Clear Span Flex and
For Sale
$1,099,900
4359 Highland Road, Waterford, MI 48328
Clear span building with 12' ceilings, air conditioning, one overhead door, and parking for 40+ vehicles.
Property Size8,836 SF
Lot Size1.37 Acres
Price / SF$124.48
Days on Market116
Property Features for 4359 Highland Road
General Information
Standard status
Active
Size
8,836 SF
Total Parking Spaces
40
Lot size
1.37 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Traffic Count
34,770 vehicles/day
Clear Height
12.6 ft
Taxes and HOA fees
Annual Taxes
$11,928
Building Details
Building Size
8,836 SF
Year Built
1991
Stories
1
Construction
block masonry
Listing Agency:
KW Professionals
(734) 259-1100
Listed By:
Jeff Glover · License #6502408794
(734) 259-1100
Source:
Phgrealty
Added: Apr 30
Changed: Aug 23
Last Checked: Aug 22 at 8:54AM
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 KW Professionals
Investment Insights
Based on property information with market context.
This clear span flex and warehouse facility offers 8,836 square feet on 1.37 acres, built in 1991. The interior layout supports flexibility, including the potential to configure the space into two separate units. Construction includes block masonry with Styrofoam wall insulation, and the building features air conditioning and two bathrooms. Operational access includes one 12' x 12' overhead door, and the site is served by a parking lot with 40+ spaces.
The property is located on the west side of Highland Road, just south of Pontiac Lake Road, and is described as having excellent visibility with an average daily traffic count of 34,770.
Zoned C-3, the site is positioned for a wide range of uses, with restrictions noted in the remarks: no outdoor sales, no patio or drive-thru for restaurants. Eligible uses listed include retail and shopping centers, personal and commercial services, daycare, dry cleaning, medical and office space, restaurants, entertainment and rental establishments, theaters, hotels, fitness and recreation facilities, and resale shops.
The property is located on the west side of Highland Road, just south of Pontiac Lake Road, and is described as having excellent visibility with an average daily traffic count of 34,770.
Zoned C-3, the site is positioned for a wide range of uses, with restrictions noted in the remarks: no outdoor sales, no patio or drive-thru for restaurants. Eligible uses listed include retail and shopping centers, personal and commercial services, daycare, dry cleaning, medical and office space, restaurants, entertainment and rental establishments, theaters, hotels, fitness and recreation facilities, and resale shops.
Key Highlights
- 8,836 SF clear span commercial building on 1.37 acres, built in 1991
- 12.6‑foot ceilings with a flexible layout; can be configured into two separate units
- Air conditioning plus one 12' x 12' overhead door
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
$91,389
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
8.31%
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%
$1,827,780
$1.8M
Cap Rate 7%
$1,305,557
$1.3M
Cap Rate 9%
$1,015,433
$1.0M
Market Conditions
NOI Build-Up for 8,836 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
$159.0K $18.00/SF
− Vacancy
−$18.4K −$2.09/SF
EGI
$140.6K $15.91/SF
− OpEx
−$49.2K −$5.57/SF
NOI
$91.4K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,827,780
Cap Rate 7%
$1,305,557
Cap Rate 9%
$1,015,433
Alternative Uses
Best Use
Flex RnD
$1.31M
$1.14M – $1.52M
NOI $91,389 @ 7.0% cap · market cap 8.31%
Second Best
Warehouse
$759.4K
$664.5K – $886.0K
NOI $53,160 @ 7.0% cap · market cap 4.83%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,409 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
34,770 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Clear span building with 12' ceilings, air conditioning, one overhead door, and parking for 40+ vehicles.
Where is this flex space located?
The property is located at 4359 Highland Road Waterford, MI.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: 8,836 SF clear span commercial building on 1.37 acres, built in 1991; 12.6‑foot ceilings with a flexible layout; can be configured into two separate units; Air conditioning plus one 12' x 12' overhead door
