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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2299 Elizabeth Lk Rd Waterford, MI 48328-3307

    • Drive through restaurants
    • 566 SF
    OFF-MARKET
    Last Sale
    Feb 28, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0328224
    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.

    Current Use by Public Records

    • Drive through restaurants

    Property Details for 2299 Elizabeth Lk Rd

    Year built
    1992
    Property size
    566 SF
    Property type
    Drive through restaurants
    APN
    W -13-25-404-038
    APU
    W1325404038

    Description

    This exceptional commercial property, a former drive-thru restaurant, presents a unique investment opportunity in Waterford Township, Michigan. Located at 2299 Elizabeth Lake Road, near the intersection of Telegraph Road, this single-tenant building offers 566 square feet of space, ideal for a variety of fast-casual concepts. Built in 1992, the property sits on a 0.25-acre lot and includes ample parking with 12 spaces to accommodate customers. The building's previous use as a drive-thru restaurant makes it perfectly suited for similar businesses, such as coffee shops, fast-food establishments, or food preparation facilities. The property is zoned commercial and boasts a convenient location with high visibility. The Oakland County address (APN: W -13-25-404-034) ensures easy identification and streamlined processes. This is a fantastic opportunity to acquire a well-situated commercial property in a thriving area at a highly competitive price point. The property's existing infrastructure significantly reduces start-up costs, making it an attractive option for entrepreneurs and investors alike. Don't miss this chance to own a piece of Waterford Township's vibrant commercial landscape. The zip code is 48328.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.3322
    Latitude
    42.6395
    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
    $4,602
    $0.00
    $0.00
    $88,500
    -
    $0.00
    $0.00
    $177,000

    Comparable in this City

    • Value Estimation by Request
      3,163 SF

      49 Telegraph Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,163 SF
      49 Telegraph Rd, Waterford, MI 48328-3761
      View Details
    • Value Estimation by Request
      2,850 SF

      3170 Elizabeth Lk Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,850 SF
      3170 Elizabeth Lk Rd, Waterford, MI 48328-3085
      View Details
    • Value Estimation by Request
      2,547 SF

      307 Telegraph Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,547 SF
      307 Telegraph Rd, Waterford, MI 48328-3324
      View Details
    • Value Estimation by Request
      3,602 SF

      9 Telegraph Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,602 SF
      9 Telegraph Rd, Waterford, MI 48328-3760
      View Details
    • Value Estimation by Request
      503 SF

      2395 Dixie Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 503 SF
      2395 Dixie Hwy, Waterford, MI 48328-1811
      View Details
    • Value Estimation by Request
      2,700 SF

      3560 Elizabeth Lk Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,700 SF
      3560 Elizabeth Lk Rd, Waterford, MI 48328-3010
      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
    • Contact for pricing
      5,000 SF

      Waterford Restaurant & Bar Sale

      Turnkey Restaurant, Liquor License Included
      3870 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • $450,000
      2,292 SF

      Bar and Restaurant with License

      Bar and restaurant with liquor license on 0.71 acres.
      2661 Dixie Hwy, Waterford, MI 48328
      View Details
    • $319,000
      1,672 SF

      Waterford Daycare Center For Sale

      Thriving daycare, real estate included.
      4430 Elizabeth Lk Rd, Waterford Township, MI 48328
      View Details
    • $1,748,400
      10,922 SF

      Waterford, MI Retail Investment

      Vacant CVS, strong leasehold, high cap rate.
      1156 Huron St, Waterford, MI 48328
      View Details
    • $950,000
      0.88 Acres

      Highland Road Commercial Property

      Prime Waterford location, high traffic.
      4301 Highland Rd, Waterford, MI 48328
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    Similar Nearby for Lease

    • $10 SF/Yr
      50,200 SF

      Pine Tree Plaza Retail Space

      Waterford Twp, MI retail opportunity
      4190 Pontiac Lk Rd, Waterford Township, MI 48328
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    • $2,000 /Mo
      1,480 SF

      Retail Unit in Waterford Township

      Commercial retail space for lease, suitable for various businesses.
      1058 W Huron St, Waterford, MI 48328
      View Details
    • $1,750 /Mo
      1,480 SF

      Retail Unit in Waterford Township

      Commercial retail space for lease, suitable for various businesses.
      1060 W Huron St, Waterford, MI 48328
      View Details
    • $14 SF/Yr
      10,922 SF

      Waterford Retail Space For Lease

      10,922 SF Single-Tenant Retail Building
      1156 Huron St, Waterford, MI 48328
      View Details
    • $11 SF/Yr
      8,248 SF

      Highland Road Retail Opportunity

      8,248 SF Retail Space - Waterford Twp
      3805 Highland Rd, Waterford Township, MI 48328
      View Details
    • $14 SF/Yr
      1,000 SF

      Retail Space in Growing Community

      Retail space available in a high-traffic, growing community.
      941 W Huron St, Waterford, MI 48328
      View Details
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    Waterford, MI 48328-3307
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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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