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 Market165
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: Oct 1
Last Checked: Oct 14 at 11:56PM
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 / Yr
$76,937
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
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 - 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
