Flex Building With Drive-Through
For Sale
$450,000
499 N Axford St, Lake Orion, MI 48362
Standalone commercial building with office space, workshop capability, storage, and front-to-rear garage access.
Property Size1,600 SF
Price / SF$281.25
Days on Market122
Property Features for 499 N Axford St
General Information
Standard status
Active
Size
1,600 SF
Class
C
Total Parking Spaces
4
Property subtype
Industrial, Retail
Zoning
GB
Building Details
Building Size
1,600 SF
Year Built
1958
Stories
1
Listing Agency:
CMP Real Estate Group
(248) 821-7688
Listed By:
Peggy J Feltner · License #6501413792
(248) 821-7688
Source:
Cpix.resimplifi
Added: May 1
Changed: Aug 29
Last Checked: Aug 29 at 7:58PM
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 CMP Real Estate Group
Investment Insights
Based on property information with market context.
This 1,600-square-foot flex property, built in 1958, combines office space with a workshop-oriented garage area. The drive-through work area has garage doors at both the front and rear, supporting vehicle movement through the building. A bathroom, attached rear shed, and additional rear storage are also included.
The property is zoned GB and positioned on Lapeer Road (M24), just south of the Indianwood and M24 intersection. It is located near Lake Orion Village in northern Oakland County, with the address at 499 N Axford St, Lake Orion, Michigan.
The property is zoned GB and positioned on Lapeer Road (M24), just south of the Indianwood and M24 intersection. It is located near Lake Orion Village in northern Oakland County, with the address at 499 N Axford St, Lake Orion, Michigan.
Key Highlights
- 1,600‑square‑foot flex building
- Built in 1958
- Drive‑through garage work area with front and rear garage doors
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
$16,548
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
3.68%
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%
$330,960
$331.0K
Cap Rate 7%
$236,400
$236.4K
Cap Rate 9%
$183,867
$183.9K
Market Conditions
NOI Build-Up for 1,600 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
$28.8K $18.00/SF
− Vacancy
−$3.3K −$2.09/SF
EGI
$25.5K $15.91/SF
− OpEx
−$8.9K −$5.57/SF
NOI
$16.5K $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%
$330,960
Cap Rate 7%
$236,400
Cap Rate 9%
$183,867
Alternative Uses
Best Use
Flex RnD
$236.4K
$206.9K – $275.8K
NOI $16,548 @ 7.0% cap · market cap 3.68%
Second Best
Industrial
$113.2K
$99.1K – $132.1K
NOI $7,927 @ 7.0% cap · market cap 1.76%
Theoretical Best
Specialty Retail
$345.1K
$302.0K – $402.6K
NOI $24,157 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48362, MI
15,001
Population
6,428
Households
2.3
Avg Household Size
42
Median Age
44%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
1,485
Density / Sq Mi
$108,667
Median Household Income
$51,826
Median Earnings
$1,095
Median Rent
$313,600
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?
Flex space - Standalone commercial building with office space, workshop capability, storage, and front-to-rear garage access.
Where is this flex space located?
The property is located at 499 N Axford St Lake Orion, 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: 1,600‑square‑foot flex building; Built in 1958; Drive‑through garage work area with front and rear garage doors
