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Property profile & analytics
FOR LEASE
Medical Office Space
1187 W Huron St, Waterford, MI 48328
Entity Owned
7-yr Hold
Absentee Owner
Free & Clear
Property ID
US43-0186841
For Lease
1 / 2
$930,000
1187 W Huron St, Waterford, MI 48328
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Property summary
AI-generated overview
This exceptional 2,976-square-foot industrial space in Waterford, Michigan, presents a remarkable opportunity for a variety of businesses. Located at 1187 W Huron, this property sits on a 1.02-acre lot and offers high visibility with over 28,000 vehicles passing daily. Previously occupied by a Family Video store, the space is ready for immediate build-out to suit your specific needs, making it ideal for retail, medical, or office use. The property benefits from a central location, providing easy access to nearby Pontiac and Bloomfield Hills. Ample parking is available for employees and customers. The lease rate is $14.00 per square foot per year, gross, plus utilities. This is a fantastic chance to establish your business in a thriving area with excellent visibility and convenient access. The building's prior use as a retail space makes it adaptable to a range of commercial applications. The large lot size offers potential for expansion or outdoor storage, depending on your business requirements. Don't miss this chance to secure a prime location in a high-traffic area. Contact us today to schedule a viewing and discuss your business needs.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2001
Total area
5,836 SF
Lot
1.02 ac (44,431 SF)
Zoning code
BI
APN
W -13-25-382-026
UPID
US43-0186841
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.14M
Blend (final)
Blend
$930k
Owner & transaction history
First Alliance Group LLC · 7 yrs held
First Alliance Group LLC
since 2019
3 recorded transactions
Zoning & alternative use
BI · Waterford, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.0M
+11.1%
Restaurant
$1.0M
+9.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waterford submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waterford submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$920,000
Current use
COMMERCIAL (GENERAL)
$1,025,000
Change: +11% · Conversion: Easy
RESTAURANT
$1,010,000
Change: +10% · Conversion: Difficult
Blend value · Realmo final
$930k
Range $837k – $1.02M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$159 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$14,342
Tax year 2023
Assessed value
$432,880
Assessed 2024
Previous assessed
$272,690
+58.7% YoY
Effective rate
3.31%
On assessed value
Total market value
$865,760
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2001
Heating
YES
Buildings
2
Stories
1
Units
1
Total area
5,836 SF
Lot
1.02 ac (44,431 SF)
Zoning code
BI
APN
W -13-25-382-026
UPID
US43-0186841
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
BI · Waterford, MI
Zoning BI · permitted uses
BI · Waterford, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Waterford. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$920,000
COMMERCIAL (GENERAL)
Est. value
$1.0M
RESTAURANT
Est. value
$1.0M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2001
Heating
YES
Stories
1
Buildings
2
Units
1
Lot
1.02 ac
Current owner
From public records · entity-resolved
First Alliance Group LLC
Entity
Free & Clear · 7 yrs held
Mailing address
119 FLORENTINO CT, CLAYTON, NC 27527-9356
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 19, 2019
$625,000
First Alliance Group LLC
Hoogland Family Foundation
Warranty Deed
—
Oct 1, 2009
—
Hoogland Family Foundation
Hoogland & Zoerhoff
Quit Claim Deed
related
—
May 11, 2001
$190,000
Hoogland Ptshp
Hot N Now LLC
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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