Freestanding Bank
For Sale
Contact for pricing
3805 Highland Rd, Waterford, MI 48328
Former bank facility with drive-through access, on-site parking, and prominent signage along Highland Road.
Property Size8,248 SF
Price / SF$120.64
Days on Market203
Property Features for 3805 Highland Rd
General Information
Standard status
Active
Size
8,248 SF
Property subtype
Retail
Zoning
C-4
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Drive-Thru
Yes
Building Details
Buildings
1
Listing Agency:
On Q Commercial Real Estate
Listed By:
Joe Qonja · License #6505432099
Source:
Crexi
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 30 at 4:38PM
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 On Q Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding former bank building contains 8,248 square feet and includes a drive-through component, on-site parking, and prominent signage. The existing configuration supports continued financial-services use or repositioning for medical and fast-food operations, as identified for the property.
Located at 3805 Highland Rd in Waterford, Michigan, the site fronts Highland Road in Oakland County. C-4 zoning provides the stated commercial land-use designation for the property.
Located at 3805 Highland Rd in Waterford, Michigan, the site fronts Highland Road in Oakland County. C-4 zoning provides the stated commercial land-use designation for the property.
Key Highlights
- 8,248‑square‑foot freestanding former bank building
- Drive‑through component supports efficient customer access
- C‑4 zoning designation
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
$88,752
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
8.92%
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%
$1,775,040
$1.8M
Cap Rate 7%
$1,267,886
$1.3M
Cap Rate 9%
$986,133
$986.1K
Market Conditions
NOI Build-Up for 8,248 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
$138.6K $16.80/SF
− Vacancy
−$11.8K −$1.43/SF
EGI
$126.8K $15.37/SF
− OpEx
−$38.0K −$4.61/SF
NOI
$88.8K $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%
$1,775,040
Cap Rate 7%
$1,267,886
Cap Rate 9%
$986,133
Alternative Uses
Best Use
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,532 @ 7.0% cap · market cap 12.52%
Second Best
Retail
$1.27M
$1.11M – $1.48M
NOI $88,752 @ 7.0% cap · market cap 8.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
43k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Dining 28%
Speedway
Shops & Services
23,344 visits/mo
0.5 miles
Tim Hortons
Dining
11,321 visits/mo
0.5 miles
BP
Shops & Services
6,693 visits/mo
0.5 miles
Domino's Pizza
Dining
784 visits/mo
0.4 miles
Golling Pre Owned Superstore
Shops & Services
415 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Former bank facility with drive-through access, on-site parking, and prominent signage along Highland Road.
Where is this bank located?
The property is located at 3805 Highland Rd Waterford, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 8,248‑square‑foot freestanding former bank building; Drive‑through component supports efficient customer access; C‑4 zoning designation
