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    5999 Andersonville Rd Waterford, MI 48329-1515
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    Property profile & analytics

    5999 Andersonville Rd, Waterford, MI 48329-1515

    View on Map
    • Retail space
    • 3,650 SF
    • 0.56 lot acres
    Off-Market
    Last Sale Jan 11, 2023
    Property ID
    US43-1505658
    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

    • Retail space

    Property Details for 5999 Andersonville Rd

    Year built
    1956
    Lot size
    0.56 lot acres
    Zone code
    BI
    Property type
    Retail space
    APN
    W -13-04-151-001
    APU
    W1304151001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 11, 2023 — Carol A Dimmer Carol A Dimmer Intrafamily Transfer · related —
    May 18, 2012 — Richard D Dimmer Dimmer,richard D & Carol A Quit Claim Deed · related —
    Jan 4, 2002 — Richard D Dimmer Dimmer,richard D & Carol A Quit Claim Deed · related $183k · Dearborn FCU

    Description

    This 5,200 square foot restaurant in Waterford Township, Michigan is ready for immediate occupancy. Located on a high-traffic corner lot at 5999 Andersonville Rd (48329), this property boasts excellent curb appeal and a prime location. The building, custom-built in 1980 and previously a successful family-owned ice cream parlor and bakery for 44 years, features newer windows and roof, 6" sewer drains, and commercial gas lines. The 0.56-acre lot provides ample parking with 30 spaces, plus three grandfathered sign posts and an exterior storage shed. An attached apartment offers potential for additional rental income. The property includes two furnaces and air conditioning units. Currently zoned C-1, permitted uses include, but are not limited to, convenience stores, animal grooming, childcare, dry cleaning, medical and professional offices, restaurants, fast food, and fitness centers. The asking price is $599,000, with a price per square foot of $115.19. The property features one building and is situated on APN 1304151001. Ownership is a proprietorship.

    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
    Waterford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4074
    Latitude
    42.6998
    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
    $7,287
    $0.00
    $0.00
    $152,490
    -
    $0.00
    $0.00
    $304,980

    Comparable in this City

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    • Value Estimation
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    • Value Estimation
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      15,374 SF

      5395 Dixie Hwy

      RETAIL STORES (PERSONAL SERVICES)
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      Commercial Building on Dixie Highway

      2,500 SF commercial building on high-traffic Dixie Highway.
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      13,763 SF

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    • $3,400,000

      Multi-Unit Industrial Flex Building

      Air-conditioned industrial-retail space with multiple grade-level doors and conversion potential for up to four units.
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    • $499,900
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      Commercial Building on Dixie Highway

      2,500+ sq ft commercial building in high-traffic area.
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    Similar Nearby for Lease

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      2,880 SF

      Retail Space in Waterford Plaza

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    • $2,000 /Mo
      1,750 SF

      Waterford, MI Office/Retail Space

      1,750 SF office/retail space for lease in Waterford, MI.
      3526 Sashabaw Rd, Waterford, MI 48329
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    • Contact for pricing

      Retail Space on Dixie Highway

      Retail space available with high traffic and recent upgrades.
      5300 Dixie Hwy, Waterford, MI 48329
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    • Contact for pricing

      Retail/Mixed-Use Space on Dixie Highway

      2,100 SF retail/mixed-use space with flexible terms.
      4895 Dixie Hwy, Waterford, MI 48329
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    • Contact for pricing

      Waterford Township Commercial Space Available

      Commercial property available for rent in Waterford Township, Michigan.
      Waterford, Waterford, MI 48329
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    • $1,200 /Mo
      1,380 SF

      Remodeled Office Space Available

      Remodeled office space with multiple suites in Waterford, MI.
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      View Details
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    Waterford, MI 48329-1515
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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.

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