Building Details

Year Built 1968

Buildings 1

Stories 1

Listing Agency: Colliers - Royal Oak/Detroit, Michigan

Listed By: Michael Koenigbauer · License #6501346706

Source: Crexi

Added: Apr 5, 2023 Changed: Sep 29 Last Checked: Oct 5 at 3:40PM

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Investment Insights

Based on property information with market context.

This commercial real estate offering features a 22,023-square-foot retail space. The property is located on Orchard Lake Road in West Bloomfield Township, Michigan.

Key Highlights

• Retail Property
• Spacious 22,023 SqFt
• Built in 1968

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$236,976

Cap Rate

7.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,739,520 $4.7M

Cap Rate 7%

$3,385,371 $3.4M

Cap Rate 9%

$2,633,067 $2.6M

Market Conditions

NOI Build-Up for 22,023 SF

Gross rent

$370.0K $16.80/SF

− Vacancy

−$31.4K −$1.43/SF

EGI

$338.5K $15.37/SF

− OpEx

−$101.6K −$4.61/SF

NOI

$237.0K $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 Rate 5%

$4,739,520

Cap Rate 7%

$3,385,371

Cap Rate 9%

$2,633,067

Alternative Uses

Best Use

Retail

$3.39M

$2.96M – $3.95M (±1% cap)

NOI $236,976 @ 7.0% cap · market cap 7.42%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.75M

$4.16M – $5.54M (±1% cap)

NOI $332,512 @ 7.0% cap · market cap 10.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Repair Shop Auto Parts Store HVAC Service Parking Lot & Garage

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

Location Intelligence

Trade Area within ½ mile

371

Businesses Nearby

Explore this area Business Placement

Demographics for 48322, MI

32,188

Population

13,481

Households

2.4

Avg Household Size

47

Median Age

58%

College-Educated

94%

High-School Grad

11.7 sq mi

ZIP Area

2,751

Density / Sq Mi

$118,001

Median Household Income

$59,991

Median Earnings

$1,975

Median Rent

$374,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Retail space - 22,023 SqFt retail space available for sale.

Where is this retail space located?

The property is located at 6644 Orchard Lake Rd West Bloomfield Township, MI.

What is the asking price?

The asking price for this property is $3,195,000.

What are key features of this property?

This property features: Retail Property; Spacious 22,023 SqFt; Built in 1968