Multi-Suite Retail and Office
For Sale
$450,000
48 South Street, Ortonville, MI 48462
Multi-suite building offers six individual suites connected by a shared hallway and served by two public bathrooms.
Property Size6,380 SF
Price / SF$75
Days on Market35
Property Features for 48 South Street
General Information
Standard status
Active
Size
6,380 SF
Property subtype
Commercial
Zoning
Office
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$7,577
Building Details
Building Size
6,380 SF
Year Built
1994
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Est
(248) 343-0231
Listed By:
Barbara Schaefer · License #6502370653
Source:
Eliterealtymi
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 22 at 1:03PM
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 Berkshire Hathaway HomeServices Michigan Real Est
Investment Insights
Based on property information with market context.
This for-sale commercial property is an established multi-suite building totaling 6,380 square feet, configured into six separate suites. The layout includes a shared interior hallway connecting the suites and two public bathrooms serving the building. Street-side parking is available directly in front of the property, with additional designated parking spaces located within an interior lot area.
Located in the Village of Ortonville, the building benefits from a downtown setting with local traffic and nearby businesses, with convenient access to surrounding communities throughout northern Oakland County.
Currently fully occupied, the property provides immediate income potential while maintaining flexibility for future adjustments within the suite configuration. Tours are available by appointment only.
Located in the Village of Ortonville, the building benefits from a downtown setting with local traffic and nearby businesses, with convenient access to surrounding communities throughout northern Oakland County.
Currently fully occupied, the property provides immediate income potential while maintaining flexibility for future adjustments within the suite configuration. Tours are available by appointment only.
Key Highlights
- Built in 1994 and located at 48 South St. in the Village of Ortonville
- Over 6,000 sq ft of commercial space configured into six separate suites
- Currently fully occupied with immediate income potential
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
$20,655
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
4.59%
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%
$413,100
$413.1K
Cap Rate 7%
$295,071
$295.1K
Cap Rate 9%
$229,500
$229.5K
Market Conditions
NOI Build-Up for 6,000 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
$36.0K $6.00/SF
− Vacancy
−$8.5K −$1.41/SF
EGI
$27.5K $4.59/SF
− OpEx
−$6.9K −$1.15/SF
NOI
$20.7K $3.44/SF
Area
Oakland County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$413,100
Cap Rate 7%
$295,071
Cap Rate 9%
$229,500
Alternative Uses
Best Use
Retail
$922.3K
$807.0K – $1.08M
NOI $64,562 @ 7.0% cap · market cap 14.35%
Second Best
Office B
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 4.59%
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,590 @ 7.0% cap · market cap 20.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 48462, MI
13,080
Population
5,214
Households
2.5
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
45.4 sq mi
ZIP Area
288
Density / Sq Mi
$103,739
Median Household Income
$56,490
Median Earnings
$940
Median Rent
$318,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multi-suite building offers six individual suites connected by a shared hallway and served by two public bathrooms.
Where is this office units located?
The property is located at 48 South Street Ortonville, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Built in 1994 and located at 48 South St. in the Village of Ortonville; Over 6,000 sq ft of commercial space configured into six separate suites; Currently fully occupied with immediate income potential
