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    10505 Plaza Dr Whitmore Lake, MI 48189
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    Property profile & analytics

    10505 Plaza Dr Whitmore Lake, MI 48189

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    • Industrial properties
    • 73,711 SF
    • 6.77 lot acres
    For Lease
    $2,695,000
    View Listing →
    Warehouse/Distribution Space For Sublease For Lease
    $2,695,000
    8,400 SF

    Warehouse/Distribution Space For Sublease

    8,400 sq. ft. warehouse/distribution space available for sublease.

    10505 Plaza Dr, Whitmore Lake, MI 48189
    View Listing
    Property ID
    US43-1519749
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Feed Your Zoo / (Bike/Boat/Book/etc) Store / Pet Store & Service

    Property Details for 10505 Plaza Dr

    Year built
    1989
    Lot size
    6.77 lot acres
    Property size
    73,711 SF
    Zone code
    LI
    Property type
    Industrial properties
    APN
    16-29-300-018
    APU
    1629300018

    Description

    This exceptional 80,000-square-foot industrial property in Whitmore Lake, Michigan, offers a unique opportunity for businesses seeking flexible manufacturing, warehouse, or distribution space. Located at 10505 Plaza Drive, 48189, this multi-tenant building boasts a range of unit sizes, with a minimum divisible space of 8,400 square feet and a maximum contiguous space of 26,800 square feet. Currently, 35,200 square feet is available. Built in 1989, the facility features impressive ceiling heights ranging from 15 to 26 feet, providing ample vertical storage capacity. Ten loading docks and six drive-in doors ensure efficient loading and unloading operations. The property also includes 45 total parking spaces, accommodating employees and visitors. The building is equipped with heavy power, catering to the needs of energy-intensive industrial processes. Zoned Limited Industrial (LI), this property is ideally situated between Ann Arbor and Brighton, offering convenient access to major transportation routes and a skilled workforce. The available spaces are well-suited for various light industrial uses, and the combination of grade-level access and ample clearance makes them highly desirable. This is a rare opportunity to secure prime industrial space in a thriving Michigan market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,696,000
      Market price range: $2.70M - $5.87M
      AI Estimate
      $2,696,000
      Market price range: $2.70M - $5.87M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,475,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Whitmore Lake
    County
    Livingston
    State
    Michigan
    Longitude
    -83.7637
    Latitude
    42.4485
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $36,072
    $0.00
    $0.00
    $1,477,900
    -
    $0.00
    $0.00
    $2,955,800

    Comparable in this City

    • Value Estimation
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      34,020 SF

      10566 Plz Dr

      INDUSTRIAL (GENERAL) • 34,020 SF
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      View Details
    • Value Estimation
      $1,080,000
      23,800 SF

      10760 Plz Dr

      INDUSTRIAL (GENERAL) • 23,800 SF
      10760 Plz Dr, Whitmore Lake, MI 48189-9737
      View Details
    • Value Estimation
      $1,170,000
      23,200 SF

      10802 Plz Dr

      INDUSTRIAL (GENERAL) • 23,200 SF
      10802 Plz Dr, Whitmore Lake, MI 48189-9737
      View Details
    • Value Estimation by Request
      5,364 SF

      10063 Industrial Dr

      INDUSTRIAL (GENERAL) • 5,364 SF
      10063 Industrial Dr, Whitmore Lake, MI 48189-9180
      View Details
    • Value Estimation by Request
      35,561 SF

      955 North Territorial Rd

      Distribution properties • 35,561 SF
      955 North Territorial Rd, Whitmore Lake, MI 48189
      View Details
    • Value Estimation by Request
      8,144 SF

      10100 Industrial Dr

      INDUSTRIAL (GENERAL) • 8,144 SF
      10100 Industrial Dr, Whitmore Lake, MI 48189-9193
      View Details

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      Shovel-ready land in Livingston Professional Center with utilities available.
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      Build your dream home on this beautiful 5-acre parcel.
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    Similar Nearby for Lease

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      Warehouse/Distribution Space For Sublease

      8,400 sq. ft. warehouse/distribution space available for sublease.
      10505 Plaza Dr, Whitmore Lake, MI 48189
      View Details
    • Contact for pricing

      Modern Industrial/Office Suites For Lease

      New industrial/office suites with flexible space and excellent regional connectivity.
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      21,300 SF

      Renovated Retail Spaces For Lease

      Retail spaces available between Ann Arbor and Brighton off US-23.
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    • $3,000 /Mo
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      Retail Space Near Whitmore Lake

      Retail space available near Main St. and the water.
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      View Details
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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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