Building Details

Year Built 1955

Tenancy Multi

Listing Agency: Wilhelm & Associates

Listed By: Thomas Wilhelm · License #6501196948 Show Phone

Source: Katie-k

Added: Sep 1 Changed: Oct 6 Last Checked: Oct 7 at 4:25PM

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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

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Investment Insights

Based on property information with market context.

This 5,198 SF commercial center contains four retail and office units, each measuring 1,200 SF. Two units are currently leased, creating an existing multi-tenant configuration for continued occupancy or owner use. The property was built in 1955 and includes an on-site parking layout for customers, employees, and visitors.

The center fronts Highland Road, also identified as the M-59 corridor, at 7627-7633 Highland Rd in Waterford, Michigan. Its zoning is C-2, with local commercial, retail, and professional office designations. The four-unit layout and mix of retail and office suitability provide a flexible commercial format along a prominent road corridor.

Key Highlights

• Four retail and office units, each measuring 1,200 SF
• 5,198 SF commercial center built in 1955
• Two of the four units are currently leased

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,894

Cap Rate

4.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$357,880 $357.9K

Cap Rate 7%

$255,629 $255.6K

Cap Rate 9%

$198,822 $198.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,198 SF

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 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 (±1% cap)

NOI $55,933 @ 7.0% cap · market cap 14.92%

Second Best

Office B

$255.6K

$223.7K – $298.2K (±1% cap)

NOI $17,894 @ 7.0% cap · market cap 4.77%

Theoretical Best

Specialty Retail

$1.12M

$981.0K – $1.31M (±1% cap)

NOI $78,481 @ 7.0% cap · market cap 20.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Building Supply Parking Lot & Garage HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Office units

50%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

232

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - C-2 zoning designated for local commercial, retail, and professional office uses.

Where is this shopping center located?

The property is located at 76277633 7627-7633 Highland Rd Waterford, MI.

What is the asking price?

The asking price for this property is $374,900.

What are key features of this property?

This property features: Four retail and office units, each measuring 1,200 SF; 5,198 SF commercial center built in 1955; Two of the four units are currently leased