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    70920 Van Dyke Rd Romeo, MI 48065

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    For Lease
    Contact for pricing

    Retail & Office Space Available: Multiple Suites, High Visibility

    Lot size:
    76,438 SF

    Property Features for 70920 Van Dyke Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    76,438 SF
    Class
    B
    Total Rate
    95547.5

    Building Details

    Year Built
    1996
    Buildings
    4
    Stories
    1

    Spaces For Lease

    at 70920 Van Dyke Rd, Romeo, MI 48065 Contact us
    Unit Suite 71090

    $15 /Mo

    Size
    1,664 SF
    Contact us
    Unit Suite 71260

    $15 /Mo

    Size
    1,200 SF
    Contact us
    Unit Suite 71050

    $15 /Mo

    Size
    5,406 SF
    Contact us

    We can help!

    Listing Contact
    Alex Termini

    Listing Agency: Pilot Property Group Listing Agent: Alex Termini

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Fiddler's Cove Shopping Center, located at 70920-71340 Van Dyke in Romeo, Michigan (48065), presents a unique opportunity for businesses seeking retail or office space. This Class B property, built in 1996, comprises four single-story buildings totaling 76,438 square feet situated on an expansive 11.87-acre lot. The center offers multiple tenancy options, with suite sizes ranging from a minimum of 1,040 square feet to a maximum contiguous space of 6,000 square feet. Currently, 6,000 square feet of space is vacant. The property features convenient access to the Van Dyke expressway/M-53 and boasts a prominent location near downtown Romeo. With over 300 parking spaces available, ample customer and employee parking is ensured. The property is zoned C-2 and its APN is 01-35-101-045. The center is anchored by CVS, providing strong visibility and foot traffic. This property offers a versatile space suitable for a variety of businesses, with the potential for significant growth and return on investment. The property includes 22 total suites. There are no elevators on site. Cross street is 33 Mile Rd.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Building Supply Auto Repair Shop Hotel & Motel Food Market Bed & Breakfast Carpet & Flooring Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Romeo
    County
    Macomb
    State
    Michigan
    Longitude
    -83.019421150274
    Latitude
    42.817777449086

    Nearby Similar for Lease

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    • $2,520 /Mo

      Retail and Office Space Available

      Retail or office spaces for lease, anchored by CVS.
      71070 Van Dyke Ave, Romeo, MI 48065
      View Details
    • $1,300 /Mo

      Retail and Office Space Available

      Retail and office spaces for lease near downtown Romeo.
      71289 Van Dyke Ave, Romeo, MI 48065
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    • $7 SF/Yr
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      Industrial Space Available For Lease

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      Romeo Industrial/Office Space for Lease

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    FAQs

    What type of property is this?
    Office Property / Space - Retail & Office Space Available: Multiple Suites, High Visibility
    Where is this office property / space located?
    The property is located at 70920 Van Dyke Rd Romeo, MI.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Flexible suite sizes available for retail or office use.; Excellent access to the Van Dyke Expressway (M-53).;
    (586) 291-0499 Call to check price and availability
    Request Owner's contact information
    70920 Van Dyke Rd Romeo, MI 48065
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    Romeo, MI 48065
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    70920 Van Dyke Rd Romeo, MI 48065
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Alex Termini
    (586) 291-0499 (586) 254-0900
    Learn more
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