Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    495 Summit Dr Waterford, MI

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    110,000 SF retail space with ample parking.

    Type:RETAIL
    Property size:
    110,000 SF
    Lot size:
    14.09 Acres
    Added:
    Mar 6, 2025
    Days on Market:
    416
    Last Refresh:
    Apr 5 at 9:00 pm

    Property Features for 495 Summit Dr

    General Information

    Standard status
    Active
    Size
    110,000 SF
    Lot size
    14.09 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 495 Summit Dr Contact us

    We can help!

    Listing Contact
    Paul DeBono

    Listing agent Paul DeBono

    Listing office Beanstalk Real Estate Solutions

    Listing date Mar 6, 2025

    Source Moodyscre

    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 Beanstalk Real Estate Solutions

    Overview

    Summit Drive Retail Opportunity

    This property offers approximately 110,000 rentable square feet of versatile space suitable for various uses. It features excellent visibility and access within the Summit Mall Development District. The property is a standalone parcel, providing enhanced operational flexibility without adjacent property users. There are 425 surface parking spaces available for staff and customers. Freestanding signage opportunities are available along Summit Drive. The building includes seven loading docks and additional drive-in roll-up doors. The modern infrastructure features high ceilings and wide column spacing for adaptable interior configurations. Originally built for Sam's Club and most recently occupied by Tommy's Boats, this is a proven commercial asset.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3345
    Latitude
    42.648

    Nearby Similar for Lease

    • $2,000/Mo

      Waterford, MI Office/Retail Space

      1,750 SF office/retail space for lease in Waterford, MI.
      3526 Sashabaw Road, Waterford, MI 48329
      View Details
    • $950/Mo

      Remodeled Office Suite in Waterford

      Office suite in Waterford, remodeled in 2025, high-visibility location.
      1362 W HURON Street, Waterford, MI 48328
      View Details
    • $1,700/Mo

      Retail Space in Lakeview Plaza

      1,200 SF retail suite available for lease in Waterford.
      5574 COOLEY LAKE Road, Waterford, MI 48327
      View Details
    • $1,350/Mo

      Renovated Commercial Building in Waterford

      Renovated commercial building with high visibility and ample parking.
      2701 Elizabeth Lake, Suite 500, Waterford, MI 48328
      View Details
    • $1,350/Mo

      Renovated Commercial Building in Waterford

      Renovated commercial building with high visibility and ample parking.
      2701 Elizabeth Lake, Suite 400, Waterford, MI 48328
      View Details
    • $1,350/Mo

      Renovated Commercial Building in Waterford

      Renovated commercial building with high visibility and ample parking.
      2701 Elizabeth Lake, Suite 300, Waterford, MI 48328
      View Details
    • $2,200/Mo

      Renovated Office Space Available

      Fully renovated and furnished office space for rent in Waterford.
      1362 W Huron Street, Waterford, MI 48328
      View Details
    • $500/Mo

      Office Space with Shared Suite

      Private office space available with shared suite in Waterford.
      1362 W HURON Street, Waterford, MI 48328
      View Details
    • $2,000/Mo

      Waterford Office Space For Lease

      Office space for lease on highly traveled Dixie Highway.
      2710 Dixie Highway, Waterford, MI 48328
      View Details
    • $4,000/Mo

      Waterford Retail Space For Lease

      Retail space available in Waterford, Michigan.
      101 N Telegraph Road, Waterford, MI 48328
      View Details
    • $1,200/Mo

      Remodeled Office Space Available

      Remodeled office space with multiple suites in Waterford, MI.
      4512 Dixie Highway, Waterford, MI 48329
      View Details
    • $1,000/Mo

      Office Suite in Waterford, MI

      600 SF office space available for rent in Waterford.
      1362 W HURON Street, Waterford, MI 48328
      View Details

    FAQs

    What type of property is this?
    Showroom - 110,000 SF retail space with ample parking.
    Where is this showroom located?
    The property is located at 495 Summit Dr Waterford, MI.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Prime Location: Excellent visibility and access within the Summit Mall Development District.; Generous Parking: 425 surface parking spaces for staff and customers.; Versatile Space: Approximately 110,000 rentable square feet suitable for various uses.
    (313) 446-8060 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Paul DeBono
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!