Corner Former Bank
990 S Lapeer Rd Oxford, MI 48371
For Sale
$1,600,000
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 Market101
Property Features for 990 S Lapeer Rd
General Information
- Standard status
- Active
- Size
- 8,320 SF
- Property subtype
- Retail
Listing Agency:
Landmark Commercial Real Estate Services
(248) 488-2620
Listed By:
Anthony Vitale · License #6505422306
(248) 488-2620
Source:
Cpix.resimplifi
Added: Apr 14
Changed: Jul 23
Last Checked: Jul 23 at 3:10AM
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
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 For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $179.7k | $21.60 |
| − Vacancy | −$12.2k | −$1.47 |
| EGI | $167.5k | $20.13 |
| − OpEx | −$41.9k | −$5.03 |
| NOI | $125.6k | $15.10 |
8,320 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Banks
FAQs
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
