4-Unit Shopping
For Sale
$399,900
7627-7633 Highland Road, Waterford, MI 48327
Commercial property with two leased suites, direct Highland Road frontage, and parking for customers and staff.
Property Size5,198 SF
Days on Market38
Property Features for 7627-7633 Highland Road
General Information
Standard status
Active
Size
5,198 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$8,751
Building Details
Building Size
5,198 SF
Year Built
1955
Listing Agency:
Wilhelm & Associates
(248) 625-9500
Listed By:
Thomas Wilhelm · License #6501196948
Source:
Erareardonrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 25 at 9:14AM
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 Wilhelm & Associates
Investment Insights
Based on property information with market context.
This commercial property includes four units, each measuring 1,200 SF, creating a multi-tenant layout for retail and professional office occupancy. Two units are currently leased, while the remaining space supports an owner-user or additional tenant configuration. The building was constructed in 1955 and is identified for Commercial use under C-2 zoning.
Located at 7627-7633 Highland Road, the property fronts Highland Road, also designated M-59, in Waterford Charter Township. Its parking layout is designed to accommodate customers, employees, and regular retail traffic. The site combines retail and professional office zoning with a four-unit configuration along a visible commercial corridor.
Located at 7627-7633 Highland Road, the property fronts Highland Road, also designated M-59, in Waterford Charter Township. Its parking layout is designed to accommodate customers, employees, and regular retail traffic. The site combines retail and professional office zoning with a four-unit configuration along a visible commercial corridor.
Key Highlights
- Four commercial units, each measuring 1,200 SF
- Two units currently leased
- Direct frontage on Highland Road, also designated M‑59
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
Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Shopping center - Commercial property with two leased suites, direct Highland Road frontage, and parking for customers and staff.
Where is this shopping center 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: Four commercial units, each measuring 1,200 SF; Two units currently leased; Direct frontage on Highland Road, also designated M‑59
