Flex Building With Drive-Through
For Sale
$415,000
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$259.38
Days on Market168
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
Listed By:
Peggy J Feltner · License #6501413792
(248) 821-7688
Source:
Cpix.resimplifi
Added: May 1
Changed: Oct 14
Last Checked: Oct 14 at 7:33PM
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 / Yr
$16,548
Cap Rate
3.99%
Suggested Prices Based on Cap Rates
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
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 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 3.99%
Second Best
Industrial
$113.2K
$99.1K – $132.1K
NOI $7,927 @ 7.0% cap · market cap 1.91%
Theoretical Best
Specialty Retail
$345.1K
$302.0K – $402.6K
NOI $24,157 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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 $415,000.
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
