590 Lapeer Rd Lake Orion, MI 48362
Property profile & analytics
590 Lapeer Rd Lake Orion, MI 48362
- Drive through restaurants
- 2,923 SF
- 0.99 lot acres
Property ID
US43-1628944
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.
Location Intelligence
Current Use by Public Records
- Starbucks / Cafe & Coffee Shop
Property Details for 590 Lapeer Rd
- Year built
- 1980
- Lot size
- 0.99 lot acres
- Property size
- 2,923 SF
- Zone code
- BI
- Property type
- Drive through restaurants
- APN
- O -09-11-428-013
- APU
- O0911428013
Description
This exceptional investment opportunity presents a 1,100 square foot Starbucks located at 590 S Lapeer Rd, Orion Township, MI 48362. The property sits on a 0.99-acre lot and includes an outparcel to 1.93 acres of developable land, offering significant expansion potential. The Starbucks, built in 1980, operates under a Net Lease (NN) agreement with a corporate guarantee, ensuring consistent income. The current lease, commencing October 5, 2000, and expiring February 28, 2032, has a remaining term of 7.3 years, with five 5-year renewal options at 10% rent bumps each. The property boasts a 100% occupancy rate, generating a Net Operating Income (NOI) of $76,560, resulting in a 2.99% cap rate. The asking price is $2,560,000 ($2,327.27 per square foot). A new parking lot was installed in 2021, with the tenant paying an additional $7,600 annually as rent (amortized over a 10-year lease term). The property benefits from its location in an affluent area, with average household incomes of $77,000 within a 1-mile radius and $93,000 within a 5-mile radius. The area has approximately 58,000 residents within a 5-mile radius. This presents a rare chance to acquire a strong-performing, investment-grade tenant (S&P: A) property with substantial future development possibilities.
Value Estimations
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $694,000
- AI Estimate
- $552,000
Market price range: $291k - $694kMarket price range: $244k - $570k -
Alternative Use
- Use
- Estimation
- RESTAURANT
- $505,000 Current use
- COMMERCIAL (GENERAL)
- $515,000 Change: +2% Conversion: Easy
- RETAIL STORES
- $495,000 Change: -2% Conversion: Easy
- MEDICAL BUILDING
- $460,000 Change: -9% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Lake Orion
- County
- Oakland
- State
- Michigan
- Longitude
- -83.2399
- Latitude
- 42.7752
- 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
$15,574
$0.00
$0.00
$391,140
-
$0.00
$0.00
$782,280
