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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    61321 8 Mile Rd South Lyon, MI 48178

    • Commercial real estate
    For Sale
    View listing
    $2,225,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0674741
    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

    • Hydroseeding - Turfgrass Pros / Landscaper
    • Good Bones House / Remodeler
    • Langan Farms / Farmers' Market / Firewood Supplier

    Property Details for 61321 8 Mile Rd

    Property type
    Commercial real estate
    APN
    01-06-100-002

    Description

    This exceptional 17.82-acre parcel in South Lyon, Michigan, presents a unique investment opportunity. Located at 61321 Eight Mile Road, this property boasts significant frontage along both Eight Mile Road (837 feet) and Pontiac Trail (828 feet), offering unparalleled visibility and accessibility. The property is zoned for mixed-use development, allowing for a diverse range of commercial and residential projects. The land is divisible, with parcels available starting at 2 acres, providing flexibility for various development scenarios. A minimum parcel size of 2.5 acres is required for corner lots. This prime location in Washtenaw County, with a 48178 zip code, offers easy access to major transportation routes and a thriving community. The property's APN is 01-06-100-002. The asking price for the entire 17.82-acre tract is $2,225,000. This presents a rare chance to acquire a substantial land holding with significant development potential in a desirable Michigan location. The property's versatility and strategic location make it an ideal investment for developers seeking to capitalize on the growing demand for both commercial and residential spaces in the area. Serious inquiries are encouraged.

    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
    South Lyon
    County
    Washtenaw
    State
    Michigan
    Longitude
    -83.6521531
    Latitude
    42.4308909

    Comparable in this City

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      South Lyon Commercial Land - 15.9 Acres

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    • $750,000
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      Prime 5-acre residential lot, excellent development potential.
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    • $188,000
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      South Lyon Condo Near Downtown

      Charming 2-bedroom condo near downtown South Lyon.
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      Colonial Acres Co-op End Unit

      55+ community, 2 bed, 2 bath condo with finished basement.
      25321 Potomac Dr, South Lyon, MI 48178
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    • $90,000

      Move-In Ready South Lyon Condo

      Two-bedroom, two-and-a-half-bathroom co-op condo in South Lyon.
      61021 N Heritage Blvd, South Lyon, MI 48178
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    • $135,000

      Updated Ranch Co-Op for Seniors

      Updated two-bedroom ranch co-op for 55+ seniors.
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      View Details

    Similar Nearby for Sale

    • $1,199,999
      15.90 Acres

      South Lyon Commercial Land - 15.9 Acres

      High-traffic corner lot, development potential.
      0 7 Mile Rd, South Lyon, MI 48178
      View Details
    • $750,000
      5.00 Acres

      5-Acre Residential Land, South Lyon

      Prime 5-acre residential lot, excellent development potential.
      24133 Napier Rd, South Lyon, MI 48178
      View Details
    • $188,000
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      South Lyon Condo Near Downtown

      Charming 2-bedroom condo near downtown South Lyon.
      61264 Greenwood Dr, South Lyon, MI 48178
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    • $350,000
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      Updated Condo with Pond View

      Updated condo featuring a finished basement and pond views.
      865 Challenging Trl, South Lyon, MI 48178
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    • $227,000

      Residential Income Property For Sale

      Residential income property available for purchase.
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    • New
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      South Lyon Live/Work Opportunity

      Commercial building and a home on 1.16 acres in South Lyon.
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    Similar Nearby for Lease

    • $795 /Mo

      Downtown South Lyon Commercial Space

      Commercial space for lease in the heart of downtown.
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    • $240 SF/Yr
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      South Lyon Medical Office Condo

      Modern medical suites, prime location.
      21555 Pontiac Trail Rd, South Lyon, MI 48178
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    • $24 SF/Yr
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      South Lyon Medical Suite Opportunity

      1,930 SF medical suite available for lease.
      21800 Pontiac Trl, South Lyon, MI 48178
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    • $8,000 /Mo
      13,000 SF

      South Lyon Commercial Building For Lease

      13,000 SF commercial building in prime location on Pontiac Trail.
      28342 Pontiac Trail Rd, South Lyon, MI 48178
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    • $24 SF/Yr
      11,180 SF

      South Lyon Retail Space - 11,180 SF

      Prime South Lyon retail/office space, 11,180 sq ft, ample parking.
      25610 Pontiac Trail Rd, South Lyon, MI 48178
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    • $17 SF/Yr
      1,270 SF

      South Lyon Retail Center Space

      Retail space available in a growing South Lyon community.
      21200 Pontiac Trl, South Lyon, MI 48178
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    61321 8 Mile Rd
    South Lyon, MI 48178
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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.

    More about this property
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