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

    2561 Elizabeth Lake Rd Waterford, MI 48328

    • Medical offices
    • 2,253 SF
    • 1.90 lot acres
    For Sale
    View listing
    $450,000
    Last Sale
    Nov 17, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0244499
    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

    • Medical offices

    Property Details for 2561 Elizabeth Lake Rd

    Year built
    1962
    Lot size
    1.90 lot acres
    Property size
    2,253 SF
    Zone code
    BI
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    W -13-25-328-011
    APU
    W1325328011

    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
    -83.337
    Latitude
    42.6388
    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
    $8,994
    $0.00
    $0.00
    $183,570
    -
    $0.00
    $0.00
    $367,140

    Comparable in this City

    • Value Estimation by Request
      2,463 SF

      3803 Elizabeth Lk Rd

      MEDICAL BUILDING • 2,463 SF
      3803 Elizabeth Lk Rd, Waterford, MI 48328-3017
      View Details
    • Value Estimation by Request
      8,100 SF

      2677 Elizabeth Lk Rd

      MEDICAL BUILDING • 8,100 SF
      2677 Elizabeth Lk Rd, Waterford, MI 48328-3290
      View Details
    • Value Estimation by Request
      5,166 SF

      2590 Elizabeth Lk Rd

      MEDICAL BUILDING • 5,166 SF
      2590 Elizabeth Lk Rd, Waterford, MI 48328-3314
      View Details
    • Value Estimation by Request
      29,512 SF

      4000 Highland Rd Ste, Unit 130

      MEDICAL BUILDING • 29,512 SF
      4000 Highland Rd Ste, Waterford, MI 48328-2168
      View Details
    • Value Estimation by Request
      4,907 SF

      2801 Elizabeth Lk Rd

      MEDICAL BUILDING • 4,907 SF
      2801 Elizabeth Lk Rd, Waterford, MI 48328-3281
      View Details
    • Value Estimation by Request
      3,138 SF

      3145 Dixie Hwy

      MEDICAL BUILDING • 3,138 SF
      3145 Dixie Hwy, Waterford, MI 48328-1602
      View Details

    Similar Nearby for Sale

    • $450,000
      2,500 SF

      Established Medical Office on Elizabeth Lake

      Medical office building on Elizabeth Lake Road in Waterford Township.
      2561 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • $93,000
      0.50 Acres

      Corner Lot on Dixie Highway

      High-visibility corner lot suitable for office or service-oriented businesses.
      2830 Dixie Hwy, Waterford, MI 48328
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    • $825,000
      10,640 SF

      Prime Waterford Office Building

      10,640 SF Executive Office, Updated
      2709-2715 Pontiac Lk Rd, Waterford Township, MI 48328
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    • $218,000
      2,010 SF

      Renovated Office Building on Elizabeth Lake

      Completely renovated office building suitable for various professional uses.
      509 Elizabeth Lake Rd, Waterford, MI 48328
      View Details
    • $640,000
      2,815 SF

      Unique Commercial Property with Garage

      Renovated commercial space with garage, office, and bathroom.
      2580 Dixie Hwy, Waterford, MI 48328
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    • $640,000
      2,815 SF

      Waterford Industrial Space For Sale

      Unique Industrial Space, Showroom, Office
      2580 Dixie Hwy, Waterford, MI 48328
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      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
    • $12 SF/Yr
      8,000 SF

      Renovated Office Building For Lease

      Recently renovated office building with medical use permitted and ample parking.
      2709-2715 Pontiac Lake Rd, Waterford, MI 48328
      View Details
    • $500 /Mo
      110 SF

      Office Space with Shared Suite

      Private office space available with shared suite in Waterford.
      1362 W Huron St, Waterford, MI 48328
      View Details
    • $15 SF/Yr
      10,335 SF

      Highland Road Executive Suites

      Renovated Office Space, Prime Location
      3901 Highland Rd, Waterford Township, MI 48328
      View Details
    • Contact for pricing

      Waterford Office Space Available

      Office spaces for rent at West Huron Street, Waterford.
      931-981 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
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    2561 Elizabeth Lake Rd
    Waterford, MI 48328
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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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