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    61321 8 Mile Rd South Lyon, MI 48178
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    61321 8 Mile Rd South Lyon, MI 48178

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    • Commercial land
    For Sale
    $2,225,000
    View Listing →
    Commercial Land with Road Frontage For Sale
    $2,225,000

    Commercial Land with Road Frontage

    Divisible commercial land with extensive frontage on Eight Mile Road.

    61321 Eight Mile Rd, South Lyon, MI 48178
    View Listing
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hydroseeding - Turfgrass Pros / Landscaping / General Contractor
    • Good Bones House / Hardware & Home Improvement / Interior Design
    • Langan Farms / Food Processing Plant

    Property Details for 61321 8 Mile Rd

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Divisible or combined up to 17.82 acres. 837’ frontage along Eight Mile Road. 828' frontage along Pontiac Trail. Eight Mile fronting parcels starting from 2 acres. 2.5 acre minimum hard corner parcel size.

    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
    South Lyon
    County
    Oakland
    State
    Michigan
    Longitude
    -83.6508565
    Latitude
    42.4309949

    Comparable in this City

    • $1,199,900
      15.90 Acres

      Prime Corner Land Opportunity

      15.9 acres at a busy intersection with commercial/residential zoning.
      7 7 Mile Rd, South Lyon, MI 48178
      View Details
    • Contact for pricing

      Vacant Light Industrial Land

      Vacant land suitable for light industrial development.
      22269 Griswold Rd, South Lyon, MI 48178
      View Details
    • $600,000
      3,947 SF

      Industrial Warehouse on 1.98 Acres

      Industrial warehouse on 1.98 acres, possible redevelopment opportunity.
      30101 Lyon Ridge Dr, South Lyon, MI 48178
      View Details
    • $2,949,900
      160.00 Acres

      Rare 160+ Acre Land Parcel

      160+ acre land with woods, ponds, house, and barn.
      9343 5 Mile Rd, South Lyon, MI 48178
      View Details

    Similar Nearby for Sale

    • $1,199,900
      15.90 Acres

      Prime Corner Land Opportunity

      15.9 acres at a busy intersection with commercial/residential zoning.
      7 7 Mile Rd, South Lyon, MI 48178
      View Details
    • Contact for pricing

      Vacant Light Industrial Land

      Vacant land suitable for light industrial development.
      22269 Griswold Rd, South Lyon, MI 48178
      View Details
    • $600,000
      3,947 SF

      Industrial Warehouse on 1.98 Acres

      Industrial warehouse on 1.98 acres, possible redevelopment opportunity.
      30101 Lyon Ridge Dr, South Lyon, MI 48178
      View Details
    • $2,949,900
      160.00 Acres

      Rare 160+ Acre Land Parcel

      160+ acre land with woods, ponds, house, and barn.
      9343 5 Mile Rd, South Lyon, MI 48178
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near Kroger

      Retail spaces available in a vibrant South Lyon shopping center.
      20732-20758 Pontiac Trail Rd, South Lyon, MI 48178
      View Details
    • Contact for pricing

      Medical Condominium on Pontiac Trail

      Medical condominium with suites available for sale or lease.
      21555 Pontiac Trail Rd, South Lyon, MI 48178
      View Details
    • Contact for pricing
      1,930 SF

      South Lyon Medical Suite Opportunity

      1,930 SF medical suite available for lease.
      21800 Pontiac Trl, South Lyon, MI 48178
      View Details
    • Contact for pricing
      6,575 SF

      Retail Space with Kitchen Infrastructure

      Retail space with kitchen infrastructure in walkable downtown location.
      264-304 N Lafayette St, South Lyon, MI 48178
      View Details
    View Listing
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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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