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    Property profile & analytics

    8605 Edgewood Park Dr Commerce Charter Township, MI 48382

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0735233
    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

    • Commercial real estate

    Property Details for 8605 Edgewood Park Dr

    Property type
    Commercial real estate

    Description

    This exceptional 13,000 square foot residential lot presents a unique opportunity in Commerce Charter Township, Oakland County, Michigan. Located at 8605 Edgewood Park Drive, 48382, this private property boasts a spectacular all-sports lakefront position with a full lake view and private beach access. Imagine waking up to breathtaking sunrises over Lower Straits Lake, right from your backyard. The property is situated amongst million-dollar homes, providing a prestigious and desirable location. Adding to its appeal, a golf course graces the front yard, offering unparalleled convenience and scenic beauty. This is a truly remarkable building lot, ready for your dream home. All city utilities, including water and sewer, are readily available, making construction seamless. The property is zoned residential and is served by the award-winning Walled Lake Schools. An existing house is on the property, adding potential value to the land itself. The lot also features a walkout basement opportunity, enhancing the potential design and functionality of your future residence. Don't miss this chance to build your dream home in this exceptional lakeside community.

    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
    Commerce Charter Township
    County
    Oakland
    State
    Michigan
    Longitude
    -83.452112
    Latitude
    42.5862399

    Comparable in this City

    • New
      $235,000
      4.12 Acres

      Waterfront Land on Long Lake

      4.12 acres with 190.83' of sandy waterfront.
      00 80, Commerce Twp, MI 48382
      View Details
    • New
      $235,000
      4.12 Acres

      Waterfront Land on Long Lake

      4.12 acres with 190.83' sandy waterfront on Long Lake.
      2577 Midwood, Commerce Twp, MI 48382
      View Details
    • $310,000
      2.88 Acres

      Spacious Homesite in Commerce Township

      Premier 2.8-acre lot for custom home in Commerce Twp.
      2610 N Wixom Rd, Commerce Twp, MI 48382
      View Details
    • $59,900
      3.30 Acres

      3.3 Acres of Wooded Land

      3.3 acres of wooded land, ready to build your dream home.
      5 Benstein Rd, Commerce Twp, MI 48382
      View Details
    • $5,000,000
      15.68 Acres

      Commerce Twp Commercial Land

      15.68 Acres, B-2 Zoning, Prime Location
      and Richardson Un Lk, Commerce Charter Township, MI 48382
      View Details
    • $90,000
      0.46 Acres

      Vacant Land on Union Lake

      Vacant commercial land with business zoning and lake views.
      1990 Un Lk Rd Rd, Commerce Twp, MI 48382
      View Details

    Similar Nearby for Sale

    • New
      $235,000
      4.12 Acres

      Waterfront Land on Long Lake

      4.12 acres with 190.83' of sandy waterfront.
      00 80, Commerce Twp, MI 48382
      View Details
    • New
      $235,000
      4.12 Acres

      Waterfront Land on Long Lake

      4.12 acres with 190.83' sandy waterfront on Long Lake.
      2577 Midwood, Commerce Twp, MI 48382
      View Details
    • $310,000
      2.88 Acres

      Spacious Homesite in Commerce Township

      Premier 2.8-acre lot for custom home in Commerce Twp.
      2610 N Wixom Rd, Commerce Twp, MI 48382
      View Details
    • $59,900
      3.30 Acres

      3.3 Acres of Wooded Land

      3.3 acres of wooded land, ready to build your dream home.
      5 Benstein Rd, Commerce Twp, MI 48382
      View Details
    • $5,000,000
      15.68 Acres

      Commerce Twp Commercial Land

      15.68 Acres, B-2 Zoning, Prime Location
      and Richardson Un Lk, Commerce Charter Township, MI 48382
      View Details
    • $123,999
      0.57 Acres

      Commerce Twp Corner Lot

      Residential corner lot in Commerce Twp with lake access.
      8330 Dickert St, Commerce Twp, MI 48382
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      22,236 SF

      R&M Plaza: Commerce Twp Retail Space

      High-traffic retail/office space, newly renovated.
      1529-1575 Un Lk Rd, Commerce Charter Township, MI 48382
      View Details
    • Contact for pricing
      27,711 SF

      Pine Cove Plaza: Medical Office Space

      Commerce Twp Medical Office Suites Available
      8350 Richardson Ave, Commerce Charter Township, MI 48382
      View Details
    • $15 SF/Yr
      3,562 SF

      Union Lake Road Retail Space

      Prime Commerce Twp retail, 3,562 SF.
      2515 Un Lk Rd, Commerce Charter Township, MI 48382
      View Details
    • $19 SF/Yr
      1,199 SF

      Medical Building on Union Lake

      Professionally managed medical building in a growing community.
      8391 Commerce Rd, Commerce Township, MI 48382
      View Details
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    Commerce Charter Township, MI 48382
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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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