O'Reilly Auto Parts NNN
For Sale
Contact for pricing
3245 Elizabeth Lake Road, Waterford, MI 48328
Build-to-suit automotive retail facility with a long-term corporate lease and built-in rental escalations.
Property Size7,150 SF
Price / SF$315.71
Days on Market119
Property Features for 3245 Elizabeth Lake Road
General Information
Standard status
Active
Size
7,150 SF
Property subtype
Retail, Office
Lease Type
NNN
Net Operating Income
$129,796
Building Details
Year Built
2023
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
Listed By:
Anthony Cohen · License #CA 02097395
Source:
Crexi
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 4:28PM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
This NNN property is a 7,150-square-foot, build-to-suit retail facility completed in 2023 for O'Reilly Auto Parts. The asset is occupied by a corporate tenant with an S&P BBB credit rating and includes nearly 12 years of lease term remaining. The lease provides built-in rental escalations and a landlord recapture right.
The property is located at 3245 Elizabeth Lake Road in Waterford, Michigan, within Oakland County and the Detroit MSA. Its position along Elizabeth Lake Road places it near the M-59 commercial corridor and within a market with an established automotive orientation. The recently constructed format and passive NNN lease structure provide a straightforward ownership profile for buyers evaluating a single-tenant retail asset.
The property is located at 3245 Elizabeth Lake Road in Waterford, Michigan, within Oakland County and the Detroit MSA. Its position along Elizabeth Lake Road places it near the M-59 commercial corridor and within a market with an established automotive orientation. The recently constructed format and passive NNN lease structure provide a straightforward ownership profile for buyers evaluating a single-tenant retail asset.
Key Highlights
- 7,150 SF build‑to‑suit facility completed in 2023
- Occupied by O'Reilly Auto Parts
- Nearly 12 years of remaining lease term
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
$76,937
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
3.41%
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%
$1,538,740
$1.5M
Cap Rate 7%
$1,099,100
$1.1M
Cap Rate 9%
$854,856
$854.9K
Market Conditions
NOI Build-Up for 7,150 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
$120.1K $16.80/SF
− Vacancy
−$10.2K −$1.43/SF
EGI
$109.9K $15.37/SF
− OpEx
−$33.0K −$4.61/SF
NOI
$76.9K $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%
$1,538,740
Cap Rate 7%
$1,099,100
Cap Rate 9%
$854,856
Alternative Uses
Best Use
Retail
$1.10M
$961.7K – $1.28M
NOI $76,937 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.80M
NOI $107,954 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Build-to-suit automotive retail facility with a long-term corporate lease and built-in rental escalations.
Where is this nnn property located?
The property is located at 3245 Elizabeth Lake Road Waterford, MI.
What is the asking price?
The asking price for this property is $2,257,317.
What are key features of this property?
This property features: 7,150 SF build‑to‑suit facility completed in 2023; Occupied by O'Reilly Auto Parts; Nearly 12 years of remaining lease term
