Four-Unit Retail/Office
For Sale
Contact for pricing
7627-7633 Highland Road, Waterford, MI 48327
Multi-tenant retail/office building with two leased suites and paved parking on Highland Road (M-59).
Property Size5,198 SF
Price / SF$76.93
Days on Market59
Property Features for 7627-7633 Highland Road
General Information
Standard status
Active
Size
5,198 SF
Property subtype
Office, Retail
Building Details
Year Built
1955
Listing Agency:
Real Estate One
(248) 891-1000
Listed By:
Tom Wilhelm · License #MI 6501196948
Source:
Crexi
Added: Jun 12
Changed: Aug 7
Last Checked: Aug 8 at 2:24PM
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 Real Estate One
Investment Insights
Based on property information with market context.
This four-unit retail/office plaza consists of four separate suites, each approximately 1,200 square feet. The property is currently configured as a multi-tenant commercial building with two units leased and two available. The zoning is described as Local Commercial/Retail/Professional Office (C-2), supporting a range of retail and professional uses consistent with that designation.
Located at 7627 Highland Road in Waterford, the property fronts the Highland Road (M-59) commercial corridor, providing prominent street-level exposure. The site includes ample dedicated paved parking and is designed for convenient ingress and egress, making it straightforward for customers and staff to access the building. The remarks also highlight signage opportunities directly on the primary commercial artery.
For tenants and owners, this layout can support a mix of retail and professional service operations within a single, purpose-built plaza. With two suites already leased, the property provides an owner-user or investor the ability to occupy an available unit while benefiting from existing tenancy. The combination of multiple independent suites, highway-corridor visibility, and on-site paved parking creates a practical fit for businesses seeking a storefront-or-office setting along a heavily traveled roadway.
Located at 7627 Highland Road in Waterford, the property fronts the Highland Road (M-59) commercial corridor, providing prominent street-level exposure. The site includes ample dedicated paved parking and is designed for convenient ingress and egress, making it straightforward for customers and staff to access the building. The remarks also highlight signage opportunities directly on the primary commercial artery.
For tenants and owners, this layout can support a mix of retail and professional service operations within a single, purpose-built plaza. With two suites already leased, the property provides an owner-user or investor the ability to occupy an available unit while benefiting from existing tenancy. The combination of multiple independent suites, highway-corridor visibility, and on-site paved parking creates a practical fit for businesses seeking a storefront-or-office setting along a heavily traveled roadway.
Key Highlights
- 4‑unit retail/office commercial plaza built in 1955 at 7627 Highland Rd, Waterford, MI 48327
- 1,200 SF in each unit; 2 of 4 units currently leased
- Direct frontage on Highland Road (M‑59) with Local Commercial/Retail/Professional Office (C‑2) zoning
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
$17,894
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
4.47%
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%
$357,880
$357.9K
Cap Rate 7%
$255,629
$255.6K
Cap Rate 9%
$198,822
$198.8K
Market Conditions
NOI Build-Up for 5,198 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
$31.2K $6.00/SF
− Vacancy
−$7.3K −$1.41/SF
EGI
$23.9K $4.59/SF
− OpEx
−$6.0K −$1.15/SF
NOI
$17.9K $3.44/SF
Area
Oakland County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$357,880
Cap Rate 7%
$255,629
Cap Rate 9%
$198,822
Alternative Uses
Best Use
Retail
$799.0K
$699.2K – $932.2K
NOI $55,933 @ 7.0% cap · market cap 13.99%
Second Best
Office B
$255.6K
$223.7K – $298.2K
NOI $17,894 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$1.12M
$981.0K – $1.31M
NOI $78,481 @ 7.0% cap · market cap 19.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multi-tenant retail/office building with two leased suites and paved parking on Highland Road (M-59).
Where is this office units located?
The property is located at 7627-7633 Highland Road Waterford, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 4‑unit retail/office commercial plaza built in 1955 at 7627 Highland Rd, Waterford, MI 48327; 1,200 SF in each unit; 2 of 4 units currently leased; Direct frontage on Highland Road (M‑59) with Local Commercial/Retail/Professional Office (C‑2) zoning
