Corner Former Bank
For Sale
$1,600,000
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 Market147
Property Features for 990 S Lapeer Rd
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Retail
Zoning
O
Building Details
Building Size
8,320 SF
Listing Agency:
Landmark Commercial Real Estate Services
Listed By:
Anthony Vitale · License #6505422306
(248) 488-2620
Source:
Cpix.resimplifi
Added: Apr 14
Changed: Aug 23
Last Checked: Aug 14 at 8:01AM
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
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
$125,619
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
7.85%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
