Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    509 Elizabeth Lake Rd Waterford, MI 48328

    • Office buildings
    • 1,408 SF
    • 0.12 lot acres
    For Sale
    View listing
    $218,000
    Last Sale
    Apr 03, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0160434
    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

    • Office buildings

    Property Details for 509 Elizabeth Lake Rd

    Year built
    1926
    Lot size
    0.12 lot acres
    Property size
    1,408 SF
    Zone code
    BI
    Property type
    Office buildings
    APN
    W -13-25-429-021
    APU
    W1325429021

    Description

    This 2,010 square foot industrial building, situated on a 0.12-acre lot at 509 Elizabeth Lake Road in Waterford, MI, presents a compelling investment opportunity. Ideally located along a busy thoroughfare, just west of Telegraph Road and directly across from the site of the former Summit Place Mall, this property benefits from exceptional visibility and convenient access. The building is suitable for a variety of commercial uses, including small retail, hair styling salons, law offices, or counseling centers. Its proximity to the Oakland County Business Center (construction commenced in 2020) ensures future appreciation potential. The property's strategic location offers easy access to key amenities, including Oakland Schools, the Oakland County courthouse, and Friend of the Court, all within a one-mile radius, as well as numerous restaurants. The interior comprises a main floor with a lobby (21'7" x 9'0"), a main office/kitchen area (23'4" x 15'10"), a half bath (8'2" x 5'8"), and a third floor featuring additional office spaces (13'4" x 9'3", 13'2" x 10'6"), a storage closet (11'5" x 5'6"), and a full bath (7'6" x 5'4"). A basement provides further space, including office areas (11'2" x 9'0", 17'0" x 14'6"), a laundry area (18'6" x 7'7"), and another half bath (9'4" x 5'0"). This versatile property offers significant upside for the discerning investor. Priced at $184,900.

    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
    -83.328
    Latitude
    42.6397
    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
    $2,002
    $0.00
    $0.00
    $48,470
    -
    $0.00
    $0.00
    $96,940

    Comparable in this City

    • Value Estimation by Request
      1,463 SF

      4614 Elizabeth Lk Rd

      OFFICE BUILDING • 1,463 SF
      4614 Elizabeth Lk Rd, Waterford, MI 48328-2830
      View Details
    • Value Estimation by Request
      2,158 SF

      2745 Pontiac Lk Rd

      OFFICE BUILDING • 2,158 SF
      2745 Pontiac Lk Rd, Waterford, MI 48328-2653
      View Details
    • Value Estimation
      $3,080,000
      56,066 SF

      1994 Scott Lk Rd

      OFFICE BUILDING • 56,066 SF
      1994 Scott Lk Rd, Waterford, MI 48328-1657
      View Details
    • Value Estimation by Request
      452 SF

      20 Tilden Ave

      OFFICE BUILDING • 452 SF
      20 Tilden Ave, Waterford, MI 48328-3758
      View Details
    • Value Estimation by Request
      6,553 SF

      2589 Williams Dr

      OFFICE BUILDING • 6,553 SF
      2589 Williams Dr, Waterford, MI 48328-1869
      View Details
    • Value Estimation by Request
      10,640 SF

      2709-2715 Pontiac Lake Rd

      Office buildings • 10,640 SF
      2709-2715 Pontiac Lake Rd, Waterford Township, MI 48328
      View Details

    Similar Nearby for Sale

    • $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
    • $825,000
      10,640 SF

      Prime Waterford Office Building

      10,640 SF Executive Office, Updated
      2709-2715 Pontiac Lk Rd, Waterford Township, 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
      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
      View Details
    • $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
    • $500,000
      2.74 Acres

      Waterford Township Commercial Land

      2.74 Acres, C-3 Zoning, High Visibility
      0 Neq Of Elizabeth Lk Rd And Cass Lk Rd, Waterford Township, MI 48328
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      350 SF

      Professional Office Space For Lease

      Well-maintained office building with updated common areas and ample parking.
      4479 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
    • $1,000 /Mo
      619 SF

      Office Suite in Waterford, MI

      600 SF office space available for rent in Waterford.
      1362 W Huron St, 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.
    509 Elizabeth Lake Rd
    Waterford, MI 48328
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.