
Retail
Zoning
C-3
Occupancy
100%
Lease Type
NN
Site & Location
Drive-Thru
Yes
Road Access
Yes
Building Details
Buildings
1
Stories
1
Units
1
Tenancy
Single
Abandoned
No
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 10 at 4:18PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This freestanding restaurant property includes a 2,845-square-foot building on 0.90 acres. The improvements feature a drive-through arrangement, restaurant-oriented interior layout, existing signage, and established ingress and egress. The site is currently occupied through 12/31/2027, providing an existing lease term for the next owner.
The property is located at 3170 Elizabeth Lake Rd in Waterford, near the signalized Elizabeth Lake Road and Cass Lake Road intersection. Surrounding commercial users include McDonald’s, Burger King, O’Reilly Auto Parts, AutoZone, and Chase. More than 70,000 residents are identified within a 3-mile radius, and the site carries C-3 zoning.
The property is located at 3170 Elizabeth Lake Rd in Waterford, near the signalized Elizabeth Lake Road and Cass Lake Road intersection. Surrounding commercial users include McDonald’s, Burger King, O’Reilly Auto Parts, AutoZone, and Chase. More than 70,000 residents are identified within a 3-mile radius, and the site carries C-3 zoning.
Key Highlights
- 2,845 SF freestanding restaurant building
- 0.90‑acre site at 3170 Elizabeth Lake Rd, Waterford, MI
- Existing drive‑through configuration and restaurant layout
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
$42,955
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
4.91%
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%
$859,100
$859.1K
Cap Rate 7%
$613,643
$613.6K
Cap Rate 9%
$477,278
$477.3K
Market Conditions
NOI Build-Up for 2,845 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
$61.5K $21.60/SF
− Vacancy
−$4.2K −$1.47/SF
EGI
$57.3K $20.13/SF
− OpEx
−$14.3K −$5.03/SF
NOI
$43.0K $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 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%
$859,100
Cap Rate 7%
$613,643
Cap Rate 9%
$477,278
Alternative Uses
Best Use
Specialty Retail
$613.6K
$536.9K – $715.9K
NOI $42,955 @ 7.0% cap · market cap 4.91%
Second Best
Retail
$437.3K
$382.7K – $510.2K
NOI $30,613 @ 7.0% cap · market cap 3.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
119k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 45%
Electronics 1%
McDonald's
Dining
28,230 visits/mo
0.2 miles
Speedway
Shops & Services
23,344 visits/mo
0.2 miles
Dollar Tree
Shops & Services
13,739 visits/mo
0.1 miles
Burger King
Dining
13,097 visits/mo
0.1 miles
Tim Hortons
Dining
11,321 visits/mo
0.1 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
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - C-3-zoned site with established vehicle access, restaurant improvements, and prominent roadside signage.
Where is this drive through restaurant located?
The property is located at 3170 ELIZABETH LAKE RD Waterford, MI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 2,845 SF freestanding restaurant building; 0.90‑acre site at 3170 Elizabeth Lake Rd, Waterford, MI; Existing drive‑through configuration and restaurant layout
