Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2271 Elizabeth Lk Rd Waterford, MI 48328-3307
    Back to Search
    Property profile & analytics

    2271 Elizabeth Lk Rd, Waterford, MI 48328-3307

    View on Map
    • Retail space
    • 8,180 SF
    • 0.81 lot acres
    Off-Market
    Last Sale Jun 22, 2023
    Property ID
    US43-1758104
    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
    $825,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2271 Elizabeth Lk Rd

    Year built
    1996
    Lot size
    0.81 lot acres
    Zone code
    AI
    Property type
    Retail space
    APN
    W -13-25-404-037
    APU
    W1325404037

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 2, 2024 — Engles Rental Properties LLC — Deed · related $475k · Lake Michigan Cu
    Jun 22, 2023 — Engles Rental Properties LLC Tau Midwest LLC Deed $325k · Lake Michigan Cu
    May 10, 2011 $1,894,375 Arc Orwfdmi001 LLC Elizabeth Lake Dev LLC Warranty Deed —
    Oct 16, 2007 — Elizabeth Lake Dev LLC — Trustees Deed · related $1.4M · Fifth Third Bank
    Sep 8, 2006 $550,000 Elizabeth Lake Dev LLC James Pamel Elizabeth Lake LLC Warranty Deed $440k · Fifth Third Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $824,000
      Market price range: $558k - $1.34M
      AI Estimate
      $824,000
      Market price range: $558k - $1.38M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $835,000
      Current use
      MEDICAL BUILDING
      $1,290,000
      Change: +54% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $790,000
      Change: -5% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $760,000
      Change: -9% Conversion: Moderate
      OFFICE BUILDING
      $715,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3311
    Latitude
    42.6393
    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
    $13,169
    $0.00
    $0.00
    $338,360
    -
    $0.00
    $0.00
    $676,720

    Comparable in this City

    • Value Estimation by Request
      6,165 SF

      2252 Dixie Hwy

      RETAIL STORES (PERSONAL SERVICES)
      2252 Dixie Hwy, Waterford, MI 48328-1808
      View Details
    • Value Estimation
      $970,000
      8,382 SF

      4680 Elizabeth Lk Rd

      RETAIL STORES (PERSONAL SERVICES)
      4680 Elizabeth Lk Rd, Waterford, MI 48328-2831
      View Details
    • Value Estimation
      $855,000
      11,423 SF

      2235 Elizabeth Lk Rd

      RETAIL STORES (PERSONAL SERVICES)
      2235 Elizabeth Lk Rd, Waterford, MI 48328-3306
      View Details
    • Value Estimation by Request
      5,040 SF

      497 Elizabeth Lk Rd

      RETAIL STORES (PERSONAL SERVICES)
      497 Elizabeth Lk Rd, Waterford, MI 48328-3302
      View Details
    • Value Estimation by Request
      3,600 SF

      3575 Pontiac Lk Rd

      RETAIL STORES (PERSONAL SERVICES)
      3575 Pontiac Lk Rd, Waterford, MI 48328-2341
      View Details
    • Value Estimation
      $585,000
      7,301 SF

      2211 Elizabeth Lk Rd

      RETAIL STORES (PERSONAL SERVICES)
      2211 Elizabeth Lk Rd, Waterford, MI 48328-3306
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,500 SF

      Waterford Retail/Restaurant Redevelopment Opportunity

      6,500 SF building on 3.38 acres, prime Telegraph Road location.
      513 N Telegraph Rd, Waterford, MI 48328
      View Details
    • $649,000
      5,081 SF

      Commercial Building on Corner Lot

      Four-unit commercial building with high visibility and income potential.
      1362 Huron St, Waterford, MI 48328
      View Details
    • $218,000
      Pending

      Renovated Commercial Building, Prime Location

      Move-in ready commercial building in high-traffic area near redevelopment.
      509 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • Contact for pricing
      2,010 SF

      Renovated Commercial Building on Elizabeth

      Move-in ready commercial building in high-traffic area near redevelopment.
      509 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • $450,000
      1,493 SF

      Waterford Commercial Property For Sale

      Commercial property in Waterford, MI, suitable for retail or office.
      101 N Telegraph Rd, Waterford, MI 48328
      View Details
    • Contact for pricing
      5,000 SF

      Renovated Retail Building in Waterford

      5,000 SF renovated retail building in a prime location.
      3870 Elizabeth Lake Rd, Waterford, MI 48328
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      25,454 SF

      Summit Mall Retail Space Available

      Retail spaces available in Summit Mall Development District.
      225-279 Summit Dr, Waterford, MI 48328
      View Details
    • Contact for pricing
      2,976 SF

      Versatile Retail/Medical/Office Space Available

      2,976 SF space suitable for retail, medical, or office use.
      1187 W Huron St, Waterford, MI 48328
      View Details
    • $1,350 /Mo
      5,985 SF

      Renovated Commercial Building in Waterford

      Renovated commercial building with high visibility and ample parking.
      2701 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • Contact for pricing
      1,452 SF

      Summit Mall Retail Space Available

      Retail spaces in Summit Mall Development District, from 1,071 SF.
      359-425 Summit Dr, Waterford, MI 48328
      View Details
    • $6,500 /Mo
      13,000 SF

      Waterford Commercial Space For Lease

      13,000 sq ft commercial space ideal for various businesses.
      2523 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • $4,000 /Mo
      1,493 SF

      Waterford Retail Space For Lease

      Retail space available in Waterford, Michigan.
      101 N Telegraph Rd, Waterford, MI 48328
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2271 Elizabeth Lk Rd
    Waterford, MI 48328-3307
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2271 Elizabeth Lk Rd, Waterford, MI, 48328
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!