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    M1 Concourse Private Garage Unit Title is generated by Realmo AI

    62 W Speed Way, Pontiac, MI 48341

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    For Sale
    $720,000

    Private garage unit at M1 Concourse with trackside mezzanine.

    Type:Commercial/Industrial
    Property size:
    1,264 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $569/SF
    Added:
    Mar 24, 2026
    Days on Market:
    59
    Last Refresh:
    Feb 10 at 11:11 pm

    Property Features for 62 W Speed Way

    General Information

    Standard status
    Active
    Size
    1,264 SF
    Lot size
    0.03 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    2016

    We can help!

    Listing Contact
    Melanie S Bishop

    Listing agent Melanie S Bishop License #6501217402

    Listing office KW Domain

    Listing date Mar 24, 2026

    Source Exitrealty

    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 KW Domain

    HighLights

    • Trackside location on M1 Concourse's straightaway with viewing mezzanine.
    • 1194sf garage space suitable for personal, social, office, or automotive use.
    • Includes three car lifts, awning, and all furnishings.
    • Access to M1 Concourse community events, parties, and festivals.
    • Features a 16' high and 18' wide overhead door.
    • Built in 2016.

    Overview

    This is M1 Concourse Private Garage Community Unit 62, situated in the heart of the community, adjacent to the 1.5-mile racetrack's straightaway. The unit features 1194 square feet of floor space, along with a partial trackside mezzanine that includes a viewing area and a half bath. It is equipped with three car lifts, an awning, and all furnishings are included. This garage can serve multiple purposes, functioning as a personal getaway, a social space, office space, a place to store and work on a car collection, or a spot for adrenaline activities. The space can also be used for office or work purposes. The overhead door measures 16 feet in height and 18 feet in width. The quarterly association dues are $747.16. Buyer to verify sq. ft. and all information.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    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
    Pontiac
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2928
    Latitude
    42.6266

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    FAQs

    What type of property is this?
    Parking lot & garage - Private garage unit at M1 Concourse with trackside mezzanine.
    Where is this parking lot & garage located?
    The property is located at 62 W Speed Way Pontiac, MI.
    What is the asking price?
    The asking price for this property is $720,000.
    What are key features of this property?
    This property features: Trackside location on M1 Concourse's straightaway with viewing mezzanine.; 1194sf garage space suitable for personal, social, office, or automotive use.; Includes three car lifts, awning, and all furnishings.
    (248) 590-0800
    We can help!
    Listing Contact
    Melanie S Bishop
    Real Estate License ID: 6501217402
    Learn More
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    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.

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