Corner Former Bank
For Sale
Contact for pricing
990 S Lapeer Rd, Oxford, MI 48371
Former bank building available at a corner with high-visibility access and excellent ingress/egress on S. Lapeer Rd.
Property Size8,320 SF
Price / SF$192.31
Days on Market260
Property Features for 990 S Lapeer Rd
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Retail, Office
Zoning
C-2 (General Commercial)
Building Details
Year Built
1975
Stories
1
Tenancy
Single
Listing Agency:
Landmark Commercial Real Estate Services
Listed By:
Louis J. Ciotti · License #MI 6501335264
(313) 570-2026
Source:
Crexi
Added: Feb 6
Changed: Oct 10
Last Checked: Oct 23 at 7:20AM
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 Landmark Commercial Real Estate Services
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering includes a former 2,815 SF bank building available for purchase, along with an additional build-to-suit and ground lease opportunity. The landlord also plans to deliver a shopping center with a drive-thru end-cap, with available space ranging from 1,200 to 8,320 SF.
The site is positioned at the corner of S. Lapeer Rd (M-24) and W. Drahner Rd, noted for high visibility. Public remarks also highlight excellent ingress and egress for tenant and customer access.
For buyers or developers, the combination of an existing bank building plus the option to ground lease or build to suit provides multiple development paths within the same corner location.
The site is positioned at the corner of S. Lapeer Rd (M-24) and W. Drahner Rd, noted for high visibility. Public remarks also highlight excellent ingress and egress for tenant and customer access.
For buyers or developers, the combination of an existing bank building plus the option to ground lease or build to suit provides multiple development paths within the same corner location.
Key Highlights
- Former 2,815 SF bank building available on a corner lot with high‑visibility frontage on S. Lapeer Rd (M‑24)
- Corner location at S. Lapeer Rd & W. Drahner Rd with excellent ingress/egress
- Ground lease or build‑to‑suit opportunity available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,619
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,512,380
$2.5M
Cap Rate 7%
$1,794,557
$1.8M
Cap Rate 9%
$1,395,767
$1.4M
Market Conditions
NOI Build-Up for 8,320 SF
Gross rent
$179.7K $21.60/SF
− Vacancy
−$12.2K −$1.47/SF
EGI
$167.5K $20.13/SF
− OpEx
−$41.9K −$5.03/SF
NOI
$125.6K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,512,380
Cap Rate 7%
$1,794,557
Cap Rate 9%
$1,395,767
Alternative Uses
Best Use
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,619 @ 7.0% cap · market cap 7.85%
Second Best
Retail
$1.28M
$1.12M – $1.49M
NOI $89,527 @ 7.0% cap · market cap 5.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
21k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Home Improvements & Furnishings 23%
Dining 22%
Electronics 8%
Pet Supplies Plus
Shops & Services
4,970 visits/mo
0.0 miles
Harbor Freight Tools
Home Improvements & Furnishings
4,767 visits/mo
0.5 miles
Dollar General
Shops & Services
4,712 visits/mo
0.4 miles
Jimmy John's
Dining
3,645 visits/mo
0.5 miles
AT&T
Electronics
1,778 visits/mo
0.5 miles
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Bank - Former bank building available at a corner with high-visibility access and excellent ingress/egress on S. Lapeer Rd.
Where is this bank located?
The property is located at 990 S Lapeer Rd Oxford, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Former 2,815 SF bank building available on a corner lot with high‑visibility frontage on S. Lapeer Rd (M‑24); Corner location at S. Lapeer Rd & W. Drahner Rd with excellent ingress/egress; Ground lease or build‑to‑suit opportunity available
