Freestanding Drive-Through
3170 Elizabeth Lake Rd, Waterford, MI 48328
For Sale
$875,000
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 Market94
Property Features for 3170 Elizabeth Lake Rd
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Occupancy
Site & Location
Drive-Thru
Road Access
Building Details
Building Size
Year Built
Buildings
Units
Abandoned
Listing Agency:
Encore Real Estate Investment Services
Listed By:
Deno Bistolarides · License MI #6502378067
(248) 702-0288
Source:
Commercialcafe
Added: Aug 8
Changed: Oct 30
Last Checked: Nov 8 at 2:44AM
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
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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 / Yr
$42,955
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
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
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 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
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
349
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
0.1 miles
Speedway
Shops & Services
23,344 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,739 visits/mo
0.2 miles
Burger King
Dining
13,097 visits/mo
0.2 miles
Tim Hortons
Dining
11,321 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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
