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    1270 Commerce Rd Walled Lake, MI 48390-3008
    Property profile & analytics

    1270 Commerce Rd Walled Lake, MI 48390-3008

    View on Map
    • Super regional malls
    • 16,465 SF
    • 1.77 lot acres
    Off-Market
    Last Sale Sep 26, 2023
    $2,000,000
    Property ID
    US43-1827317
    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
    $1,950,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jonna’s PennyLake Market / Grocery & Convenience Store / Food Market
    • Penny Lake Marketplace / Grocery & Convenience Store / Food Market
    • ATM / Atm

    Property Details for 1270 Commerce Rd

    Year built
    1982
    Lot size
    1.77 lot acres
    Property size
    16,465 SF
    Zone code
    BI
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    92-17-26-307-048
    APU
    921726307048

    Description

    Jonna's Pennylake Plaza, located at 1270 S Commerce Rd, Walled Lake, MI 48390, offers a prime opportunity to lease 1,300 square feet of traditional office space. This single-tenant space is part of a larger 77,131 square foot building situated on 1.77 acres of land. The property enjoys a convenient location at the intersection of Pontiac Trail and Commerce Road, within the Commerce submarket cluster of Walled Lake. The building is zoned for General Commercial use. This retail and office space is ideal for businesses seeking a well-located presence in a thriving community. Exterior upgrades are planned for Summer 2024, enhancing the property's curb appeal and overall value. The property's location in the Walled Lake submarket provides excellent access to local amenities and a strong customer base. This is a rare opportunity to secure office space in a well-maintained building with planned improvements. Contact us today to learn more about leasing this exceptional space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,290,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,511,000
      Market price range: $920k - $2.29M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,530,000
      Current use
      COMMERCIAL (GENERAL)
      $2,900,000
      Change: +89% Conversion: Easy
      RESTAURANT
      $2,850,000
      Change: +86% Conversion: Difficult
      RETAIL STORES
      $2,780,000
      Change: +81% Conversion: Easy
      MEDICAL BUILDING
      $2,600,000
      Change: +70% Conversion: Difficult
      OFFICE BUILDING
      $2,560,000
      Change: +67% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,020,000
      Change: +32% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,335,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Walled Lake
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4773
    Latitude
    42.5434
    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
    2023
    $35,341
    $0.00
    $0.00
    $719,940
    -
    $0.00
    $0.00
    $1,439,880

    Comparable in this City

    • Value Estimation
      $5,975,000
      76,289 SF

      39630 14th Mile Rd

      REGIONAL SHOPPING CENTER, MALL • 76,289 SF
      39630 14th Mile Rd, Commerce Township, MI 48390-3909
      View Details
    • Value Estimation
      $980,000
      9,353 SF

      251 Haggerty Rd

      REGIONAL SHOPPING CENTER, MALL • 9,353 SF
      251 Haggerty Rd, Commerce Township, MI 48390-3950
      View Details
    • Value Estimation
      $2,105,000
      20,246 SF

      1715 Haggerty Rd

      REGIONAL SHOPPING CENTER, MALL • 20,246 SF
      1715 Haggerty Rd, Commerce Township, MI 48390-2857
      View Details
    • Value Estimation
      $710,000
      6,773 SF

      271 Haggerty Rd

      REGIONAL SHOPPING CENTER, MALL • 6,773 SF
      271 Haggerty Rd, Commerce Township, MI 48390-3950
      View Details
    • Value Estimation
      $1,810,000
      23,372 SF

      1001 Welch Rd Ste, Unit 100

      REGIONAL SHOPPING CENTER, MALL • 23,372 SF
      1001 Welch Rd Ste, Commerce Township, MI 48390-2864
      View Details
    • Value Estimation
      $1,055,000
      15,116 SF

      2169 Pontiac Trl

      REGIONAL SHOPPING CENTER, MALL • 15,116 SF
      2169 Pontiac Trl, Commerce Township, MI 48390-3162
      View Details

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      Walled Lake Commercial Opportunity

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      3,117 SF

      Established Convenience Store with Rental Income

      20+ year convenience store with liquor, beer, wine, lotto.
      1215 W Oakley Park Rd, Commerce Twp, MI 48390
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    • Contact for pricing
      2,633 SF

      Freestanding Restaurant with Drive-Thru

      2,633 SF restaurant with drive-thru in downtown Walled Lake.
      976 N Pontiac Trl, Walled Lake, MI 48390
      View Details
    • $399,000
      2,464 SF

      Freestanding Retail Building on 0.88 Acres

      Freestanding retail building suitable for multiple uses.
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      View Details
    • Contact for pricing

      Land on Martin Parkway

      Land suitable for retail, office, or medical development.
      W Side Of Martin Pkwy, Commerce Township, MI 48390
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Novi Retail Space For Lease

      Well-maintained Novi Square retail space available for lease.
      45011 W Pontiac Trl, Novi, MI 48390
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      Retail Space in Maple Plaza

      Retail property with high visibility and access in Walled Lake.
      1124 West Maple Rd, Walled Lake, MI 48390
      View Details
    • Contact for pricing

      End-Cap Unit with Drive-Thru

      End-cap unit with drive-thru available for lease.
      2141-2181 N Pontiac Trl, Commerce Township, MI 48390
      View Details
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      1,320 SF

      Walled Lake Retail Space Available

      1320 SF retail space in a neighborhood-focused environment.
      1320-1340 S Commerce Rd, Walled Lake, MI 48390
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available, join 7-Eleven and Domino's Pizza.
      710 Benstein Rd, Walled Lake, MI 48390
      View Details
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    Walled Lake, MI 48390-3008
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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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