Oxford Flex Space with
For Sale
$1,498,000
588 S Lapeer Rd, Oxford, MI 48371
6,054 SF flex building with fenced yard for sale.
Property Size6,054 SF
Lot Size0.64 Acres
Price / SF$247.44
Days on Market213
Property Features for 588 S Lapeer Rd
General Information
Standard status
Active
Size
6,054 SF
Lot size
0.64 Acres
Building Details
Year Built
1974
Listing Agency:
Thrive Realty Company
Listed By:
Aylin Tarr · License #449373
Source:
Katie-k
Added: Mar 26
Changed: Oct 11
Last Checked: Oct 7 at 2:17PM
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 Thrive Realty Company
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Investment Insights
Based on property information with market context.
This 6,054 square foot building is situated on 0.64 acres. The property includes approximately 500 square feet of office space. The rear of the building features 15-foot ceilings and one 14-foot overhead door located on the side. The front of the building, which faces Lapeer Road, is equipped with three overhead doors. Two of these front doors are 14 feet tall, while the third measures 8 feet in height. Although functional, two of the front overhead doors are positioned in front of the interior offices. The property also benefits from a fenced-in rear yard.
Key Highlights
- 6054 Sq Ft Building on 0.64 AC
- Fenced in Rear Yard
- 14 Ft Overhead Door on Side of Building with 15 Foot Tall Ceilings in Rear**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,615
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,252,300
$1.3M
Cap Rate 7%
$894,500
$894.5K
Cap Rate 9%
$695,722
$695.7K
Market Conditions
NOI Build-Up for 6,054 SF
Gross rent
$109.0K $18.00/SF
− Vacancy
−$12.6K −$2.09/SF
EGI
$96.3K $15.91/SF
− OpEx
−$33.7K −$5.57/SF
NOI
$62.6K $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%
$1,252,300
Cap Rate 7%
$894,500
Cap Rate 9%
$695,722
Alternative Uses
Best Use
Flex RnD
$894.5K
$782.7K – $1.04M
NOI $62,615 @ 7.0% cap · market cap 4.18%
Second Best
Industrial
$428.5K
$374.9K – $499.9K
NOI $29,995 @ 7.0% cap · market cap 2.00%
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,406 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - 6,054 SF flex building with fenced yard for sale.
Where is this flex space located?
The property is located at 588 S Lapeer Rd Oxford, MI.
What is the asking price?
The asking price for this property is $1,498,000.
What are key features of this property?
This property features: 6054 Sq Ft Building on 0.64 AC; Fenced in Rear Yard; 14 Ft Overhead Door on Side of Building with 15 Foot Tall Ceilings in Rear**
