Renovated Storefront
For Sale
$4,500,000
5900 Highland Road, Waterford, MI 48327
Commercial Sale, Waterford, MI
Property Size49,434 SF
Lot Size7.28 Acres
Price / SF$91.03
Days on Market702
Property Features for 5900 Highland Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bathroom 3, Bathroom 2
Parking
1500
Elementary school district
Waterford
Middle school district
Waterford
High school district
Waterford
Directions
Please Enter Address In Navigational Tools Available.
Subdivision
Oakland County - 70
Standard status
Active
APN
13-16-352-020
Size
49,434 SF
Lot size
7.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
T3N, R9E, SEC 16 PART OF SW 1/4 BEG AT PT DIST E 233 FT FROM SW SEC COR, TH E 397.75 FT, TH N 00-13-00 E 790 FT, TH...
Tax Annual Amount
64968
Legal Description
T3N, R9E, SEC 16 PART OF SW 1/4 BEG AT PT DIST E 233 FT FROM SW SEC COR, TH E 397.75 FT, TH N 00-13-00 E 790 FT, TH...
Utilities
Heating system
Radiant, Forced Air
Cooling system
Central Air
Building Details
Year built
1993
Floors in Building
1
Number of units
1
Building materials
Block, Brick, Metal Siding
Roof type
Rubber
Listing Agency:
Lasco Real Estate Group
(810) 433-9556
Listed By:
Jennifer Lasco · License #6502402604
(248) 840-6059
Added: Nov 1, 2024
Changed: Sep 16
Last Checked: Oct 3 at 6:06PM
MLS# 24058004
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This storefront property contains 49,434 square feet of building area across 7.28 acres and was renovated in 2023. The front section has a history of automotive dealership sales and includes retail-oriented space, private offices, and client service areas. Building materials include block, brick, and metal siding, with a rubber roof, central air, forced-air and radiant heat, and four bathrooms.
The property is made up of two parcels measuring 6.359 acres and 0.918 acres. It is partially leased at just under 20% through 6/30/29. A NNN lease may also be considered in place of a fee-simple sale.
The property is made up of two parcels measuring 6.359 acres and 0.918 acres. It is partially leased at just under 20% through 6/30/29. A NNN lease may also be considered in place of a fee-simple sale.
Key Highlights
- 49,434 square feet of building space on 7.28 acres
- Renovated in 2023
- Two parcels measuring 6.359 acres and 0.918 acres
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
$244,927
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
5.44%
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%
$4,898,540
$4.9M
Cap Rate 7%
$3,498,957
$3.5M
Cap Rate 9%
$2,721,411
$2.7M
Market Conditions
NOI Build-Up for 49,434 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
$363.3K $7.35/SF
− Vacancy
−$13.4K −$0.27/SF
EGI
$349.9K $7.08/SF
− OpEx
−$105.0K −$2.12/SF
NOI
$244.9K $4.95/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
30.00%
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%
$4,898,540
Cap Rate 7%
$3,498,957
Cap Rate 9%
$2,721,411
Alternative Uses
Best Use
Retail
$7.60M
$6.65M – $8.87M
NOI $531,930 @ 7.0% cap · market cap 11.82%
Second Best
Industrial
$3.50M
$3.06M – $4.08M
NOI $244,927 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$10.66M
$9.33M – $12.44M
NOI $746,374 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
107k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 45%
Electronics 2%
Home Improvements & Furnishings 1%
Speedway
Shops & Services
25,009 visits/mo
0.1 miles
McDonald's
Dining
23,896 visits/mo
0.1 miles
Citgo
Shops & Services
12,369 visits/mo
0.3 miles
Wendy's
Dining
10,085 visits/mo
0.3 miles
Arby's
Dining
7,203 visits/mo
0.2 miles
Demographics for 48327, MI
21,811
Population
9,864
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
94%
High-School Grad
11.3 sq mi
ZIP Area
1,930
Density / Sq Mi
$75,512
Median Household Income
$46,259
Median Earnings
$1,058
Median Rent
$241,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Large commercial building with retail-facing space, private management offices, and partial occupancy through 6/30/29.
Where is this storefront property located?
The property is located at 5900 Highland Road Waterford, MI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 49,434 square feet of building space on 7.28 acres; Renovated in 2023; Two parcels measuring 6.359 acres and 0.918 acres
