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    Waterfront Corner Buildable Lot Title is generated by Realmo AI

    Forest Bay Drive, Waterford, MI 48328

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    Claim this Listing
    For Sale
    $250,000

    LAND - Waterford Twp, MI

    Lot size:
    0.25 Acres
    Added:
    Mar 19, 2026
    Days on Market:
    77
    Last Refresh:
    Jun 3 at 5:06 am

    Property Features for Forest Bay Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    1334407007
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Description
    T3N, R9E, SEC 34 OAKLAND COUNTY CONDOMINIUM PLAN NO 672 FOREST BAY UNIT 31 L 11407 P 176 6-14-90 FR 404-001 & 408-001
    Tax Annual Amount
    1836

    Utilities

    Water front features
    Beach Access, Lake

    We can help!

    Listing Contact
    Jeffrey J Kashat

    Listing agent Jeffrey J Kashat

    Listing office KW Domain 210 S Old Woodward Ave Suite 200, Birmingham, MI

    Listing date Mar 19, 2026

    MLS# 20261040622 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Premium corner lot (#31) at the intersection of Forest Bay Dr and Island View Dr in Forest Bay Subdivision
    • Approx. 0.24‑acre parcel with Lake waterfront features including beach access and lake access
    • Deeded boat slip on Cass Lake (Oakland County’s largest all‑sports lake)
    • Lot is described as having favorable topography with potential for a walkout lower level
    • Located in Waterford School District

    Overview

    This buildable waterfront corner lot offers a premium setting within the gated Forest Bay Subdivision. The parcel is described as approximately a quarter-acre and positioned at the intersection of Forest Bay Drive and Island View Drive, providing an excellent canvas for a custom architectural plan. Favorable topography is noted, with potential for a walkout lower level to support expansive living and indoor-outdoor flow. A rare added value is a deeded boat slip on Cass Lake, designed to support easy boating and waterfront leisure.

    The property is set in a private, lake-access community and is located in the Waterford School District. The listing also notes proximity to upscale dining, boutique shopping, and everyday conveniences, balancing privacy with practical access to daily needs.

    For buyers seeking a distinctive homesite in an established waterfront enclave, this lot fits well for an owner-builder or a custom home program that benefits from waterfront recreation rights. The corner configuration and potential walkout design can appeal to households looking to maximize usable space and create a more elevated connection to the lake lifestyle, while maintaining the privacy associated with a gated subdivision.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.371733
    Latitude
    42.622171

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    FAQs

    What type of property is this?
    Residential land & home lot - Build your custom home with potential walkout design and rare deeded boat slip on Cass Lake.
    Where is this residential land & home lot located?
    The property is located at Forest Bay Drive Waterford, MI.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Premium corner lot (#31) at the intersection of Forest Bay Dr and Island View Dr in Forest Bay Subdivision; Approx. 0.24‑acre parcel with Lake waterfront features including beach access and lake access; Deeded boat slip on Cass Lake (Oakland County’s largest all‑sports lake)
    (248) 590-0800
    We can help!
    Listing Contact
    Jeffrey J Kashat
    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.

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