Multi-Tenant Retail
664 South Lapeer Road, Lake Orion, MI 48362
For Sale
Contact for pricing
The property has multiple business tenants and additional space available for lease.
Property Size22,167 SF
Price / SF$144.36
Days on Market53
Property Features for 664 South Lapeer Road
General Information
Standard status
Size
Property subtype
Occupancy
Net Operating Income
Financials
Asking Price
Cap Rate
Gross Income
Building Details
Tenancy
Listing Agency:
Summit Union Real Estate
Listed By:
Nathaniel Korkis · License MI #460946
(586) 404-3239
Source:
Crexi
Added: Sep 23
Changed: Nov 5
Last Checked: Nov 12 at 8:24AM
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 Summit Union Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 22,167-square-foot shopping center in Lake Orion contains multiple retail and service businesses. Occupancy is approximately 84.1%, with 3,517 square feet available for lease. Current tenants include Tubby’s, Broadway Dance Company, GNE Paint, MI Body Works, Professor Soups, Express Tobacco, and Barres n’ Blades.
The property is located at 664 South Lapeer Road along the Lapeer Road commercial corridor in Orion Township, Michigan.
The property is located at 664 South Lapeer Road along the Lapeer Road commercial corridor in Orion Township, Michigan.
Key Highlights
- 22,167‑square‑foot multi‑tenant shopping center
- Approximately 84.1% leased, with 3,517 SF available
- Tenants include Tubby’s, Broadway Dance Company, GNE Paint, MI Body Works, Professor Soups, Express Tobacco, and Barres n’ Blades
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$238,526
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,770,520
$4.8M
Cap Rate 7%
$3,407,514
$3.4M
Cap Rate 9%
$2,650,289
$2.7M
Market Conditions
NOI Build-Up for 22,167 SF
Gross rent
$372.4K $16.80/SF
− Vacancy
−$31.7K −$1.43/SF
EGI
$340.8K $15.37/SF
− OpEx
−$102.2K −$4.61/SF
NOI
$238.5K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,770,520
Cap Rate 7%
$3,407,514
Cap Rate 9%
$2,650,289
Alternative Uses
Best Use
Retail
$3.41M
$2.98M – $3.98M
NOI $238,526 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.78M
$4.18M – $5.58M
NOI $334,686 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
84.1%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
165k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 43%
Home Improvements & Furnishings 1%
McDonald's
Dining
25,683 visits/mo
0.3 miles
Speedway
Shops & Services
23,129 visits/mo
0.4 miles
Starbucks
Dining
22,280 visits/mo
0.2 miles
Kroger Fuel Center
Shops & Services
20,376 visits/mo
0.1 miles
Taco Bell
Dining
11,688 visits/mo
0.1 miles
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
$313,600
Median Home Value
Market
Average Price Trend$/SF for Shopping centers in Oakland County, MI
Properties on Market for Shopping centers in Oakland County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Shopping center - The property has multiple business tenants and additional space available for lease.
Where is this shopping center located?
The property is located at 664 South Lapeer Road Lake Orion, MI.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 22,167‑square‑foot multi‑tenant shopping center; Approximately 84.1% leased, with 3,517 SF available; Tenants include Tubby’s, Broadway Dance Company, GNE Paint, MI Body Works, Professor Soups, Express Tobacco, and Barres n’ Blades
