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    850 Glaspie St Oxford, MI 48371-5138
    Property profile & analytics

    850 Glaspie St Oxford, MI 48371-5138

    View on Map
    • Retail space
    • 9,389 SF
    • 1.56 lot acres
    Off-Market
    Last Sale Aug 22, 2024
    $1,025,000
    Property ID
    US43-0272042
    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
    $960,000
    Show details
    Cap Rate Potential
    4.9%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • MalwareBuster / (Bike/Boat/Book/etc) Store / Corporate Office
    • Affiliated Builders / Construction Company

    Property Details for 850 Glaspie St

    Year built
    1974
    Lot size
    1.56 lot acres
    Property size
    9,389 SF
    Zone code
    II
    Property type
    Retail space
    APN
    PO-04-26-376-021
    APU
    PO0426376021

    Description

    This exceptional turnkey cannabis provisioning center in Oxford, Michigan, presents a unique investment opportunity. Located at 850 S Glaspie St, this 8,096 square foot freestanding building, built in 1977, sits on a 0.78-acre lot and boasts 31 parking spaces. The property is fully built-out and ready for immediate operation, requiring only branding and inventory. Included in the sale or lease is the existing municipal-approved adult-use license. An additional 4,637 square feet of space is available for cannabis-related or general industrial use. The building is situated in an I-1 zoned industrial district, offering excellent visibility on M-24 (Lapeer Road), a major thoroughfare with over 30,552 vehicles daily. This prime location benefits from strong demographics and proximity to national retailers, ensuring high traffic and brand exposure. The asking price is $1,999,999, with a price per square foot of $247.04. The lease type is NNN (Net, Net, Net). This is an owner/user investment opportunity not to be missed. The property offers a strong synergy within the marketplace, surrounded by a dense residential population.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $986,000
      Market price range: $738k - $2.47M
      AI Estimate
      $800,000
      Market price range: $586k - $2.04M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,585,000
      Current use
      MEDICAL BUILDING
      $1,480,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Oxford
    County
    Oakland
    State
    Michigan
    Longitude
    -83.2499
    Latitude
    42.8133
    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
    $9,506
    $0.00
    $0.00
    $331,070
    -
    $0.00
    $0.00
    $662,140

    Comparable in this City

    • Value Estimation by Request
      1,408 SF

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      RETAIL STORES (PERSONAL SERVICES) • 1,408 SF
      340 Lapeer Rd, Oxford, MI 48371-3606
      View Details
    • Value Estimation by Request
      1,218 SF

      123 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 1,218 SF
      123 Washington St, Oxford, MI 48371-4981
      View Details
    • Value Estimation by Request
      1,440 SF

      1785 Lapeer Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,440 SF
      1785 Lapeer Rd, Oxford, MI 48371-2415
      View Details
    • Value Estimation
      $535,000
      3,456 SF

      21 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 3,456 SF
      21 Washington St, Oxford, MI 48371-4673
      View Details
    • Value Estimation by Request
      2,067 SF

      115 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 2,067 SF
      115 Washington St, Oxford, MI 48371-4981
      View Details
    • Value Estimation by Request
      3,000 SF

      78 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      78 Washington St, Oxford, MI 48371-4667
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,057 SF

      High-Visibility Commercial Opportunity on M-24

      Commercial building and residence on 0.92 acres with high visibility.
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      View Details
    • Contact for pricing
      11,180 SF

      Retail Space in Oxford Area

      Single tenant suite available in a well-maintained shopping center.
      971-983 S Lapeer Rd, Oxford, MI 48371
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      North Oakland County Industrial Land

      Industrial land opportunity in North Oakland County, just off M-24.
      3271 Metamora Rd, Oxford, MI 48371
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    • $99,900
      2.30 Acres

      Land in Prime Metamora Location

      Vacant land near M-24, ideal for building a home.
      6 Lapeer Rd, Oxford, MI 48371
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    • $99,900
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      Land in Prime Metamora Location

      Vacant land near M-24, ideal for building a home.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Oxford

      Single tenant retail space available for rent.
      121 S Washington St, Oxford, MI 48371
      View Details
    • $15 SF/Yr

      Oxford Retail Space For Lease

      Retail space available for lease in Oxford, Michigan.
      158-182 S Washington St, Oxford, MI 48371
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    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      900 N Lapeer Rd, Oxford, MI 48371
      View Details
    • $15 SF/Yr

      High-Traffic Oxford Retail Opportunity

      Retail space in a high-traffic family entertainment venue.
      925 N Lapeer Rd, Oxford, MI 48371
      View Details
    • Contact for pricing

      Oxford Office Space Available

      Office space available for rent in Oxford, Michigan.
      72 S Washington St, Oxford, MI 48371
      View Details
    • Contact for pricing

      3,200 SF Church Space Available

      Church space for lease with sanctuary and banquet hall.
      2750 N Baldwin Rd, Oxford, MI 48371
      View Details
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    850 Glaspie St
    Oxford, MI 48371-5138
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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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