High-Visibility Commercial Opportunity on
For Sale
$1,350,000
666 S Lapeer Road, Oxford, MI 48371
Commercial building and residence on 0.92 acres with high visibility.
Property Size9,057 SF
Lot Size0.92 Acres
Price / SF$149.06
Days on Market191
Property Features for 666 S Lapeer Road
General Information
Standard status
Active
Size
9,057 SF
Lot size
0.92 Acres
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Conventional
Taxes and HOA fees
Annual Taxes
$15,419
Building Details
Building Size
9,057 SF
Listing Agency:
Max Broock, REALTORSÂ-Birmingham
(248) 933-4907
Listed By:
Darren Brady · License #MI6501431806
(248) 933-4907
Source:
Sabudarealty
Added: Feb 14
Changed: Aug 23
Last Checked: Aug 22 at 1:05PM
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 Max Broock, REALTORSÂ-Birmingham
Investment Insights
Based on property information with market context.
This commercial opportunity is located on M-24, also known as Lapeer Road, along Oxford’s primary retail and service corridor. The property includes a 9,057 square foot commercial building constructed in 1970 and a 980 square foot single-family residence built in 1940, situated on a 0.92-acre lot, totaling approximately 40,000 square feet. The site features roughly 200 feet of frontage on Lapeer Road and an additional 200 feet on Oakdell Street. The location experiences an estimated 30,552 vehicles per day, according to MDOT 2023 data. Zoned C-1 Local Commercial, the site allows for various permitted and special uses, including professional offices, retail spaces up to 10,000 square feet, medical or dental offices, personal services, contractor offices, and other specialty commercial applications. The existing building layout includes a functional front office area and a rear shop or workspace, along with two restrooms and drive-in overhead access. It is suited for contractors, trades, light assembly, service-based operations, or owner-users seeking a high-exposure location with long-term growth potential.
Key Highlights
- High‑visibility location directly on M‑24 (Lapeer Road) with 30,552 vehicles per day
- Zoned C‑1 Local Commercial, supporting a wide range of permitted uses
- 9,057 sqft commercial building with functional office and shop space
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
$91,702
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
6.79%
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%
$1,834,040
$1.8M
Cap Rate 7%
$1,310,029
$1.3M
Cap Rate 9%
$1,018,911
$1.0M
Market Conditions
NOI Build-Up for 9,057 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
$163.0K $18.00/SF
− Vacancy
−$16.3K −$1.80/SF
EGI
$146.7K $16.20/SF
− OpEx
−$55.0K −$6.07/SF
NOI
$91.7K $10.13/SF
Area
Oakland County, MI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,834,040
Cap Rate 7%
$1,310,029
Cap Rate 9%
$1,018,911
Alternative Uses
Best Use
Mixed Use
$1.31M
$1.15M – $1.53M
NOI $91,702 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,746 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building and residence on 0.92 acres with high visibility.
Where is this mixed-use property located?
The property is located at 666 S Lapeer Road Oxford, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: High‑visibility location directly on M‑24 (Lapeer Road) with 30,552 vehicles per day; Zoned C‑1 Local Commercial, supporting a wide range of permitted uses; 9,057 sqft commercial building with functional office and shop space
