Freestanding Medical/Office Building For
For Sale
Contact for pricing
7559-7561Highland Rd, Waterford Township, MI 48327
2,300 sq ft building near Oakland International Airport.
Property Size2,300 SF
Price / SF$173.48
Days on Market704
Property Features for 7559-7561Highland Rd
General Information
Standard status
Active
Size
2,300 SF
Class
C
Total Parking Spaces
12
Property subtype
Office
Zoning
B-1
Building Details
Year Built
1960
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Signature Associates
Listed By:
Marvin Petrous · License #6501386692
(248) 359-0647
Source:
Crexi
Added: Oct 1, 2024
Changed: Aug 23
Last Checked: Aug 31 at 10:26PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This is a 2,300 sq. ft. freestanding medical/office building. It is located along the highly traveled M-59 (Highland Road), one mile from Oakland International Airport. The property is surrounded by local restaurants, retailers, and marinas.
Key Highlights
- Freestanding 2,300 sq. ft. medical/office building.
- Located on highly traveled M‑59 (Highland Road).
- Proximity to Oakland International Airport (1 mile).
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
$31,125
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
7.80%
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%
$622,500
$622.5K
Cap Rate 7%
$444,643
$444.6K
Cap Rate 9%
$345,833
$345.8K
Market Conditions
NOI Build-Up for 2,300 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
$58.0K $25.20/SF
− Vacancy
−$6.1K −$2.65/SF
EGI
$51.9K $22.55/SF
− OpEx
−$20.7K −$9.02/SF
NOI
$31.1K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$622,500
Cap Rate 7%
$444,643
Cap Rate 9%
$345,833
Alternative Uses
Best Use
Healthcare Medical
$444.6K
$389.1K – $518.8K
NOI $31,125 @ 7.0% cap · market cap 7.80%
Second Best
Office B
$113.1K
$99.0K – $132.0K
NOI $7,918 @ 7.0% cap · market cap 1.98%
Theoretical Best
Specialty Retail
$496.1K
$434.1K – $578.8K
NOI $34,726 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
66
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,300 sq ft building near Oakland International Airport.
Where is this medical office space located?
The property is located at 7559-7561Highland Rd Waterford Township, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Freestanding 2,300 sq. ft. medical/office building.; Located on highly traveled M‑59 (Highland Road).; Proximity to Oakland International Airport (1 mile).
