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    The Largest CRE Database in the US with Over 1 Million Listings

    1501-1539 Prospect Rd Superior Charter Township, MI 48198

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    For Sale
    Contact for pricing

    2.75 Acres, High-Traffic Location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    422
    This exceptional 2.75-acre commercial land parcel presents a unique investment opportunity in Superior Charter Township, Michigan. Located at 1501-1539 Prospect Road, this property boasts a prime location at a signalized intersection, ensuring high visibility and accessibility. The site benefits from significant traffic counts, with 7,100 vehicles daily on North Prospect Road and 6,300 on East Clark Road, providing substantial exposure for any commercial venture. The property is zoned as Planned Community District, which permits C-2 General Commercial uses, offering a wide range of development possibilities. This versatile zoning allows for diverse commercial applications, making it ideal for businesses seeking a high-traffic, easily accessible location. The expansive lot size provides ample space for construction and development, catering to a variety of project scales and designs. Situated in Washtenaw County, with a 48198 zip code, this property offers convenient access to regional transportation networks and a thriving local community. The coordinates are 42.2613401 latitude and -83.6029037 longitude. This is a rare opportunity to acquire a significant commercial land parcel in a high-demand area. Serious inquiries are encouraged.

    Property Features for 1501-1539 Prospect Rd

    General Information

    Property type
    Land
    Lot Size
    119,790 SF

    We can help!

    Listing Contact
    Lou Frango
    Lou Frango

    Learn more

    HighLights

    • 2.75‑acre parcel available for development.
    • High‑visibility location at a signalized intersection.
    • Excellent traffic counts: 7,100 vehicles on N Prospect and 6,300 on E Clark.
    • Planned Community District zoning allows C‑2 General Commercial uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Superior Charter Township
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.6029037
    Latitude
    42.2613401

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    FAQs

    What type of property is this?
    Land - 2.75 Acres, High-Traffic Location
    Where is this land located?
    The property is located at 1501-1539 Prospect Rd Superior Charter Township, MI.
    What are key features of this property?
    This property features: 2.75-acre parcel available for development.; High-visibility location at a signalized intersection.; Excellent traffic counts: 7,100 vehicles on N Prospect and 6,300 on E Clark.
    (248) 540-1000
    Request Owner's contact information
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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
    1501-1539 Prospect Rd Superior Charter Township, MI 48198
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    We can help!
    Listing Contact
    Lou Frango
    Lou Frango
    (248) 540-1000
    Learn more
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