Multi-Tenant Retail
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For Sale
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664 South Lapeer Road, Lake Orion, MI 48362
The property has multiple business tenants and additional space available for lease.
Property Size22,167 SF
Price / SF$144.36
Days on Market5
Property Features for 664 South Lapeer Road
General Information
Standard status
Active
Size
22,167 SF
Property subtype
Retail
Occupancy
84%
Net Operating Income
$244,762
Financials
Asking Price
$3,200,000
Cap Rate
7.65%
Gross Income
$329,200
Building Details
Tenancy
Multi
Listing Agency:
Summit Union Real Estate
Listed By:
Nathaniel Korkis · License #460946
(586) 554-6107
Source:
Crexi
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:56PM
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
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 = 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
$238,526
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
7.45%
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%
$4,770,520
$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
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
$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 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%
$4,770,520
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.
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
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
