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    8350 Richardson Ave Commerce Charter Township, MI 48382
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    8350 Richardson Ave Commerce Charter Township, MI 48382

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    • Retail properties & Spaces
    • 27,711 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 8350 Richardson Ave

    Property size
    27,711 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    Pine Cove Plaza, located at 8350 Richardson Avenue in Commerce Charter Township, Michigan, presents a prime opportunity for medical office tenants. This 27,711 square foot multi-tenant building offers flexible spaces ranging from 1,373 to 6,099 contiguous square feet, with a total of three suites currently available. A significant 9,038 square feet is vacant, providing ample space for expansion or new tenancy. The property is classified as both retail and office, catering to a diverse range of medical practices. The building boasts 125 parking spaces, ensuring convenient access for patients and staff. Situated in Oakland County, Michigan, with a zip code of 48382, this property benefits from a strategic location within Commerce Township. The available space is ideal for medical professionals seeking a well-maintained facility with ample parking and flexible lease terms. The property's diverse zoning allows for a variety of medical uses. Interested parties are encouraged to inquire about lease terms and availability for the vacant suites. The address is easily accessible and provides excellent visibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Commerce Charter Township
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4475
    Latitude
    42.5784

    Comparable in this City

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      $545,000
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      9600 Commerce Rd

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    • Value Estimation by Request
      970 SF

      9640 Commerce Rd

      MEDICAL BUILDING • 970 SF
      9640 Commerce Rd, Commerce Township, MI 48382-4166
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    • Value Estimation
      $1,350,000
      6,930 SF

      415 Commerce Rd

      MEDICAL BUILDING • 6,930 SF
      415 Commerce Rd, Commerce Township, MI 48382-3922
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    • Value Estimation by Request
      2,659 SF

      9640 Commerce Rd, Unit 1

      MEDICAL BUILDING • 2,659 SF
      9640 Commerce Rd, Commerce Township, MI 48382-4166
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    • Value Estimation
      $625,000
      3,864 SF

      8800 Commerce Rd

      MEDICAL BUILDING • 3,864 SF
      8800 Commerce Rd, Commerce Township, MI 48382-4413
      View Details

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    Similar Nearby for Lease

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      3053 Union Lake Road, Commerce Township, MI 48382

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    Commerce Charter Township, MI 48382
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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
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