New search
Property profile & analytics
FOR LEASE
Office buildings
5400 Perry Dr, Waterford Township, MI 48329
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-1704146
For Lease
1 / 36
$22,800,000
5400 Perry Dr, Waterford Township, MI 48329
View Listing →
Property summary
AI-generated overview
This exceptional 429,210-square-foot warehouse, located at 5400 Perry Dr in Waterford Township, Michigan, presents a significant opportunity for industrial businesses. Situated on a substantial 35.76-acre lot, this Class B property offers ample space and functionality. Built in 1979, the building boasts a 28-foot ceiling height, providing significant vertical storage capacity. The property features 44 dock-high doors and 2 drive-in doors, ensuring efficient loading and unloading operations. Currently entirely vacant, this single-tenant warehouse is ideal for a business seeking a large, well-equipped space. Its location in Oakland County, Michigan, offers excellent access to major transportation routes and a skilled workforce. The property's size and features make it suitable for a wide range of industrial uses, from distribution and warehousing to manufacturing and light assembly. The address is 5400 Perry Dr, Waterford Township, MI 48329. This is a rare opportunity to secure a substantial industrial space in a prime location. The entire building is available for lease.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1979
Total area
415,169 SF
Lot
27.93 ac (1,216,631 SF)
Zoning code
II
APN
W -13-09-251-006
UPID
US43-1704146
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$22.80M
Blend (final)
Blend
$22.80M
Owner & transaction history
Perry Drug Stores INC · 3 yrs held
Perry Drug Stores INC
since 2022
2 recorded transactions
Zoning & alternative use
II · Waterford, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waterford Township submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waterford Township submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$36,275,000
Current use
INDUSTRIAL (GENERAL)
$33,615,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$22.80M
Range $20.52M – $25.08M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$55 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$401,181
Tax year 2023
Assessed value
$8,471,140
Assessed 2024
Previous assessed
$7,460,170
+13.6% YoY
Effective rate
4.74%
On assessed value
Total market value
$16,942,280
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1979
Heating
YES
Buildings
3
Stories
1
Units
1
Total area
415,169 SF
Lot
27.93 ac (1,216,631 SF)
Zoning code
II
APN
W -13-09-251-006
UPID
US43-1704146
Jurisdiction
OAKLAND
Metro division
WARREN-TROY-FARMINGTON HILLS, MI METROPOLITAN DIVISION
Zoning & alternative use
II · Waterford, MI
Zoning II · permitted uses
II · Waterford, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Waterford. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$36.3M
INDUSTRIAL (GENERAL)
Est. value
$33.6M
OFFICE BUILDING Current
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1979
Heating
YES
Stories
1
Buildings
3
Units
1
Lot
27.93 ac
Current owner
From public records · entity-resolved
Perry Drug Stores INC
Entity
Mailing address
34975 W 12TH MILE RD, FARMINGTON HILLS, MI 48331-3275
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 9, 2022
—
Perry Drug Stores INC
5400 Perry Drive LLC
Lease
$30,900,000 · Associated Bank NA
Aug 18, 2020
—
Perry Drug Stores INC
Charter Township Of Waterford
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
