Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    587 Mccormick Dr Lapeer, MI 48446-2575
    Back to Search
    Property profile & analytics

    587 Mccormick Dr Lapeer, MI 48446-2575

    View on Map
    • Flex space
    • 11,000 SF
    • 0.81 lot acres
    Off-Market
    Property ID
    US43-4335309
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Flex space

    Property Details for 587 Mccormick Dr

    Year built
    1995
    Lot size
    0.81 lot acres
    Property size
    11,000 SF
    Zone code
    I1 INDU
    Property type
    Flex space
    APN
    L21-31-119-040-00
    APU
    L213111904000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lapeer
    County
    Lapeer
    State
    Michigan
    Longitude
    -83.3137
    Latitude
    43.043
    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
    $5,853
    $0.00
    $0.00
    $158,000
    -
    $0.00
    $0.00
    $316,000

    Comparable in this City

    • Value Estimation by Request
      5,200 SF

      1449 Bowers Rd

      LIGHT INDUSTRIAL • 5,200 SF
      1449 Bowers Rd, Lapeer, MI 48446-3124
      View Details
    • Value Estimation by Request
      128,094 SF

      100 Fair St

      LIGHT INDUSTRIAL • 128,094 SF
      100 Fair St, Lapeer, MI 48446-1502
      View Details
    • Value Estimation by Request
      156,950 SF

      211 Mccormick Dr

      LIGHT INDUSTRIAL • 156,950 SF
      211 Mccormick Dr, Lapeer, MI 48446-2571
      View Details
    • Value Estimation by Request
      5,816 SF

      401 Mccormick Dr

      LIGHT INDUSTRIAL • 5,816 SF
      401 Mccormick Dr, Lapeer, MI 48446-2555
      View Details
    • Value Estimation by Request
      20,336 SF

      195 Demille Rd

      LIGHT INDUSTRIAL • 20,336 SF
      195 Demille Rd, Lapeer, MI 48446-3059
      View Details
    • Value Estimation by Request
      8.00 Acres

      3171 John Conley Dr

      LIGHT INDUSTRIAL • 8.00 Acres
      3171 John Conley Dr, Lapeer, MI 48446-2987
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,160 SF

      Lapeer Industrial Opportunity For Sale

      Two buildings on 1.56 acres, development potential, green zone.
      265 Howard St, Lapeer, MI 48446
      View Details
    • $199,000
      988 SF

      Lapeer Industrial Building - High Traffic Area

      Prime Commercial Space, High Visibility, M-24 Proximity
      891 Baldwin Rd, Lapeer, MI 48446
      View Details
    • Contact for pricing
      10,000 SF

      Lapeer Industrial Property for Sale

      10,000 square foot industrial property available in Lapeer, Michigan.
      1825 S Lapeer Rd, Lapeer, MI 48446
      View Details
    • $390,000
      11,160 SF

      Lapeer Industrial Opportunity For Sale

      Two buildings on 1.56 acres, development potential, green zone.
      265 Howard St, Lapeer, MI 48446
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      1,100 SF

      Lapeer Commercial Building For Lease

      2,300 sq ft commercial building on high-traffic M-24.
      1947 N Lapeer Rd, Lapeer, MI 48446
      View Details
    • $5,050 /Mo
      8,658 SF

      Lapeer Industrial/Commercial Space on M-21

      8,658 SF industrial/commercial space with loading docks on M-21.
      1462 Imlay City Rd, Lapeer, MI 48446
      View Details
    • Contact for pricing
      13,760 SF

      Industrial Property with Outdoor Storage

      Industrial space with cranes, air compressor, and outdoor storage.
      400 Mccormick Dr, Lapeer, MI 48446
      View Details
    • $5,050 /Mo

      Lapeer Industrial/Commercial Space For Lease

      8,658 SF industrial/commercial space on M-21 available for lease.
      1462 Imlay City Rd, Lapeer, MI 48446
      View Details
    • Contact for pricing

      Land for Lease

      Land available for lease in Lapeer, Michigan.
      1040 S Lapeer Rd, Lapeer, MI 48446
      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.
    587 Mccormick Dr
    Lapeer, MI 48446-2575
    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
    587 Mccormick Dr, Lapeer, MI, 48446
    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!